It was written in history that the naira was once more valuable than the dollar; in 1972, N1 was more valuable than $1, but in our present generation, we can’t say that.
My brother called me today and said it seems we were born in the wrong generation. Since I was born, I have not enjoyed the meaning of life; everything is on the high side. I can’t even feed myself or pay my bills any more.
Indeed, the country’s economy is not friendly for salary earners in Nigeria. As it stands now, someone earning N300,000 a month can’t take care of a family or build a responsible home.
Let us take the journey of the exchange rate between the dollar and naira through the years and see what really happened:
1972: $1 = N0.658
1973: $1 = N0.658
1974: $1 = N0.63
1975: $1 = N0.616
1976: $1 = N0.62
1977: $1 = N0.647
1978: $1 = N0.606
1979: $1 = N0.596
1980 $1 = N0.550 (0.900 Black Market Rate)
1981: $1 = N0.61
1982: $1 = N0.673
1983: $1 = N0.724
1984: $1 = N0.765
1985 $1 = N0.894 (N1.70 Black Market Rate)
1986 $1 = N2.02 (N3.90 Black Market Rate)
1987 $1 = N4.02 (N5.90 Black Market Rate)
1988: $1 = N4.54 (N6.70 black market rate)
1989 $1 = N7.39 (N10.70 Black Market Rate)
1990 $1 = N7.39 (N10.70 Black Market Rate)
1991: $1 = N8.04 (N9.30 Black Market Rate)
1992: $1 = N9.91
1993 $1 = N17.30 (N21.90 Black Market Rate)
1994 $1 = N22.33 (N56.80 Black Market Rate)
1995 $1 = N21.89 (N71.70 Black Market Rate)
1996: $1 = N21.89 (N84.58 black market rate)
1997 $1 = N21.89 (N84.58 Black Market Rate)
1998 $1 = N21.89 (N84.70 Black Market Rate)
1999 $1 = N21.89 (N88-N90 Black Market Rate)
2000 $1 = N85.98 (N105.00 Black Market Rate)
2001 $1 = N99-N106 (N104-N122 Black Market Rate)
2002 $1 = N109-N113 (N122-N140 Black Market Rate)
2003 $1 = N114-N127 (N135-N137 Black Market Rate)
2004 $1 = N127-N130 (N137-N144 Black Market Rate)
2005: $1 = N132-N136
2006 $1 = N128.50-N131.80
2007 $1 = N120-N125
2008 $1 = N115.50-N120
2009 $1 = N145-N171
2010 $1 = N148.21-N154.8
2011 $1 = N151.05-N165.1
2012 $1 = N155.09-N161.5
2013 $1 = N153.21-N162.9
2014 $1 = N170-N199
2015 $1 = N199-N300
2016 $1 = N300-N320 (N310-N370 Black Market Rate)
2017 $1 = N360
2022. Now. = Official = N419. Oops.
Unofficial = N610
2024 $1 is N1,800.
What happened between 1999 and 2000? Where is Nigeria getting it wrong?
As we speak now, even salary earners find it hard to take care of themselves. Talk more of someone who is not working.
Do you think the naira will ever be better than the dollar again, as things are going, or are we doomed for ever?………….See More
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