The Nigerian naira has been on a downward spiral for some time now. It’s become a recurring issue for citizens, businesses, and investors in the country. While many factors have contributed to the currency’s fall, there is still much confusion and uncertainty as to why this keeps happening.
In this blog post, we’ll explore the list of Nigerian Naira to US Dollar exchange rates from 1972.
Not so long ago the Nigerian Naira was a very powerful currency, the power of the NGN in the ’70s and ’80s, and to be specific in 1979/1980 fifty-five kobo (55k) could get 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 were deeply affected by 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 the 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 of 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.
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Naira to Dollar Exchange Rate from 1972
| YEARS | USD | NGN |
| 1972 | $1 | ₦0.658 |
| 1973 | $1 | ₦0.658 |
| 1974 | $1 | ₦0.630 |
| 1975 | $1 | ₦0.616 |
| 1976 | $1 | ₦0.612 |
| 1977 | $1 | ₦0.647 |
| 1978 | $1 | ₦0.606 |
| 1979 | $1 | ₦0.596 |
| 1980 | $1 | ₦0.550 |
| 1981 | $1 | ₦0.610 |
| 1982 | $1 | ₦0.673 |
| 1983 | $1 | ₦0.724 |
| 1984 | $1 | ₦0.765 |
| 1985 | $1 | ₦0.894 |
| 1986 | $1 | ₦2.020 |
| 1987 | $1 | ₦4.020 |
| 1988 | $1 | ₦4.540 |
| 1989 | $1 | ₦7.394 |
| 1990 | $1 | ₦7.390 |
| 1991 | $1 | ₦8.043 |
| 1992 | $1 | ₦9.919 |
| 1993 | $1 | ₦17.30 |
| 1994 | $1 | ₦22.33 |
| 1995 | $1 | ₦21.89 |
| 1996 | $1 | ₦21.89 |
| 1997 | $1 | ₦21.89 |
| 1998 | $1 | ₦21.89 |
| 1999 | $1 | ₦21.89 |
| 2000 | $1 | ₦99.00 |
| 2001 | $1 | ₦85.98 |
| 2002 | $1 | ₦109.0 |
| 2003 | $1 | ₦114.5 |
| 2004 | $1 | ₦127.3 |
| 2005 | $1 | ₦132.0 |
| 2006 | $1 | ₦128.5 |
| 2007 | $1 | ₦125.0 |
| 2008 | $1 | ₦120.0 |
| 2009 | $1 | ₦145.4 |
| 2010 | $1 | ₦148.5 |
| 2011 | $1 | ₦151.0 |
| 2012 | $1 | ₦155.5 |
| 2013 | $1 | ₦160.0 |
| 2014 | $1 | ₦200.0 |
| 2015 | $1 | ₦280.1 |
| 2016 | $1 | ₦300.0 |
| 2017 | $1 | ₦320.5 |
| 2018 | $1 | ₦350.0 |
| 2019 | $1 | ₦375.0 |
| 2020 | $1 | ₦380.0 |
| 2021 | $1 | ₦ 415.0 |
| 2022 | $1 | ₦ 550.0 |
Conclusion
In conclusion, the Naira to Dollar exchange rate has undergone significant fluctuations since 1972. The devaluation of the Naira, caused by factors such as oil price fluctuations and political instability, has greatly affected the Nigerian economy.
Despite efforts by the government and Central Bank to stabilize the currency, the exchange rate continues to be a major concern for individuals and businesses.
It is important for the government to take the necessary measures to address the underlying issues and promote a stable exchange rate for the benefit of the Nigerian economy.
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