The Nigerian Naira to Dollar exchange rate has recorded significant changes over the past 51 years (1972-2023). It’s interesting to note that there was a time when the Nigerian Naira had a higher value than the American Dollar. In 1983, the exchange rate was 1 dollar to 0.894 Naira, which was less than a Naira.
The Nigerian economy has experienced both prosperous and challenging times throughout its history. It’s worth mentioning that Nigeria earned the title of the giant of Africa due to various factors, including the strength of its economy and currency. However, the value of the Naira has significantly declined over the years, especially against the US Dollar.
For a detailed breakdown of the exchange rate of the Dollar to Naira from 1972 until now, refer to the table below:
| Year | Dollar ($) | Naira (N) |
| 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 |
| 2017-2018 | 1 | 400-363 |
| 2019-2022 | 1 | 365-600 |
In 2023, the exchange rate is expected to be around 1 dollar to 600-820 Naira.
It’s alarming to see the substantial decline in the value of the Naira compared to the Dollar and other currencies. Many factors have contributed to this situation. As individuals, we can question when this trend will change and what we can do to improve the economic situation of our country.
Feel free to share your thoughts in the comment section below.
