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Nigeria Exchange Rates To Dollar-history - Business - Nairaland

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Nigeria Exchange Rates To Dollar-history by WAP: 11:41am On Aug 17, 2010
IBB abd Abacha killed this Country, see
Exchange rate history
This table shows the historical value of one U.S. Dollar in Nigerian naira - PM = Parallel Market.
Date Naira per US $ Date Naira per US $
1972 0.658
1973 0.658
1974 0.63
1975 0.616
1976 0.62
1977 0.647
1978 0.606
1979 0.596
1980 0.550 (0.900 PM)
1981 0.61
1982 0.673
1983 0.724
1984 0.765
1985 0.894 (1.70 PM)
1986 2.02 (3.90 PM)
1987 4.02 (5.90 PM)
1988 4.54 (6.70 PM)
1989 7.39 (10.70 PM)
1990 7.39 (10.70 PM)
1991 8.04 (9.30 PM)
1992 9.91
1993 17.30 (21.90 PM)
1994 22.33 (56.80 PM)
1995 21.89 (71.70 PM)
1996 21.89 (84.58 PM)
1997 21.89 (84.58 PM)
1998 21.89 (84.70 PM)
1999 21.89 (88-90 PM)
2000 85.98 (105.00 PM)
2001 99-106 (104-122 PM)
2002 109-113 (122-140 PM)
2003 114-127 (135-137 PM)
2004 127-130 (137-144 PM)
2005 132-136
2006 128.50-131.80
2007 120-125
2008 115.50-120
2009 145-171
Re: Nigeria Exchange Rates To Dollar-history by idupaul: 12:24pm On Aug 17, 2010
Dollar was devalued most during objs tenure .

4 Likes

Re: Nigeria Exchange Rates To Dollar-history by idupaul: 12:26pm On Aug 17, 2010
Sorry i meant naira

2 Likes

Re: Nigeria Exchange Rates To Dollar-history by paddylo1(m): 12:32pm On Aug 17, 2010
There was no reason for the Naira to exchange 1 - 1 with the dollar in the first place

It was an artificially strong Naira,that was backed by no real productive base

It only encouraged imports of all kinds of nonsense into Nigeria

The Naira today is where it should be. . .

go and check out the exchange rates of countries like Japan,Turkey and Indonesia

A weak currency encourages,industrialization and manufacturing of goods in the home country
because imports are more expensive. . .but when u export u get more money for your exports

I dont want the naira to ever get below N120 - $1

4 Likes

Re: Nigeria Exchange Rates To Dollar-history by jamace(m): 12:35pm On Aug 17, 2010
Na wa o. IBB tenure (1985-1993) started the mess.

1 Like

Re: Nigeria Exchange Rates To Dollar-history by paddylo1(m): 12:36pm On Aug 17, 2010
Dollar was devalued most during objs tenure .

Not true. . .the IBB yrs of 1985 - 1993,when the Naira went from 0.894 - 17.3

is a higher % rate of devaluation than

the OBJ yrs when the Naira went from 85.98 - 120

1 Like

Re: Nigeria Exchange Rates To Dollar-history by doyin13(m): 12:38pm On Aug 17, 2010
paddy_lo:

There was no reason for the Naira to exchange 1 - 1 with the dollar in the first place

It was an artificially strong Naira,that was backed by no real productive base

It only encouraged imports of all kinds of nonsense into Nigeria

The Naira today is where it should be. . .

go and check out the exchange rates of countries like Japan,Turkey and Indonesia

A weak currency encourages,industrialization and manufacturing of goods in the home country
because imports are more expensive. . .but when u export u get more money for your exports

I dont want the naira to ever get below N120 - $1


easy bro. . . .

exchange rates and productive base
Re: Nigeria Exchange Rates To Dollar-history by paddylo1(m): 12:40pm On Aug 17, 2010
easy bro. . . .

exchange rates and productive base

any question u need to ask?. . go ahead
Re: Nigeria Exchange Rates To Dollar-history by philip0906(m): 12:44pm On Aug 17, 2010
doyin13:

easy bro. . . .

exchange rates and productive base
yh they work hand in hand. . .we ain't producing nathin,so our currency can't stand d test of time. . .
Re: Nigeria Exchange Rates To Dollar-history by paddylo1(m): 12:45pm On Aug 17, 2010
[size=14pt]New Japanese finance minister calls for weaker yen[/size]

"Many businesses say it is appropriate for the dollar to be around 95 yen for trade, so we must work with the Bank of Japan to bring it to appropriate levels taking into account the various effects currencies may have on the Japanese economy," Kan, who is also deputy prime minister, said.

