| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by nkowaputa(m): 8:45pm On Jul 05, 2017 |
ADEWUMIMichael:
Did you all noticed that the gap between the exchange rate from 2000-2014, suddenly doubled in 2015?
. Also observe how it rose in 1984/85 when the same Buhari was military president. |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by Gerrard59(m): 8:46pm On Jul 05, 2017 |
There is nothing wrong with a low value compared to the dollar. One yen is circa 3 Naira, one South Korean Won is 0.27 Naira. Denoting the naira is higher in value than the won and slightly than the yen. However, these nations (Japan and South Korea) have functional economies, top-class infrastructure, highly developed than Nigeria by great miles (actually there is no need comparing them to Nigeria, especially S.Korea that had a lower GDP per Capita than Nigeria in the '50s and '60s).
What Nigeria needs is 24 hour electricity, upgrading of infrastructure (everything concerning the greater economy) etc.
Finally, Nigerians need to change their suffering and smiling attitude. It is sickening.
P.S. That I mentioned 24-hour electricity does not mean she will achieve it. I do not prognosticate Nigeria providing her citizens with 24 hour electricity in 100 years time. |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by omohayek: 8:54pm On Jul 05, 2017 |
Let me begin by commending you for being the only commenter thus far who has really shown much understanding of what the data actually says, let alone the underlying factors motivating the changes over time. Your analysis is, for the most part, correct, but there is one issue on which I must disagree, and that is when you say that the IMF's advice to devalue was based on US Treasury pressure motivated by a desire for "retaliation/retribution for Nigeria's foreign policy in the 1970s": not only does this go against what you yourself have already noted - that a "strong" currency depresses domestic production at the expense of imports - but American policy with regards to other currencies has been quite consistent since the end of the Bretton Woods era: the US government intensely dislikes other nations weakening their currencies against its own, as it recognizes (quite correctly) that in doing so they gain a competitive advantage against American producers. There is simply no chance that any branch of the American government would think it was "retaliating" against a Nigerian government by pressuring it to devalue the Naira, especially when the regime it would be supposedly "retaliating" against would be a completely different one from the regime that took the policies America disliked. Again, let me reiterate that I completely agree with almost everything else you wrote, and am glad to see a shining example of intelligent commentary amongst the sea of ignorance that this thread has been so far. heo88:
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 3 Likes 2 Shares |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by misano(m): 8:54pm On Jul 05, 2017 |
BurningBlade:
So the Naira still had value when PMB was military head of state! Shame to those who abuse him!
Really, I believe IBB is the one who started spoiling this country. See the two mistakes that killed the country... 
|
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by ajalaolanr(m): 8:54pm On Jul 05, 2017 |
ADEWUMIMichael:
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/ This is wrong, The $$ got to a high of N500 last year, why do i not see the figure there? |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by CurrentSamuel(m): 8:55pm On Jul 05, 2017 |
who knows what it would be in 2030 1$ --- 2.5 million naira |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by misano(m): 8:58pm On Jul 05, 2017 |
Atiku2019:
D
I don talk wetin I wan talk. Dey there they call ur papa. |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by olex88: 8:58pm On Jul 05, 2017 |
God have mercy |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by Nobody: 9:00pm On Jul 05, 2017 |
ADEWUMIMichael:
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/ The BOLDED was Jonathans era and he was able to maintain the price. Unlike the dullard from daura aka legend of the sickler voted by the gullible moronic zombie,could not even maintain the price. |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by misano(m): 9:02pm On Jul 05, 2017 |
[quote author=dingbang post=58161247]The politicians we will vote tomorrow will affect our economy good or bad...
So its our fault where we are today. [/quote
I will not totally blame D electorates. The useless leaders just refused to let our votes count. Anyway, we are still part of D mess sha. |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by ANTONINEUTRON(m): 9:06pm On Jul 05, 2017 |
morounkola:
The problem started with IBB. Do a trend analysis na 2015/16 doubling naim i dey talk |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by Man2utd(m): 9:08pm On Jul 05, 2017 |
ADEWUMIMichael:
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/ This is to show you how much we have failed as a nation. Regressive thinkers, in simple english, the people who managed US economy have a growth mentaliy while the brains behind the nigerian economy are dullards, miscreant and unfortunate fellow. 1 Like |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by nextstep(m): 9:09pm On Jul 05, 2017 |
Gerrard59:
There is nothing wrong with a low value compared to the dollar. One yen is circa 3 Naira, one South Korean Won is 0.27 Naira. Denoting the naira is higher in value than the won and slightly than the yen. I agree with most of your post, but we're not complaining about the low value... what we're complaining about is the change. Going from 0.568 to 510 is a HUGE change. One dollar has fluctuated around 100yen (75-145) for decades (representing a maximum change of 45%). The naira, in a similar time frame has ranged from 0.568 - 510 range (I don't even know how to calculate the % change). I can't even predict the price of goods 6 months from now. |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by MisterKings(m): 9:13pm On Jul 05, 2017 |
The only reason i dont want to join politics is that there is every possibility I will go to hell fire. Cos first thing i will do is start killing everyone who has contributed one way or the other in messing up this country. I did not say trial and jail. I said kill.
