The Nigerian economy has long been vulnerable to exploitation, and the events following the CBN’s 2016 decision to float the naira are a clear example. Faced with declining reserves and plummeting oil prices, the CBN allowed the naira to float freely, but when the black market surged to N357 per dollar, they panicked. They maintained an official rate for “critical transactions,” but this decision opened the door to round-tripping. Importers, manufacturers, and even ordinary Nigerians exploited the system, turning quick profits by selling forex at black market rates. It became more profitable to exploit currency arbitrage than to invest in real sectors of the economy, leading to a decline in productivity. The naira continued to weaken, and Nigeria’s reserves were further drained in an attempt to defend the artificial rates. This policy misstep has contributed to today’s economic woes, with the common man paying the price.