"At the moment, (dollar/yen) has largely corrected to a weak yen compared with the time when the so-called Dubai shock occurred. It would be nice if the yen weakened a bit more," [/b]he said.

[b]"CHANGE OF TONE"


The yen slid to 92.87 per dollar after Kan's comments from around 92.20 on trading platform EBS. The yen has come off a 14-year high of 84.82 per dollar in late November but Kan's comments reinforced expectations he would be more inclined to act against excessive yen rises.

Japan's key exports industry is slowing emerging from Japan's worst post-war recession so a weaker yen would be welcomed. Major exporters, including Honda Motor Co, have complained about the high levels of the yen.

"It clearly would be helpful if the yen weakened a little bit so the Japanese can share in some of the robust growth that some of its trade competitors like South Korea and Taiwan have enjoyed,"

http://www.reuters.com/article/idUSTRE60612720100107
Re: Nigeria Exchange Rates To Dollar-history by paddylo1(m): 12:49pm On Aug 17, 2010
[size=14pt]Weak euro could help European recovery[/size]

Exports will be cheaper, which will especially be good for Germany

5/18/2010

BERLIN — As jittery markets fret about the plunging euro, experts say there's a potential upside: Europe's economies stand to profit from the drop of the common currency as exports to the United States and Asia become cheaper.
The euro has dropped in value by nearly a quarter since its height of euro1.6038 in 2008, down to $1.23 Tuesday. That means a German car priced at euro50,000 two years ago — worth $80,000 in U.S. dollars at the time — would cost the equivalent of a little more than $60,000, strictly according to currency effects.

The lower euro is an advantage especially in Germany, the eurozone's largest economy and an export powerhouse.
"The euro's becoming weaker naturally helps the German export economy and that helps all of the German economy get back on track," Volker Treier, chief economist at the German Chambers of Industry and Commerce, told The Associated Press on Tuesday.
"Exports are the factor in the gross domestic product that has helped liven up the economy,"
Treier said.

After having slowed in 2009, German exports in March jumped 10.7 percent on the month and the think tank IW reported this week that it was now predicting a 7.25 percent increase in exports from Germany, Europe's largest economy, on the year. It predicted a further 6 percent for 2011.
The euro's drop against the dollar "tends to favor the German export economy," IW director Michael Huether said. "On this background, exports will become a driving force of economic recovery in Germany."

[b]The export advantage of a weaker euro extends to all the 16 nations that use the common currency, so long as they are trading outside the bloc. They have some competition in the weaker currency department, as Britain has seen a similar dramatic drop in the pound [/b]from a high of $2.1161 in November 2007 to this week's level of around $1.45 — a decline of nearly a third.

http://www.msnbc.msn.com/id/37213985
Re: Nigeria Exchange Rates To Dollar-history by desgiezd(m): 12:51pm On Aug 17, 2010
paddy_lo:

There was no reason for the Naira to exchange 1 - 1 with the dollar in the first place
A weak currency encourages,industrialization and manufacturing of goods in the home country
because imports are more expensive. . .but when u export u get more money for your exports

I dont want the naira to ever get below N120 - $1


While this postulation works perfectly well in other countries, the opposite is the case in Nigeria as the country's production capacity has continued to degenerate in perfect rhythm with the value of the Naira. Could this have been caused by other factors such as power?

For our leaders, it is clear that Nigeria started her downward slide during the IBB era, an era continued by Abacha and aggravated by OBJ.

Now, IBB is scheming to come back, perhaps to finally kill the Naira and the country!

1 Like

Re: Nigeria Exchange Rates To Dollar-history by paddylo1(m): 12:52pm On Aug 17, 2010
[size=14pt]Exports,weak dollar help U.S. companies climb out of recession[/size]
2/1/2010

From California sheet music to North Carolina construction equipment, U.S. exports are roaring back as the global economy recovers from recession.
Exports shot up 18.1% the last three months of 2009, helping the U.S. economy expand at a 5.7% annual rate. U.S. factories were behind the surge: Exports of goods soared 28.1%.

RECOVERY WATCH: Tracking the economy; see VIDEO
Companies across the country are expanding outside the U.S.: Sheet Music Plus in Emeryville, Calif., says its international sales rose 22% last year. Fuel Tech of Warrenville, Ill., which makes emissions-control systems, last week announced $1.75 million in contracts in China, Italy and South Korea. Pemco World Air Services of Dothan, Ala., last week announced a deal to convert six Boeing 737-300 passenger aircraft into cargo planes for China's Hainan Airlines.

