Going through the data shown below, naira to dollar exchage crises started in 1986.

There is correlation between importation of refined products, global oil price and effects on naira exchange rate with increase in local oil demand and price.

As Nigeria consumption of oil increases, subsidy will increase. But it has gotten to the point where government can no longer subsidize because it has run to trillions of naira to subsidize for more than 200 million people.

As long as Nigeria depend on importation of refined crude products, international oil price will determine naira exchange rate and local oil price.

GET and PMB done it well by licensing private companies to refine crude locally.

Jonathan issued dangote refinery license and Buhari issue 65 licenses to others to build private refineries

https://www.google.com/amp/s/www.vanguardngr.com/2015/08/buhari-approves-65-licences-for-private-refineries/amp/





Average price in U.S. dollars per barrel
2020* 40.47
2019 64.04
2018 69.78
2017 52.51
2016 40.76
2015 49.49
2014 96.29
2013 105.87
2012 109.45
2011 107.46
2010 77.38
2009 60.86
2008 94.1
2007 69.04
2006 61
2005 50.59
2004 36.05
2003 28.1
2002 24.36
2001 23.12
2000 27.6
1999 17.44
1998 12.28
1997 18.86
1996 20.29
1995 16.86
1994 15.53
1993 16.33
1992 18.44
1991 18.62
1990 22.26
1989 17.31
1988 14.24
1987 17.73
1986 13.53
1985 27.01
1984 28.2
1983 29.04
1982 32.38
1981 34
1980 35.52
1979 29.19
1978 12.79




Naira to dollar

1972 $1 = N0.658
1973 $1 = N0.658
1974 $1 = N0.63
1975 $1 = N0.616
1976 $1 = N0.62
1977 $1 = N0.647
1978 $1 = N0.606
1979 $1 = N0.596
1980 $1 = N0.550 (0.900 Black Market Rate)
1981 $1 = N0.61
1982 $1 = N0.673
1983 $1 = N0.724
1984 $1 = N0.765
1985 $1 = N0.894 (N1.70 Black Market Rate)
1986 $1 = N2.02 (N3.90 Black Market Rate)
1987 $1 = N4.02 (N5.90 Black Market Rate)
1988 $1 = N4.54 (N6.70 Black Market Rate)
1989 $1 = N7.39 (N10.70 Black Market Rate)
1990 $1 = N7.39 (N10.70 Black Market Rate)
1991 $1 = N8.04 (N9.30 Black Market Rate)
1992 $1 = N9.91
1993 $1 = N17.30 (N21.90 Black Market Rate)
1994 $1 = N22.33 (N56.80 Black Market Rate)
1995 $1 = N21.89 (N71.70 Black Market Rate)
1996 $1 = N21.89 (N84.58 Black Market Rate)
1997 $1 = N21.89 (N84.58 Black Market Rate)
1998 $1 = N21.89 (N84.70 Black Market Rate)
1999 $1 = N21.89 (N88-N90 Black Market Rate)
2000 $1 = N85.98 (N105.00 Black Market Rate)
2001 $1 = N99-N106 (N104-N122 Black Market Rate)
2002 $1 = N109-N113 (N122-N140 Black Market Rate)
2003 $1 = N114-N127 (N135-N137 Black Market Rate)
2004 $1 = N127-N130 (N137-N144 Black Market Rate)
2005 $1 = N132-N136
2006 $1 = N128.50-N131.80
2007 $1 = N120-N125
2008 $1 = N115.50-N120
2009 $1 = N145-N171
2010 $1 = N148.21-N154.8
2011 $1 = N151.05-N165.1
2012 $1 = N155.09-N161.5
2013 $1 = N153.21-N162.9
2014 $1 = N170-N199
2015 $1 = N199-N300
2016 $1 = N300-N320 (N310-N370 Black Market Rate)
2017 $1 = N360
2018 $1=360
2019 $1=305
2020 $1=380

how much were you paid for this?

you are contradicting yourself op

according to you, it started in 1986,. who was head of state in 1986? simple question

Op looking for the trouble of ipob miscreants.

How will you tell an ipob lunatic that Buhari is not responsible for his foolishness?

PopSmoke:
how much were you paid for this?

I saw in several analyses of US election results that Trump lost because of his handling of covid 19. But then, he didn't create or cause covid, he wasn't responsible for covid.

janvier27:
I saw in several analyses of US election results that Trump lost because of his handling of covid 19. But then, he didn't create or cause covid, he wasn't responsible for covid.

He was responsible.

He down played the danger of the virus and refuse to take prompt action.

It took months before the virus entered US after it was discovered in China but he was joking with it calling it chinese virus.

After coronavirus entered US all advice given to him by experts fell on his deaf ears. It took him long time to wear face masks and encourage his people to do same.

Trump suggested drinking of sanitizer to cure the virus to show how silly he is.

Na wa o

PopSmoke:
how much were you paid for this?

you are contradicting yourself op

according to you, it started in 1986,. who was head of state in 1986? simple question

General Ibrahim Gbadamosi Babaginda.

PopSmoke:
how much were you paid for this?

you are contradicting yourself op

according to you, it started in 1986,. who was head of state in 1986? simple question

IBB

I'm even concerned about the list of leaders leading us since 1980s..... We have the same set of people.


Damn!!!

PopSmoke:
how much were you paid for this?

you are contradicting yourself op

according to you, it started in 1986,. who was head of state in 1986? simple question

Babangida

The man is the architect of Nigeria's economic problems.

But Nigerians forget things easily.

gurunlocker:
I'm even concerned about the list of leaders leading us since 1980s..... We have the same set of people.


Damn!!!

.