The Nigerian Naira (₦), once nearly at par with the US Dollar, has suffered severe depreciation over the decades.
From ₦0.658 to $1 in 1972 to a whooping ₦1,609 to $1 in 2025, the journey of the Naira reflects broader economic, political, and structural issues within Nigeria. Below is a chronological look at how the Naira has depreciated over time, alongside the heads of government/presidents during each period, and the context that shaped each era.
1972–1975: General Yakubu Gowon
Exchange Rate: ₦0.658 – ₦0.61
In 1972, under General Yakubu Gowon’s military government, one US Dollar exchanged for just ₦0.658. The Naira was a strong currency, backed by oil boom revenues and stable foreign reserves. This strength continued through 1975 with only slight fluctuations.
1976–1979: General Olusegun Obasanjo (Military)
Exchange Rate: ₦0.62 – ₦0.59
Obasanjo inherited a stable economy, and during his military rule, the Naira hovered between ₦0.62 and ₦0.59 to the Dollar. Nigeria’s reliance on oil exports supported the local currency during this period of relative calm.
1979–1983: President Shehu Shagari (Second Republic)
Exchange Rate: ₦0.55 – ₦0.72
By the time Shehu Shagari became Nigeria’s first democratically elected president since independence, the Naira had begun to lose its edge. From ₦0.55 in 1980, it rose to ₦0.72 by 1983. Declining oil prices, rising import dependency, and weak economic management contributed to this slow but steady fall.
1984–1985: Major General Muhammadu Buhari (Military)
Exchange Rate: ₦0.76 – ₦0.89
Buhari’s military government adopted a strict economic stance. The exchange rate moved from ₦0.76 in 1984 to ₦0.89 in 1985. The country grappled with foreign exchange shortages, and import restrictions were heavily enforced to preserve national reserves.
1985–1993: General Ibrahim Babangida (Military)
Exchange Rate: ₦2.02 – ₦21.90
Under Babangida, the Naira underwent its first major crash. In 1986, following the introduction of the IMF-backed Structural Adjustment Programme (SAP), the Naira was devalued to ₦2.02 per Dollar, sparking a sharp decline that continued for years. By the end of his tenure in 1993, it stood at ₦21.90. SAP policies aimed to liberalise the economy, but instead unleashed inflation and instability.
1993–1998: General Sani Abacha (Military)
Exchange Rate: ₦21.90 – ₦84.70
The Abacha years were marked by sanctions and authoritarian rule, but also a managed exchange system that kept the official rate somewhat stable, even as parallel market rates soared. From ₦21.90 in 1993, the official rate hit ₦84.70 by 1998.
1999–2007: President Olusegun Obasanjo (Democratic Era)
Exchange Rate: ₦90 – ₦125
With the return to democracy in 1999, Obasanjo’s government focused on economic reforms and debt relief. Still, the Naira continued to decline gradually from ₦90 in 1999 to ₦125 in 2007. While the administration attracted foreign investment, structural weaknesses in the economy remained.
2007–2010: President Umaru Musa Yar’Adua
Exchange Rate: ₦120 – ₦154.80
Yar’Adua’s brief time in office was shaped by global oil price fluctuations and internal unrest. The Naira weakened further to ₦154.80 in 2010, reflecting broader economic pressures.
2010–2015: President Goodluck Jonathan
Exchange Rate: ₦165 – ₦300
During Jonathan’s presidency, the Naira experienced increased volatility due to a sharp drop in oil prices from 2014 onward. The currency plunged from ₦165 in 2011 to ₦300 by 2015, leading to inflation and foreign investment concerns.
2015–2023: President Muhammadu Buhari
Exchange Rate: ₦300 – ₦460
In Buhari’s second stint as leader, Nigeria faced back-to-back recessions and foreign exchange crises. The Naira saw multiple devaluations, moving from ₦300 in 2015 to ₦460 in 2023. Government attempts to manage the rate through official and black-market systems only worsened confidence in the currency.
In 2023, President Bola Tinubu implemented one of the most radical currency reforms in decades, floating the Naira to unify official and market exchange rates. This led to a swift and steep depreciation: ₦1,483 to $1 by 2024 and ₦1,609 to $1 by 2025. The reform aimed at attracting foreign investment and ending a long-standing subsidy system, but the Naira’s plunge reflects the backlog of unaddressed economic imbalances.
Over the past five decades, the Naira has collapsed from a position of strength to its weakest point in history. This trajectory reflects Nigeria’s persistent over-reliance on oil, inconsistent fiscal policies, limited industrial capacity, and weak institutional governance. Without structural reforms beyond currency adjustments, the Naira’s future may remain uncertain.
By Joshua Tosin Ogunsakin 
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