Exports won't keep up the blistering quarterly pace — but are likely to remain a bigger part of the nation's economic growth. "We will become more of a producing nation and not so much of a consuming nation," says Nigel Gault, chief U.S. economist for IHS Global Insight.

Part of the fourth-quarter boom was a rebound from the depths of a global recession: Exports plunged 19.5% in the fourth quarter of 2008, 29.9% in the first quarter of 2009 and 9.9% for all of last year, the worst annual performance in 51 years.

The weak dollar also gives U.S. exporters a price advantage over foreign competitors. Dyke Messinger, president of construction equipment manufacturer Power Curbers in Salisbury, N.C., says the weak dollar means his company doesn't have to offer discounts to compete with a German rival.
Re: Nigeria Exchange Rates To Dollar-history by doyin13(m): 12:53pm On Aug 17, 2010
paddy_lo:

any question u need to ask?. . go ahead

From your logic, one should require less yen to exchange for the dollar than say the
tunisian dinar since japan has greater productive base than tunisia.
Re: Nigeria Exchange Rates To Dollar-history by paddylo1(m): 1:01pm On Aug 17, 2010
While this postulation works perfectly well in other countries, the opposite is the case in Nigeria as the country's production capacity has continued to degenerate in perfect rhythm with the value of the Naira. Could this have been caused by other factors such as power?

For our leaders, it is clear that Nigeria started her downward slide during the IBB era, an era continued by Abacha and aggravated by OBJ.

Now, IBB is scheming to come back, perhaps to finally kill the Naira and the country!

u cant divorce the issue of power from the low manufacturing in the country

Although manufacturing is growing today,it still grows at 3% a yr,whearas it should be growing double digits to make a huge difference

However,for Nigeria a strong Naira is not an option,because we will import everything in the world
even down to toothpicks

we have to go with a weak currency,sort out the power problems and u will see more companies like

Innosson auto,Innosson Tire,Dangote cement, GZ industries,TATA motors and so on set up

If the Naira is 1 -1 today,why would Innosson set up a plant in Nigeria?. . . cry

when he can import a fully built bus for N30,000. . . shocked assuming it costs $30,000. . .

thats the problem with strong exchange rates. . . cool

3 Likes

Re: Nigeria Exchange Rates To Dollar-history by doyin13(m): 1:04pm On Aug 17, 2010
@paddy lo

then why does anybody bother having a static exchange rate
if a weaker exchange rate is better.

every economy would simply continue devaluing their currency
in a continuous case of oneupmanship in order to give their
exporters an edge.
Re: Nigeria Exchange Rates To Dollar-history by paddylo1(m): 1:06pm On Aug 17, 2010
From your logic, one should require less yen to exchange for the dollar than say the
tunisian dinar since japan has greater productive base than tunisia.

some countries keep their exchange rates artificially high. . it depends on what u are trying to accomplish. . .

I dont know the exchange rates,for yen/dollar/dinar

but i do know that a lot of North African countries import all almost all their foods,cause they are in the dessert

In that case it makes sense for them to have artificially high exchange rates so that food imports will be cheap

a good example of this is algeria which has built up over $100billion in foriegn reserves,which it uses to import everything under the sun

I hope that is not what u want for Nigeria. . .as we should be going the way of most Asian countries

like Indonesia,with export led growth,weak currencies. . and so on. .

why do u think the USA has been hammering china to strengthen its currency lately?

the weak yen is a benefit for chinese companies that manufacture cheap goods for the world markets

2 Likes

Re: Nigeria Exchange Rates To Dollar-history by paddylo1(m): 1:12pm On Aug 17, 2010
@paddy lo

then why does anybody bother having a static exchange rate
if a weaker exchange rate is better.

every economy would simply continue devaluing their currency
in a continuous case of oneupmanship in order to give their
exporters an edge.

see my post above. . .some countries like the strong local currency cause they depend on cheap imports of food. . like algeria and most of these dessert arab oil countries

some have no real domestic export industry to speak of. . .like zimbabwe. . so whatever they do is fruitless

A lot are already in one currency like the euro

some have their currency pegged to the dollar

and so on. .

bottom line the export/manufacturing countries of Asia thrive on weak currencies

In Nigeria,it is better to follow their model,IMO

We cant be importing everything and expect to have jobs for the masses

Thats what killed us in the 1980s

have u forgotten the cement armada?. . .when ships flooded the ports with cement we were importing?

well today 50% of our cement is produced locally

and more output is expected to come on stream in 2011
Re: Nigeria Exchange Rates To Dollar-history by doyin13(m): 1:34pm On Aug 17, 2010
Your economics is still pretty scruffy.

