Nigeria’s economic struggles have been marked by a combination of high inflation, a volatile currency, rising debt, multidimensional poverty, gaping inequality, and unemployment. These challenges are compounded by external factors such as fluctuating oil prices, global economic instability, spiking geopolitical uncertainties, and other internal issues like poor infrastructure, policy mismatch, and insecurity. To address these issues, Nigeria has heavily relied on monetary policy measures, particularly through interventions by the Central Bank of Nigeria (CBN). These include adjustments to interest rates (or the monetary policy rate as referenced in Nigeria), exchange rate management, and forex interventions, all aimed at stabilising the economy and maintaining currency value.