The Nigerian Naira has experienced significant fluctuations recently, with the official rate tumbling to N1,234 per dollar, and parallel market rates weakening even further. Amidst these fluctuations, the Central Bank of Nigeria (CBN) has been actively intervening, selling dollars to Bureau De Change operators at N1,021 per dollar and releasing more dollars into the market as the Naira weakened to 1,300 per dollar. This financial turbulence coincides with a decline in Nigeria's foreign exchange reserves to a seven-year low and deteriorating domestic dollar liquidity, prompting the CBN to sell only $581 million to the market despite a $2.1 billion reserve depletion. Additionally, the Economic and Financial Crimes Commission (EFCC) has charged CBN Governor Godwin Emefiele with printing N684.5 million notes using N18.9 billion.