After that i will give myself up to international criminal court for trial. |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by okechuks22: 9:14pm On Jul 05, 2017 |
And some idiots will be proud of Nigeria |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by akeemakinremi(m): 9:30pm On Jul 05, 2017 |
The change started during ibb regime 1 Like |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by adecz: 9:30pm On Jul 05, 2017 |
Where una dey, When dollar hit N430? I don't see those figures here...  |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by Babateemd: 9:31pm On Jul 05, 2017 |
Buhari is synonymous with bad luck, 1983/1985 and now 2015/ biggest naira loss..... i think the guy may be carrying bad luck around. na wah. And now he has refused to do the right thing and stay back in london. Okay oh.. mumu Nigerians will never wake up from slumber... suffering and smiling |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by mormoney85(m): 9:38pm On Jul 05, 2017 |
ADEWUMIMichael:
Did you all noticed that the gap between the exchange rate from 2000-2014, suddenly doubled in 2015?
. see 1983 to 1986. all na buhari government |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by mormoney85(m): 9:39pm On Jul 05, 2017 |
ADEWUMIMichael:
Did you all noticed that the gap between the exchange rate from 2000-2014, suddenly doubled in 2015?
. the same thing from 1983 to 1986. all na buhari government |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by heo88(m): 9:45pm On Jul 05, 2017 |
omohayek:
Let me begin by commending you for being the only commenter thus far who has really shown much understanding of what the data actually says, let alone the underlying factors motivating the changes over time.
Your analysis is, for the most part, correct, but there is one issue on which I must disagree, and that is when you say that the IMF's advice to devalue was based on US Treasury pressure motivated by a desire for "retaliation/retribution for Nigeria's foreign policy in the 1970s": not only does this go against what you yourself have already noted - that a "strong" currency depresses domestic production at the expense of imports - but American policy with regards to other currencies has been quite consistent since the end of the Bretton Woods era: the US government intensely dislikes other nations weakening their currencies against its own, as it recognizes (quite correctly) that in doing so they gain a competitive advantage against American producers. There is simply no chance that any branch of the American government would think it was "retaliating" against a Nigerian government by pressuring it to devalue the Naira, especially when the regime it would be supposedly "retaliating" against would be a completely different one from the regime that took the policies America disliked.
Again, let me reiterate that I completely agree with almost everything else you wrote, and am glad to see a shining example of intelligent commentary amongst the sea of ignorance that this thread has been so far.
Thank you for your kind words sir. In terms of US policy since the July 1944 when Bretton Woods was formed, US foreign policy has changed a fair bit: when the IMF/World Bank were formed, the Roosevelt administration through the US Secretary of the Treasury, Henry Morgenthau, forced the US$ through as the world reserve currency due to being the only country (out of the UK, France, German etc.) which was running a current account surplus (more exports than imports), and this made them replace the UK as the pre-eminent global powerhouse which they are arguably remain, even up to the present day. The dollar and other western currencies (£ etc.) at the time were then pegged to the gold standard, because money as we know it is what is known as 'fiat currency' and is intrinsically worthless (only has value due to the laws of the land). In 1971 the gold standard was abandoned due to it being a failure, and the US currency was freely-floated so to allow it be dictated by market forces (Supply and demand). This precipitated the 1973 crisis which forced the likes of the US and UK to expand their money supplies in order to increase their reserves, which was tantamount to a devaluation. Pursuant to the above, the US changed its foreign policy in a number of ways such as changing the composition of NATO, seeking alternative renewable energy (including partnerships with countries), sponsoring wahabism in Saudi Arabia etc. Furthermore, the likes of the UK who traditionally supported Israel in military terms, distanced themselves from Israel so as to repair relations with the Arab nations. The above are just some of the examples in the way in which the US has changed its foreign policy in order to adapt to exogenous/uncontrollable occurrences globally. The reason why the US sponsored wahabism is because they feared that Saudi Arabia and the other Arab nations would become a military powerhouse and pose a strong threat to the US like Russia did. Even from the late 1940s, the US had been engaged in dialogue with the UK regarding its then colony, British