The dynamics are way more complex than you have
outlined here.

The primary aim of most central bankers is stability.

Central Banks will intervene at times to shore up or
weaken their currencies, but the kind of precipitous
devaluation seen with the Naira was a recipe for disaster based
on any economic theory.
Re: Nigeria Exchange Rates To Dollar-history by KnowAll(m): 1:37pm On Aug 17, 2010
1 Kuwaiti Dinar = N540.00  shocked

1 Maltese Lire = N450.00  shocked



I think I am in the wrong country  
undecided embarassed
Re: Nigeria Exchange Rates To Dollar-history by abdulmutab: 1:41pm On Aug 17, 2010
Only a novice will blaim obj govt on devaluation of naira during his regime. It is a known fact to all of us that during abacha regime the foreign exchage was fixed so it looks stable but scares to get, but during obj regime he allow the free interplay of market demand and supply that is why the value of naira adjusted to where it was supposed to be as a result of our past recklessness during ibb & abacha regime. it is not the fault of obj but he only exposed us to the reality.

1 Like

Re: Nigeria Exchange Rates To Dollar-history by Fhemmmy: 1:45pm On Aug 17, 2010
Most Nations that has brain and devalued their own money against $$, they always have something to show for it.
Manufacturing ought to be better
Influx of business to that nation ought to be booming.
But not in Nigeria . . . we still consumes and yet we have devalued currency
Re: Nigeria Exchange Rates To Dollar-history by KnowAll(m): 1:49pm On Aug 17, 2010
But not in Nigeria . . . we still consumes and yet we have devalued currency

Recipe for abject poverty, and abject poverty we are witnessing.[b][/b]
Re: Nigeria Exchange Rates To Dollar-history by paddylo1(m): 2:10pm On Aug 17, 2010
Your economics is still pretty scruffy.

The dynamics are way more complex than you have
outlined here.

The primary aim of most central bankers is stability.

Central Banks will intervene at times to shore up or
weaken their currencies, but the kind of precipitous
devaluation seen with the Naira was a recipe for disaster based
on any economic theory.

[b]Dude i am not going to go into full blown economics theory. . .cause i was only trying to explain the basics

However in the early 1970s - 1980s when we had the oil boom. . .our currency was artificially overvalued. . .

once oil prices crashed,to $7/BARREL at some point. . which dollar were u going to use to defend the Naira?. . .

the naira had to adjust. . .simple

No 2 ways about it Nigeria is way better of today with a weaker currency
Look at what happened last yrr to russia. . they lost over half their reserves trying to defend the rouble

u just have to let your currency adjust to market forces and move on. . .

and the CBNs aim is stability like u said. . however
if you are spending all your CBN reserves to prop up a currency to no avail. . then sooner or later the CBN will run out of reserves

and the currency will still fall.  .

U should be asking what was Nigerias external reserves when this devaluation was taking place. .
Probably close to zero. . .(because gowon/shagari and co were too busy spending to save for a rainy day)
what was our debt burden. . probably close to $20billion

what was oil prices doing. . .probably falling precipitously. .

what was our balance of trade. . (exports - imports)?. . .probably negative to the tune of $10billion/yr

so tell me again how a CBN will maintain your so-called stability in such a scenario?[/b]
Re: Nigeria Exchange Rates To Dollar-history by Kobojunkie: 2:38pm On Aug 17, 2010
Fhemmmy:

Most Nations that has brain and devalued their own money against $$, they always have something to show for it.
Manufacturing ought to be better
Influx of business to that nation ought to be booming.
But not in Nigeria . . . we still consumes and yet we have devalued currency

Thank you!! So a stronger Naira makes sense since we import still over 90% of that which we need and use in the country. We are no where near where countries like Japan, China, Kuwait etc are.

KnowAll:

1 Kuwaiti Dinar = N540.00 shocked
1 Maltese Lire = N450.00 shocked
I think I am in the wrong country
undecided embarassed
I wouldn't mind landing me a project/contract from one of those . . .
Re: Nigeria Exchange Rates To Dollar-history by paddylo1(m): 2:50pm On Aug 17, 2010
Thank you!! So a stronger Naira makes sense since we import still over 90% of that which we need and use in the country. We are no where near where countries like Japan, China, Kuwait etc are.

