Naira to Dollar: How CBN Naira-Dollar exchange rate crash from 55kobo to $1 – Timeline

Dollars for Black Hands

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Central Bank of Nigerian deny say dem ask Nigerians to convert all dia domiciliary money to Naira.

For statement wey di Director, Corporate Communications bring come outside, CBN say dem no even dey tink or go tink go dat mata.

E add say di tori na to ginger kasala for di foreign exchange market, di apex bank add.

CBN for di statement say, dis no go be di first time wey dem go tell Nigerians say plans no dey to convert foreign exchange for di customer accounts to naira so dem go fir stop di so called shortage of di American dollar.

Di bank end di statement say dem don contact di authorities on top di fake documents dem wey bin start dis rumour.

But di mata of foreign exchange don be wetin Nigerians don dey chook eye inside for a while now.

Price of US dollar no change immediately afta di ban but operators say dis no go last

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Price of US dollar no change immediately afta di ban but operators say dis no go last

Na just July here, di apex bank bin ban di sale of forex by Bureau De Change operators to take “stabilize” di Naira as dem tok am.

Dis na as di Naira don depreciate well-well against di dollar

See how Naira to Dollar exchange crash from 55kobo to ₦540 now

For 1980, during di height of di oil boom, one dollar $1 bin only dey valued at 55 kobo, but now, as at CBN value one dollar at 409.98.

All di informate here dey come from di Central Bank of Nigeria.

  • 1980 – ₦0.55
  • 1982 – ₦0.67
  • 1984 – ₦0.76
  • 1985 – ₦0.89
  • 1986 – ₦2.02
  • 1987 – ₦4.02
  • 1988 – ₦4.54
  • 1989 – ₦7.39
  • 1990 – ₦8.04
  • 1991 – ₦9.91
  • 1992 – ₦17.30
  • 1993 – ₦22.05
  • 1994 – ₦21.89
  • 1995 – ₦81.20
  • 1996 – ₦81.20
  • 1997 – ₦82.00
  • 1998 – ₦84.00
  • 1999 – ₦93.95
  • 2000 – ₦102.10
  • 2001 – ₦111.93
  • 2002 – ₦121.0
  • 2003 – ₦129.3
  • 2004 – ₦133.5
  • 2005 – ₦131.1
  • 2006 – ₦ 128.29
  • 2007 – ₦118.21
  • 2008 – ₦126.48
  • 2009 – ₦148.78
  • 2010 – ₦150.48
  • 2011 – ₦158.23
  • 2012 – ₦157.32
  • 2013 – ₦157.27
  • 2014 – ₦169.68
  • 2015 – ₦196.99
  • 2016 – ₦305.22
  • 2017 – ₦306.31
  • 2018 – ₦306.92
  • 2019 – ₦306.95
  • 2020 – ₦381
  • 2021 – ₦410.47

But tori be say dis rate no be di same for parallel market wia Bureau De Change operators dey exchange Naira to Dollar.

BBC Pidgin find out say Naira to one Dollar [$1] dey exchange for ₦540 now.

Wetin fit rescue di Naira from di rate e dey fall

Nigeria get long term and short-term solutions to take handle di wahala of di devaluation of di naira.

Dis na wetin di president of di Bureau de Change Exchangers, Aminu Gwadabe tell BBC Pidgin.

“Naa all about reforms. Di kontri need to diversify di tins wey dem dey export so liquidity go fit day. Di ouda sources for foreign reserve no really dey come, wetin we dey see na debt accumulation to boost foreign reserves.”, Na wetin oda Gwadabe tok.