Easing COVID-19 restrictions and the naira depreciation have increased demand for rental housing in Nigeria, inflating the market gradually over the last few months.

The decision to move the Nigerian capital from Lagos to Abuja was made in 1976. However, after many years of planning, development, and construction, Abuja finally replaced Lagos as the political capital in 1991.

Due to pressures on external reserves and a foreign exchange supply crisis driven mostly by low oil prices, the Central Bank of Nigeria abandoned its fixed rate policy on June 20, 2016.