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Nairaland Forum / Nairaland / General / Business / Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) (103045 Views)
History Of Naira To Dollar Exchange Rate (1972-2019) / Naira - Dollar Exchange Rate From 1972 Till Date / 7 Reasons Why 2017 Will Be Tougher For Some Nigerians (2) (3) (4)
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Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by Healer007: 8:14pm On Jul 05, 2017 |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by dingbang(m): 8:17pm On Jul 05, 2017 |
The politicians we will vote tomorrow will affect our economy good or bad... So its our fault where we are today. |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by AmuDimpka: 8:18pm On Jul 05, 2017 |
Useless country |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by misano(m): 8:20pm On Jul 05, 2017 |
ADEWUMIMichael: THE LEADERS KILLED THE COUNTRY, ALL THE PAST LEADERS ARE USELESS. FROM 1914 TO 2017, ALL THE LEADERS ARE USELESS. I WILL GIVE CREDIT TO NON OF THEM. |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by misano(m): 8:20pm On Jul 05, 2017 |
Stevebamdex: THE LEADERS KILLED THE COUNTRY, ALL THE PAST LEADERS ARE USELESS. FROM 1914 TO 2017, ALL THE LEADERS ARE USELESS. I WILL GIVE CREDIT TO NON OF THEM. |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by misano(m): 8:22pm On Jul 05, 2017 |
ADEWUMIMichael: The same criminals doing exactly the same thing. They just refused to die. |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by opichika(m): 8:22pm On Jul 05, 2017 |
plz Epp me ask'' mr Naira where is He runing to''''? |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by misano(m): 8:25pm On Jul 05, 2017 |
ANTONINEUTRON: Oga BuBu na yeye man o. But make we talk truth, all of them are useless. |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by morounkola(f): 8:25pm On Jul 05, 2017 |
Actually, the problem started in 1986 when exchange rate moved from N0.86 to N2.02 - a depreciation of over 130%. ADEWUMIMichael: |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by perdollar(m): 8:25pm On Jul 05, 2017 |
buhari started it. babangida took it up. obasanjo murdered it. and buhari finally buried it. buhari do sth |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by visijo(m): 8:25pm On Jul 05, 2017 |
after they tell me say Politicians go make Heaven.. pFFt |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by jboi81(m): 8:27pm On Jul 05, 2017 |
ADEWUMIMichael: Check 1999 -2000 |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by misano(m): 8:28pm On Jul 05, 2017 |
1zynnvn: It will be restructured by same criminals & they will restructure it in a way that will favour them. The problem is that Nigeria has had same set of criminal leaders for the past 50 years. 1 Like 1 Share |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by longsnake(m): 8:30pm On Jul 05, 2017 |
Pls can someone explain what brought about black market? |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by morounkola(f): 8:30pm On Jul 05, 2017 |
Not at all! The problem has always been with us. It has been a time bomb since 1986 and eventually exploded in 2016 - 30 years later. cana882: 1 Like |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by misano(m): 8:31pm On Jul 05, 2017 |
hucienda: Useless leaders... |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by morounkola(f): 8:32pm On Jul 05, 2017 |
The problem started with IBB. Do a trend analysis ANTONINEUTRON: |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by Wkaay(m): 8:32pm On Jul 05, 2017 |
Wonders shall never end |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by heo88(m): 8:33pm On Jul 05, 2017 |
ADEWUMIMichael: Ok there's a few things that are worth noting: - Up until 1973 Nigeria used the Nigerian pound which was in effect the same as the UK sterling - Even when the naira was introduced in 1973, this propitiously coincided with the Yom Kippur war/oil embargo of October 1973 where the US' military supported Israel's attack on Palestinian territory. In response to this, Nigeria and all the other Arab countries which were part of OPEC i.e. Saudi Arabia, Oman, Egypt, Syria etc. issued an oil embargo (also referred to as the 1973 Oil crisis) against the UK, Canada, Japan, Netherlands and the US . This hurt the aforementioned countries as they were dependent on oil to maintain their industrialisation endeavours, and the reduced output led to a four-fold increase in the price of oil overnight: from $3 per barrel to $12. Consequently the in flows of foreign currency outweighed Nigeria's naira reserves, leading to the naira being highly-valued - As a result of the influx of new wealth, Nigerians, in particular Lagosians, developed an insatiable appetite for imported goods; demand which has largely remained unchanged up until the present day. Between 1974 and 1978/79 this wasn't a major issue such was the strength of the naira, but there was another oil crisis in 1979; this time it wasn't due to too little oil, but due to a global oil supply which outweighed demand - Where the currency was hurt was that Nigerian officials at the time were embezzling money in the belief that the oil price would remain high (sound familiar in more recent times??) and due to the 1979 crisis, they effectively were caught with their 'trousers down'; essentially they weren't in a position to service the $ denominated debt which they issued during the 'good times' - Nigeria first defaulted on its sovereign debt in 1982, then again in 1986 which led to an IMF bailout. One crucial condition of the bailout was that Nigeria devalued the naira (which can be seen on the chart) and switch to an Export-driven economy The problem with this was that the IMF knew that the Nigerian economy was consumption-based at the time due to agricultural neglect, and if any of you did not know, IMF policy is dictated de facto by the US Treasury department. The significance of this, I believe, was that it was belated retaliation/retribution for Nigeria's foreign policy in the 1970s; Yakubu Gowon was at the helm in 1973 when the oil crisis hurt them, and even when Murtala Muhammad succeeded him, he maintained similar foreign policy by selling cheap/subsidised oil to fellow African countries (among other policy moves), which coincided with Nigeria not selling oil to them - Last point and sorry for the long epistle, but the whole idea of a highly-valued currency isn't necessarily a good thing in a global capitalist economy. This is because maintaining its value indefinitely, particularly for a country like Nigeria, is near enough impossible. When you have a highly-valued currency, it discourages other sectors like agriculture; after all why will farmers grow produce when Nigerians will just import the same produce for cheaper than it cost the farmers to grow? (rhetorical question). This was exactly what discouraged agricultural and other merchandise production for exportation (whether primary or secondary commodities), and nothing is being done to solve this up until today; Fulani herdsman and lack of adequate government support has left many an agriculturist in a vulnerable and anxious state CC Zehner 7 Likes 5 Shares |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by misano(m): 8:34pm On Jul 05, 2017 |
TheFreeOne: That's D problem with Nigeria, na Buhari dey power since 1960? Say D truth all our leaders were useless, including Buhari the old goat. |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by morounkola(f): 8:34pm On Jul 05, 2017 |
Plain truth, a drink for you on me hucienda: |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by misano(m): 8:35pm On Jul 05, 2017 |
MirJay: That's D problem with Nigeria, na Buhari dey power since 1960? Say D truth all our leaders were useless, including Buhari the old goat. |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by morounkola(f): 8:37pm On Jul 05, 2017 |
Seconded zicora: |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by seguntijan(m): 8:39pm On Jul 05, 2017 |
peace for the people who has gone, YEPA!!! for the one not yet born. |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by SalamRushdie: 8:39pm On Jul 05, 2017 |
hucienda: Not IBB but Buhari , IBB govt inherited a really faulty economy from Buhari and it carved on on him just like who ever will take over from Buhari tommorow |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by misano(m): 8:40pm On Jul 05, 2017 |
Atiku2019: The THUNDER that will strike U will split U into 12 parts, ur papa go feel am. |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by Atiku2019: 8:43pm On Jul 05, 2017 |
misano: cc Lalasticlala Seun Mynd44 |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by darediamond(m): 8:43pm On Jul 05, 2017 |
MARKone:Amen |
Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by misano(m): 8:45pm On Jul 05, 2017 |
brightisodje: D way D matter be na, I nor sure say our Moses papa don meet im mama. Chai Naija. |
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