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



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



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ANTONINEUTRON:

na 2015/16 doubling naim i dey talk

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 ...

pinkcottoncandy:
ALL I SEE IS BUHARI.....

HE CAUSED THE SHIFT IN THE 80S AND HE HAS CAUSED ANOTHER SHIFT NOW


SAI BABA

ADEWUMIMichael:



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

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

THE LATER THE WORSE.

keypad1:
Na God go punish that vegtable from daura ooo

banmee:

They are blaming their leaders. Lol. As if your leaders are the problem. Quick question; where do your leaders come from? Let me give you a hint; they are not from the moon. They come from you the citizenry and if the citizenry is bad, the leaders you will continue to have forever will be bad. Bad citizens=bad leaders=bad country. This is an indisputable fact. Until you all start thinking and acting like sane human beings, you will never bring forth amongst you a good leader. Let me give an example. Fayose was a kid when buhari, IBB, Abacha were leading this country. I guarantee you he complained as you are complaining now about poor leadership. He has had the chance to make positive changes as governor but what do we see? Cutting ponmo and riding on motor bikes is the highlight of his administration. And he is not the only one. You guys think it's bad now. Smh. You have no idea what's coming.

banmee:










They are blaming their leaders. Lol. As if your leaders are the problem. Quick question; where do your leaders come from? Let me give you a hint; they are not from the moon. They come from you the citizenry and if the citizenry is bad, the leaders you will continue to have forever will be bad. Bad citizens=bad leaders=bad country. This is an indisputable fact. Until you all start thinking and acting like sane human beings, you will never bring forth amongst you a good leader. It is not by magic that you continue to produce one bad leader after another. Let me give an example. Fayose was a kid when buhari, IBB, Abacha were leading this country. I guarantee you he complained as you are complaining now about poor leadership. He has had the chance to make positive changes as governor but what do we see? Cutting ponmo and riding on motor bikes is the highlight of his administration. And he is not the only one. You guys think it's bad now. Smh. You have no idea what's coming.

hucienda:
In 1980 during Shagari the naira was at its peak strength to the US dollar. IBB folo scatter dis kuntri money sha ...

SycophanticGoat:


Even the person wey post this one, give am small post and see him loot even more than the criminal politicians before him..

Jaqenhghar:

I uave uad this discussion with several people. The truth is Nigerians dont understand how a society works. Or how life in general works. They still believe change starts from the people in authority. So if your orientation teaches you that looting is "being sharp" then when you are elected you should suddenly stop desiring overnight wealth and become a saint. Until that realization sets in anything you will say is just a waste.

banmee:


It is as if most people in Nigeria's brain is wired differently from the rest of the world. I urge you as a friend, leave that phucked up country.

banmee:


I don't have to. For one, i am already successful. Two, my country will lock me up if i had the same phucked up mentality you all have. So you see, i am not brain dead nor do think like an animal.

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/

Abagworo:
When you check the rate of devaluation even with the high oil price between 2008 and 2014 you will now appreciate the successes of the present government despite the over 60% drop in revenue from oil. It was 115 when Jonathan came in but he left it at 199/205 despite oil price not hitting this low.

cooldood:


Clearly you are deluded, you mean you cant seem to remember when specifically Jonathan became President?
Those that spoilt the currency include IBB (met dollar at N0.9, left it at over N17 (over 1,700% devaluation), OBJ- met it at N22, left it at N125 (over 500% devaluation in a space of 8 years).
Thunder fire these two bastards who ruled 9ja for almost 20 years (out of 57).

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

Exciton:


Okay, so I'm worse than the layman when it comes to economics. But from what you've said, can I safely infer that we were never really a rich nation and the only reason our "golden age" was golden was because of the war induced oil scarcity at the time and not because the older generation did anything special like being innovative and hardworking (hehehe... I'm laughing as I type this!)?

hucienda:
In 1980 during Shagari the naira was at its peak strength to the US dollar. IBB folo scatter dis kuntri money sha ...

Dudeweedlmao:
The problem started from 1986.

akintun:


Actually Obj met it at over 90 naira. D N22 u are looking at was not d real value of d naira. Obj actually did better than almost all Nigeria president