In less than two weeks before the inauguration of President-elect Bola Tinubu, Nigeria’s currency, the naira, has experienced a significant decline, reaching a historic low of N465.07 against the US dollar.

The Central Bank of Nigeria reportedly permitted the currency to weaken, marking the most substantial drop in nearly five months.

At 1:11 p.m. Nigerian time on Thursday, the naira reached a record low of 465.07 per dollar, representing the largest depreciation since December 29, 2022.

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Bola Tinubu, set to be sworn in as president on Monday, May 29, has expressed his intention to discontinue the practice of maintaining multiple exchange rates and adopt a more flexible approach.

Nikolaus Geromont, a fixed-income analyst at Absa Group Ltd based in Johannesburg, stated in a research note that following Tinubu’s assumption of office, the naira could potentially weaken by up to 15 percent.

Geromont projected an upward adjustment to 530/USD for the naira after the presidential inauguration.