From history, Nigeria Naira was very strong currency than Dollar even than British Pound though we were young when one Dollar ($1) equivalent to N0.55k
Naira began to loose its value after discovery of Crude Oil in Nigeria which was the major source of foreign currency (Forex) in Nigeria. We shifted from Agriculture to crude oil and our foreign reserves was deeply affected.
Our love for foreign products also played negative role on Naira as products were imported which required Dollars to purchase them so demand for Dollar became a scarce commodity.
Nigeria which was one of the highest exporters of products like Cocoa, Rice Robber etc now become one of the highest importers of Agricultural products like Rice.
Below is the history for the newer generation that want/wish to know the history of Naira against the Dollar in the olden days.
Read about: History of Nigeria currency
Read about: History of Nigeria currency
- A brand new Car sold for 2000 Naira in 1975.
- A ticket to London was less than 100 Naira in 1975.
- Travel Visa was not required to travel to United Kingdom until 1984.
- In 1976, One British Pound was exchanged for 75kobo.
Year Dollar ($1) Naira (N) and Kobo
1972 1 65k
1973 1 65k
1974 1 63k
1975 1 61k
1976 1 62k
1977 1 65k
1978 1 60k
1979 1 59k
1980 1 55k
1981 1 61k
1982 1 67k
1983 1 72k
1984 1 76k
1985 1 89k
1986 1
1987 1
1988 1 N4.54k
1989 1 N7.39k
1990 1 N739k
1991 1 N8.04k
1992 1 N9.91k
1993 1 N17.30k (N21.90k Black Market Rate (BMR)
1994 1 N22.33k (N56.80k at Black Market Rate)
1995 1 N21.89k (N71.70k at Black Market Rate)
1996 1 N21.89k (N84.58k at Black Market Rate)
1997 1 N21.89k (N84.58k at Black Market Rate)
1998 1 N21.89k (N84.70k at Black Market Rate)
1999 1 N21.89k (N88.00 to N90.00 at Black Market Rate)
2000 1 N85.98k (N105 at Black Market Rate)
2001 1 N99 - N106 (N104-N122 at Black Market Rate)
2002 1 N109 - N113 (N122-140 at Black Market Rate)
2003 1 N114 - N127 (N135-N137 at Black Market Rate)
2004 1 N127 - N130 (137-N144 at Black Market Rate)
2005 1 N132 - N136
2006 1 N126.50k -131.80k
2007 1 N120 - N125
2008 1 N115.50 - N120
2009 1 N145 - N171
2010 1 N148.12k - N154.80k
2011 1 N151.05k - 165.10k
2012 1 N155.09 - 161.50k
2013 1 N153.12k - 162.90
2014 1 N170 - N199
2015 1 N199 - N230
2016 1 N300 - N320
2017 1 N314 - N360
By the year 2020, $1 may equivalent to 1000 Naira if our leaders refuse to change.
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