Not so long ago the Nigerian Naira was a very strong currency, so strong that in the 70’s and 80’s and to be specific as at 1979/1980 fifty five kobo (55k) could fetch you about one dollar ($1).




Ever since the exploitation and discovery of crude oil in Nigeria, the major source of foreign currency (Forex) in Nigeria shifted from agriculture to crude oil hence the foreign reserves was deeply affected with the discovery of shale oil process of extracting oil, the crude oil price dropped significantly hence depleting the foreign reserves.




The love for western made products also played a significant role in fall of the Naira currency as most products were imported into Nigeria which required Dollars to purchase hence making the demand for the Dollar a scarce commodity. Importation was so bad that Nigeria which was one of the highest exporters of agricultural products became an importer to products such as rice, garri, cocoa and much more.



Older generations would be able to relate to the good times better when the Naira was as strong as the Dollar but for the newer generation seeking the history of the Naira against the dollar this article should help you with that.


Find Below Naira to Dollar Exchange Rate History

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)





www.theinfofinder.com/naira-to-dollar-exchange-rate-history/

Lalasticlala

I pledge to nigeria my country? (That was before).
I have always being faithful,loyal and honest without no substantial result.
But to continue serving nigeria is no longer by force.
To defend her unity is beyond what I can handle{ask buhari and apc}.
To serve nigeria with all my strength is tiring me.{No salary}
To Uphold her honour and glory is a waste of time because the honour had already being sold off by our heartless leaders.
To defend her unity is beyond my understanding{ask nnamdi kanu} ?
So help me God.












This is what I used to be reciting in ignorance for 2decades.But we are still where we are


I pledge to Nigeria my country, to be faithful, loyal and honest. To serve Nigeria will all my strength, to defend her unity, uphold her honour and glory, so help me God.”

Did you all noticed that the gap between the exchange rate from 2000-2014, suddenly doubled in 2015?



.

nawa o

Oboy! Don't know if Democracy is even the problem

cana882:
Oboy! Don't know if Democracy is even the problem

Democracy has never been the problem but the leaders we have cos u will find it difficult not to see most of our past leaders in this present regime ...

Larryfest:

Democracy has never been the problem but the leaders we have cos u will find it difficult not to see most of our past leaders in this present regime ...

Yes that's it, Nigeria has been having same leaders for the past 50years

cana882:
Oboy! Don't know if Democracy is even the problem

Dutch disease is the problem.
Dutch disease: is the negative impact on an economy of anything that gives rise to a sharp inflow of foreign currency, such as the discovery of large oil reserves. The currency inflows lead to currency appreciation, making the country's other products less price competitive on the export market.

ADEWUMIMichael:
Did you all noticed that the gap between the exchange rate from 2000-2014, suddenly doubled in 2015?



.

All thanks to oga BUBU

May God Safe us in Nigeria

things are getting worse... no solutions whatsoever except restructuring

Price of anything that goes up in Nigeria never comes down
#lessonlearnt

The successive depreciation of the naira against dollar can be juxtaposed with the successive leadership of Nigeria.

THE LATER THE WORSE.

Dullard of katsinas legacy

A senior friend of mine, told me that in the early 80's, he once paid a cab man in the US with Naira, I think one naira, because he ran out of US dollar, and the white man was very happy to collect it. It shall never be well with those leaders that directly or indirectly stunted the growth of this great nation.

Stop showing us

Na God go punish that vegtable from daura ooo

vision 2020

The pain is too much. May Almighty God restore the lost glory

Buhari is a disaster that shouldn't have been allowed to grace our political landscape and voted for by any sensible Nigerian.

But 15m individuals thought otherwise.

so naira was once better than dollar. this is a shit country

If anything happens to Buhari naira will be 600 to dollar

God rest Abacha's soul for this

.

. It won't be fair to call a vegetable "Stupid and clueless".

Though the truth is that Buhari caused this. He should have stayed in his farm in Daura tending to his cows.

How did we manage the naira strength without oil then?

Nigeria democracy=corruption.

The problem started from 1986.

The dollar exchanged for N24/1 despite the economy sanctions and Abacha loot. One cannot but imagine how much the politicians have carted away from 99 till date for the currency to have exchanged for nearly 2000%.


Check my signature