Nigeria, which they anticipated would soon receive independence, and the consequence of this was Nigeria's potential to become a potential military threat like Russia, due to Nigeria's unabated population growth and substantial uranium endowment (same resources the US used to bomb Japan during WWII). Many places globally have been affected by US foreign policy to curtail their power/clip their wings such as Iran, Saudi, Nigeria, the entire Maghreb/North African Arab region, Somalia etc. What do these countries have in common? They're either very Islamically conservative, or partially in the case of Northern Nigeria. This is no coincidence, but is the result of US/Western foreign policy. Forgive the plenty details above, but the reason I shared them was to buttress my assertion: the US alter foreign policy at will, as can be seen when they stopped purchasing oil from us under the GEJ administration and started to refine their own unhealthy crude oil (shale). The reason I chose those words "retribution/retaliation etc" is because Nigeria's participation in the 1973 events was what the US considered 'subversive' actions (part of "hegemonic stability theory" which is that all developing countries should be subordinate to the US, feel free to look into it) and they took offence to Nigeria and the Arab States beating them at their 'own' game. In other words, the US, knowing that they were at the epicentre of creating the Bretton Woods institutions, were astounded that developing countries could force them to devalue their currency. By forcing Nigeria to devalue their's in 1986, the significance was that this affected the economy in terms of inflation, delayed foreign direct/portfolio investment (especially under incompetent military rule), and only exacerbated pre-existing economic issues. The US stands to gain nothing from Nigeria being economically buoyant and socially functional as it is considered a threat to their eminent position. Sure, they'll say all of the right and encouraging things, but when all is said and done, in stealth they do not want Nigerian progress. Annullment of the 1993 elections were partly down to MKO nearly negotiating reparations for slavery and colonial exploits, Murtala Muhammad's death was not carried out by the lone wolf Dimka as people have been led to believe, Ken Saro Wiwa was executed due to Shell's vested interests, and there are many more examples I can list, but it is clear that US foreign policy was ever-present in all of the above events and many others. It would be a mistake to underestimate US foreign policy. In closing, there is a mountain of academic journals and de-classified government papers that will substantiate some, if not all of the above content. CC Zehner 3 Likes 2 Shares |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by Theultimate(m): 9:46pm On Jul 05, 2017 |
TheKingIsHere:
The annoying thing is that the yorubas will come here to blame GEJ meanwhile obj joined with the north and destroyed the value of the naira. I hate hiding the truth. I am a Yoruba, I so much like Baba Iyabo because of his charismatic and formulating brain. But yet, I don't avoid saying his bad sides. |
|
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by baba4thegehs: 9:54pm On Jul 05, 2017 |
One thing was consistent. ... it kept increasing every year.. for the past 50 years, this in an indication that the economy needs a severe overhauling.
So it probably increase by next year |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by madridguy(m): 10:00pm On Jul 05, 2017 |
Nice thread. |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by Ijobaorun(m): 10:06pm On Jul 05, 2017 |
This is a serious issue, what then is the divident of democracy? The rate started inflating from 1999 |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by OBku4(m): 10:12pm On Jul 05, 2017 |
1zynnvn:
things are getting worse... no solutions whatsoever except restructuring 
|
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by BigBrother9ja: 10:17pm On Jul 05, 2017 |
ADEWUMIMichael:
Did you all noticed that the gap between the exchange rate from 2000-2014, suddenly doubled in 2015?
. You must be intellectually deprived. |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by samijay8(m): 10:54pm On Jul 05, 2017 |
Petroleum discoveries= corruption |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by PrinzeMike(m): 10:57pm On Jul 05, 2017 |
ADEWUMIMichael:
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)
Men, na IBB, Obasanjo and Buhari spoil this country
www.theinfofinder.com/naira-to-dollar-exchange-rate-history/ |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by Biodun556(m): 10:59pm On Jul 05, 2017 |
Babangida and Obasanjo administration are the major culprits. |
| Re: Naira To Dollar Exchange Rate From 1972-2017 Will Amaze You (photos) by mright05(m): 11:00pm On Jul 05, 2017 |
ADEWUMIMichael:
Did you all noticed that the gap between the exchange rate from 2000-2014, suddenly doubled in 2015?
. all thank to our president buhari, his foolish policy and poor administrative skill is the lead to these |
