See summary of the Naira to Dollar exchange rate since 1972
The Nigerian Naira has continued to suffer a steady decline against the dollar over the last five decades.
It is difficult to believe that, nearly 50 years ago, the Naira stood at $0.550, making it even stronger than one of the strongest currencies in the world. However, the Naira has become a shadow of its glorious past, as one Dollar now costs about half a thousand Naira to purchase.
Recently, Nigeria’s apex bank discontinued the sale of foreign exchange to Bureaux De Change operators in the country. This directive had dire consequences on the Naira, making the currency tumble to as low as N522 against the Dollar in July.
According to the Governor of the Central Bank of Nigeria, Godwin Emefiele, the decision was made because BDC operators had become agents of money laundering in Nigeria.
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AF24News has now compiled a table detailing the change rate of the Dollar to the Nigerian Naira since 1972.
We also compiled a list of Africa’s strongest currencies and how well they fare against the dollar in 2021. See the list here.
Nigerian Naira to Dollar exchange rate since 1972
Year Exchange Rate
1972-1982 1 = 0.550-0.647
1983 1 = 0.724-0.894
1986 1 = 2.02
1987 1 = 4.02
1988 1 = 4.54
1989-1990 1 = 7.39
1991 1 = 8.04
1992 1 = 9.91
1993 1 = 17.30
1994 1 = 22.33
1995-1999 1 = 21.89
2000 1 = 85.98
2001 1 = 99-106
2002 1 = 109-113
2003 1 = 114-127
2004 1 = 127-130
2005 1 = 132-136
2006 1 = 128.50-131.80
2007 1 = 120-125
2008 1 = 115-120
2009 1 = 145-171
2010 1 = 148-154
2011 1 = 151-165
2012 1 = 155-161
2013 1 = 153-162
2014 1 = 170-199
2015 1 = 199-300
2016 1 = 300-320
2017 1 = 400-363
2018 1 = 365-360
2019 1 = 365-470
2020 1 = 365-470
2021 1 = 475-515*
*As of August 11, 2021, the dollar stands officially at N410 and at N515 on the parallel market.
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