Rising demand for the US dollar has kept the naira in a cage for the most part of the year. Amidst gory predictions, Nigeria’s local currency, the naira roared deep at the official market after losing 14% due to increased demand for the US dollar on Thursday.

The Nigeria Extractive Industries Transparency Initiative (NEITI) says the Federal government revenue-generating agencies remitted ₦14.38 trillion as revenue from the extractive sector to the federation account between January 2020 and December 2021.