History of Naira to Dollar Exchange Rate From 1972 to 2019

History of Naira to Dollar exchange

In 70’s and 80’s, Nigerian currency was very strong, even stronger than United State Dollar. In 1972, 1USD = 0.658 Naira, but as at Monday 19th August, 2019; $1 = ₦363.27. In this post, we shall be looking at the history of Naira and Dollar exchange rate history, from 1972 to 2019.

History of Naira to Dollar exchange

Agriculture was the major source of Nigerian Foreign Exchange, but after the discovery of oil, the Nigerian govt shifted interest from Agriculture to crude oil. This affected the foreign reserves.

When the crude oil prices dropped, Nigeria ran into big trouble, it caused more damages to her foreign reserves.

Corruption in Nigeria and the love of foreign made products contributed more in collapse of Naira. Nigeria import more than they export.
They need Dollars to buy foreign goods hence increasing the demand for Dollar.

Importation is so high in Nigeria to the point that Nigeria that was a major exporter of agricultural products turned to an importer of rice, garri, cocoa and more agricultural products.

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History of Naira to Dollar Exchange Rate

Here are the history of Naira and Dollar Exchange Rate;

1. In 1972; $1 = ₦0.658

2. In 1973; $1 = ₦0.658

3. In 1974; $1 = ₦0.63

4. In 1975; $1 = ₦0.616

5. In 1976; $1 = ₦0.62

6. In 1977; $1 = ₦0.647

7. In 1978; $1 = ₦0.606

8. In 1979; $1 = ₦0.596

9. In 1980; $1 = ₦0.550 (0.900 in Black Market Exchange Rate)

10. In 1981; $1 = ₦0.61

11. In 1982; $1 = ₦0.673

12. In 1983; $1 = ₦0.724

13. In 1984; $1 = ₦0.765

14. In 1985; $1 = ₦0.894 (1.70 in Black Market Rate)

15. In 1986; $1 = ₦2.02 (3.90 in Black Market Rate)

16. In 1987; $1 = ₦4.02 (5.90 in Black Market Rate)

17. In 1988; $1 = ₦4.54 (6.70 in Black Market Rate)

18. In 1989; $1 = ₦7.39 (10.70 in Black Market Rate)

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19. In 1990; $1 = ₦7.39 (10.70 in Black Market Rate)

20. In 1991; $1 = ₦8.04 (9.30 in Black Market Rate)

21. In 1992; $1 = ₦9.91

22. In 1993; $1 = ₦17.30 (21.90 in Black Market Rate)

23. In 1994; $1 = ₦22.33 (56.80 in Black Market Rate)

24. In 1995; $1 = ₦21.89 (71.70 in Black Market Rate)

25. In 1996; $1 = ₦21.89 (84.58 in Black Market Rate)

26. In 1997; $1 = ₦21.89 (84.58 in Black Market Rate)

27. In 1998; $1 = ₦21.89 (84.70 in Black Market Rate)

28. In 1999; $1 = ₦21.89 (88 in Black Market Rate)

29. In 2000; $1 = ₦85.98 (105 in Black Market Rate)

30. In 2001; $1 = ₦99 to ₦106 (122 in Black Market Rate)

31. In 2002; $1 = ₦109 to ₦113 (140 in Black Market Rate)

32. In 2003; $1 = ₦114 to ₦127 (137 in Black Market Rate)

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33. In 2004; $1 = ₦127 ₦130 (137 in Black Market Rate)

34. In 2005; $1 = ₦132 to ₦136

35. In 2006; $1 = ₦128.50 to ₦131.80

36. In 2007; $1 = ₦120 to ₦125

37. In 2008; $1 = ₦115.50 to ₦120

38. In 2009; $1 = ₦145 to ₦171

39. In 2010; $1 = ₦148.21 to ₦154.8

40. In 2011; $1 = ₦151.05 to ₦165.1

41. In 2012; $1 = ₦155.09 to ₦161.5

42. In 2013; $1 = ₦153.21 to ₦162.9

43. In 2014; $1 = ₦170 to ₦199

44. In 2015; $1 = ₦199 to ₦300

45. In 2016; $1 = ₦300 to ₦320 (311 to 370 in Black Market Rate)

46. In 2017; $ = ₦350 to ₦352

47. In 2018; $1 = ₦350 to ₦360

49. In 2019; $1 = ₦362 so far

50. In 2020; $1 = ₦?

In the comment section, tell us what you think the naira to dollar exchange rate will be in 2020.

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