Amazingly, the Naira to dollar exchange rate was not as high as it is today. Looking through the Nigerian exchange rate history, I discovered that not so long ago, the Nigerian Naira was quite a formidable and strong currency, so strong that between 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). Which is almost impossible right now.
Historically, ever since Crude oil was discovered in Nigeria, the major source of foreign currency (Forex) in Nigeria drastically shift from agriculture to crude oil and because of this move, 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 of Nigeria, making the dollar more powerful to the Naira.
The second strongest factor why Naira keeps falling and the dollar rising is because of the Love Nigerians have for western made products. Most products are imported into Nigeria and they must be purchased with US dollars, automatically making the demand for the Dollar a scarce commodity and a huge necessity.
Importation started slowly in Nigeria but reached the peak where the Nigerian government no longer cares about its agriculture sector. Funny enough, Nigeria which was one of the highest exporters of Agricultural products became one of the highest importers of agricultural products, importing products like Rice, Garri, cocoa and much more.
Honestly, the older generation of Nigerian citizens would be able to attest to the fact that Nigeria was once a wonderful place to live. They can relate to the good times better when the Naira was as strong as the Dollar but for the newer generation, the story is not the same.
Naira to Dollar Exchange Rate in Picture.
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)
- 2017 $1 = N300-N320
- 2018 $1 = N340-N400
- 2019 $1 = N350-N359
This post will be constantly updated when there is a shift in the Naira to dollar or Dollar to Naira exchange rate. So far, this trend seems not to be shifting soon, mainly because the oil price is fluctuating and the price not stable.
More first world countries like Japan, China, UK and USA are putting plans that within the next 10 -20 years, Petroleum cars will be abolished in their countries, giving way for Electric cars like Telsa, etc. For a Nation like Nigeria, this is bad news since we don’t have any plan to create wealth for in our federal reserve or the people.