Fluctuating Dollar to Naira Exchange Rates: A Historical Overview of Nigeria’s Economic Landscape.
The ever-changing dynamics of the Dollar to Naira exchange rate have remained a persistent concern for Nigerians, with the Dollar seemingly strengthening its position each day.
Since Nigeria’s transition to a Democratic Federal Republic in 1999, the country has experienced the leadership of five democratic administrations.
Olusegun Obasanjo took the helm as the first president of the Federal Republic of Nigeria in 1999, succeeded by Umaru Musa Yar’Adua, whose tenure was tragically cut short by his demise.
In 2010, Dr. Goodluck Jonathan, who had served as vice president to Yar’Adua, assumed the presidency, navigating the nation through challenging economic terrains.
Muhammadu Buhari emerged victorious in the 2015 elections and was later succeeded by the current President, Bola Tinubu, marking the fifth democratically elected president in Nigeria’s history.
Throughout these administrations, the fluctuation of the Dollar has played a pivotal role in shaping Nigeria’s economic landscape.
Here is a breakdown of the Dollar to Naira exchange rates during these government tenures:
- Olusegun Obasanjo’s regime: The administration, starting with a growth rate of 2.58 per cent in May 1999, concluded with an impressive 6.06 per cent growth in May 2007. The official exchange rate began at N21.89/$ and concluded at N128.29/$.
- Umar Musa Yar’Adua’s regime: The official exchange rate moved from N128.29/$ to N149.99/$.
- Dr. Goodluck Jonathan’s regime: The official exchange rate experienced a shift from N149.99/$ to N196.95/$.
- Muhammadu Buhari’s regime: The official exchange rate underwent a substantial change from N196.95/$ to N461.06/$.
- Bola Tinubu’s leadership: As of Thursday, February 22, 2024, according to the Central Bank of Nigeria (CBN), the exchange rate has further evolved to N1488.396/$ for buying and N1489.396/$ for selling.
The historical overview of these exchange rates reflects the complex interplay between political leadership and economic factors that have shaped Nigeria’s financial landscape over the years
