- The exchange rate of $1 to naira has been fluctuating in Nigeria over the years
- TheRadar provides the exchange rate of $1 to naira from the administration of Shagari to the present administration of Tinubu
- The equivalent of $1 during Shagari’s tenure was 0.75k, while the present rate during Tinubu's era is ₦1,575.69
This consistent but gradual decline in the value of the naira against the dollar succinctly highlights Nigeria’s economic struggles.
Each tenure contributed to the exchange rate between naira and dollars from the days of Shehu Shagari's Presidency to the current administration of the incumbent President, President Bola Tinubu.
It is important to study the history of the naira's exchange rate in order to understand Nigeria's economic, political, and social policies.
Recently, there has been a hike in the exchange rate between the dollar and the naira and it is important to track the financial history of Nigeria, to highlight the struggles of Nigeria's economy and the impact of each tenure.
TheRadar provides a step-by-step breakdown of the value of naira to dollar from the tenure of Shagari in 1979 to the current administration of President Tinubu.
Naira to dollar rate from tenures of Shagari to Tinubu
- President Shehu Shagari (October 1, 1979 to December 31, 1983)
During the tenure of President Shehu Shagari, the value of $1 to naira was ₦0.75k.
- General Muhammadu Buhari (December 31, 1983 to August 27, 1985)
The value of $1 to naira increased from ₦0.75k to ₦0.90k during the tenure of Muhammadu Buhari.
- General-Ibrahim-Babangida (August 27, 1985 to August 26, 1993)
There was an increase in the dollar rate during General Ibrahim Babangida from ₦0.90k to ₦21.89.
- Ernest Shonekan (August 26, 1993 to November 17, 1993)
The exchange rate between dollar and naira was stable during the tenure of Shonekan as he maintained the exchange rate of ₦21.89 from Babangida’s tenure.
- General Sani Abacha (November 17, 1993 to June 8, 1998)
Abacha also maintained the ₦21.89 dollar exchange rate during his tenure.
- General Abdulsalami Abubakar (June 8, 1998 to May 29, 1999)
The dollar-to-naira rate increased greatly from ₦21.89 to ₦94.88 during Abubakar's tenure.
- General Olusegun Obasanjo (May 29, 1999 to May 29, 2007)
The tenure of Obasanjo experienced an increase in the dollar exchange rate from ₦94.88 to ₦127.55.
- Umaru-Musa-Yar-Adua (May 29, 2007 to May 5, 2010)
There was also an increase in the dollar exchange rate from ₦127.56 to ₦150.31 during the tenure of Yar'adua.
- Goodluck Ebele Jonathan ( May 29, 2010 to May 29, 2015)
The dollar exchange rate increased from ₦150.31 to ₦197 during the tenure of Goodluck from 2010-2015.
- General Muhammadu Buhari (May 29, 2015 to May 29, 2023)
The dollar-naira exchange rate increased more than two times the exchange rate during Goodluck’s tenure. It increased from ₦197 to ₦461.6.
- Bola Ahmed Tinubu (May 29, 2023 - till date)
The increase during President Bola Ahmed Tinubu is the highest in history so far. The exchange rate of dollars to naira increased from ₦461.6 to ₦1,575.69.
Tracing Nigeria's Inflation: A tenure-by-tenure breakdown from 1960 to present
Meanwhile, TheRadar previously wrote on the inflation rate during the different government administrations in Nigeria, starting with Tafawa Balewa and ending with the incumbent President, Bola Ahmed Tinubu.
This was precedent to the outcry of Nigerians for the high rate of inflation in the country, especially with food items, as the National Bureau of Statistics (NBS)’s Consumer Price Index (CPI) revealed that the country’s inflation rate rose to 33.69% in April 2024 and 40.66% in May 2024.