In the other thread - ->  https://www.nairaland.com/nigeria?topic=496778.msg6582475#msg6582475 u were bemoaning the fact that Nigerias foreign reserves are running low

Now u are asking for a stronger Naira

Is it that u are a troll that doesnt understand what u stand for?

or u are an anywhere belle face type,just making noise in all threads with no point. .

Just to be clear to u.  .u can want a stronger naira. . but dont weep about low reserves in the same breadth.cause the reserves is what the CBN uses to defend the naira

U can cliam its ok to import 100% of all our needs. . .but dont come complaining about declining reserves cause it is the reserves the CBN uses to fund imports

u cant have it  both ways. . but of course this will as usual fly way over your head. . . . cool

1 Like

Re: Nigeria Exchange Rates To Dollar-history by Ibime(m): 3:43pm On Aug 17, 2010
idupaul:

Naira was devalued most during objs tenure .

That was only because Abacha had pegged the Naira so he and his cronies could make money from the arbitrage between the Cenbank price and the parallel market price. OBJ lifted this peg, hence the sudden rise in 1999/2000.
Re: Nigeria Exchange Rates To Dollar-history by RSA(m): 3:58pm On Aug 17, 2010
South African Govt is looking into level of rand, says Zuma.
President Jacob Zuma said on Thursday his government was discussing the rand's current level, which some analysts say is too strong and hampering export growth, but no decision has been made on whether to take any action.

http://www.mg.co.za/article/2010-07-22-zuma-govt-looking-into-level-of-rand

The Organisation for Economic Cooperation and Development (OECD) stirred up debate this week about the rand, which has rallied nearly 30% in the past year, by saying South Africa should consider weakening the currency to boost exports.
Re: Nigeria Exchange Rates To Dollar-history by Nobody: 4:42pm On Aug 17, 2010
@ paddy_lo and house

[b]I think we need a balanced view here.

Paddy_lo has a way of digging too deep into his points without taking a little walk around his argument. But still, I believe you are the most creative and most informed nairalander followed by ajanlekoko, babapupa and lawyer of nland property forum.

The fact our major export is crude oil doesnt mean the naira should become an ant beside the goliath dollar. The more we devalue the naira because of our mono-economy, the more we have to rely totally on oil, and the same we are likely to remain. Its like accepting defeat in the face of a fast evolving global economy thats looking for every means to avoid over-reliance of crude oil and come up with cheaper alternatives. I believe that is something Nigerian govt never even consider at all.
Canada is a country blessed with more oil than Nigeria, though their currency remains strong and stable. The same goes for some of the countries in the Middle East as well as Brasil; and I believe that keeping a stronger currency has many merits than its current alarming dismerits and scare.

I agree with you that CBN shouldnt try to waste our reserves on trying to strenghten the naira against the dollar as it would be totally counterproductive since the country reserve wasnt built up for this reasons. But this are things that should be delibrated on, and extensively planned for, maybe for the next 30 - 40 years.
We need a naira that has value, and that doesnt render Nigeria as the dumping ground for medicail, technological and economical gabbages from developed world. Though, it would be completely misplaced priority if the CBN guns for such a process right now as it would kill our economy completely, and wane our reserves.

It took decades for the Naira to become completely weakened and almost useless; it will also take decades to beat up the value again. And the value wont grow by just building reserves and creating articial values for the naira, but by replacing all the economical and national values that was long erroded by different regimes the country has witnessed.[/b]
Re: Nigeria Exchange Rates To Dollar-history by Nobody: 4:51pm On Aug 17, 2010
@paddy_lo

Please dont compare the Euro with the Naira. Even if it loses 10x its value.
Re: Nigeria Exchange Rates To Dollar-history by Kobojunkie: 1:03pm On Aug 18, 2010
ROFLMAO!!!!

Fhemmmy:

Most Nations that has brain and devalued their own money against $$, they always have something to show for it.
Manufacturing ought to be better
Influx of business to that nation ought to be booming.
But not in Nigeria . . . we still consumes and yet we have devalued currency

Thank you!! So a stronger Naira makes sense since we import still over 90% of that which we need and use in the country. We are no where near where countries like Japan, China, Kuwait etc are.

KnowAll:

1 Kuwaiti Dinar = N540.00 shocked
1 Maltese Lire = N450.00 shocked
I think I am in the wrong country
undecided embarassed
I wouldn't mind landing me a project/contract from one of those . . .

1 Like

Re: Nigeria Exchange Rates To Dollar-history by Mobinga: 2:20pm On Aug 18, 2010
OBJ was one hell of a slowpoke. . . .

1 Like

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