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.
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.
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)
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)
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.