How it all happened and what’s behind 1 USD to Naira.
This article attempts to trace the history of how Nigeria’s foreign exchange management developed to the point where the Naira exchange rate became a deeply political issue.
1. President Ibrahim Babajinda’s Secondary Foreign Exchange Market (SFEM)
The SFEM was introduced in September 1986 as part of the International Monetary Fund’s reform package, which General Ibrahim Babangida (IBB) was forced to accept given the mess that Nigeria itself was trying to resolve. Before that, in the 1970s and early 1980s, the naira was worth 90 kobo to the dollar.

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How it all happened and what’s behind 1 USD to Naira.
This article attempts to trace the history of how Nigeria’s foreign exchange management developed to the point where the Naira exchange rate became a deeply political issue.
1. President Ibrahim Babajinda’s Secondary Foreign Exchange Market (SFEM)
The SFEM was introduced in September 1986 as part of the International Monetary Fund’s reform package, which General Ibrahim Babangida (IBB) was forced to accept given the mess that Nigeria itself was trying to resolve. Before that, in the 1970s and early 1980s, the naira was worth 90 kobo to the dollar.

IBB killed the system, he introduced chop and chop which is now the order of the day.