The last time the exchange rate stabilised was in 2017 with the creation of the I&E (Investor & Exporter) window. Following its introduction, inflows surged, liquidity improved, and the FX market became stable after years of instability. 
However, that stability was bound to be temporary. The FX rate was poised to climb again simply because long-term stability is impossible when the inflation rates for the Naira (NGN) and the US Dollar (USD) are different.
The exchange rate should typically move in line with the differential between the inflation rates of the two currencies.
The long-term average inflation for the NGN is around 12% (though it has recently risen to about 15%-18%), while the long-term average for the USD has been about 2%.
This means that business owners (and indeed, anyone with FX exposure) should factor an annual Naira depreciation of 10% - 15% into their financial projections. If you had applied this approach back in 2017, the recent shock in the FX market would not have caught you by surprise.
Even though the official rates were lower for a time, you would have already budgeted for where the rate should realistically be. That is the essence of understanding macroeconomic principles and applying them to your operations.
That way, you won't be one to claim that 'economic theories' don't work in Nigeria.
While some analyses might suggest that the Naira is undervalued at current levels, the situation is more complex due to several other factors. First, confidence is still weak.
The memory of prior years' FX backlogs continues to worry foreign investors. Call it some kind of PTSD.
There are also issues around the accuracy of Nigeria's true inflation rate. Accurate inflation data is critically important for getting prices right in financial markets.
Going forward, do not lose sight of these principles. Apply them appropriately and make decisions that will help you navigate the economic environment effectively.
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