Last updated on July 28th, 2022 at 11:43 am
In 1972 1USD was just 0.658 naira at the official market rate. For 13 years, USD/NGN at the forex market remained under NGN1.
That was the time the Nigerian currency was the pride of every Nigerian as this can be seen in our timeline of the official CBN exchange rate at the forex market
For the first time since Nigeria adopted its currency, the naira hit NGN1 and crossed NGN2 in 1986 during the regime of Gen. Ibrahim Babangida.
Today, Nigeria and its economy are facing multi-faceted problems, though they are still being rated as the strongest economy in Africa, the country borrows money to pay its workers. Unexplainable Contradiction!
At the time of this publication, USD/NGN is NGN415.83. The naira is not only weak against the United States Dollar, it can’t also be found on the list of global currencies for international transactions.
On the African soil, there are more than two dozen of currencies in Africa that are stronger than the naira. In the foreign exchange market, below African currencies are more valuable than the naira (not in ascending order):
|Currencies||Pair Against Naira||Value in Naira|
is the strongest currency in Africa
|South African rand||ZAR/NGN||24.74|
|Sao Tomean dobras||STN/NGN||17.22|
|The Gambian dalasi||GMD/NGN||7.69|
|Cape Verdean escudo||CVE/NGN||3.82|
On the continent, the naira isn’t the weakest as there are more than 20 other African currencies that weaker than the Nigerian currency. On the continent, the naira carries some irrelevant weight against some legal tenders.
Note: Some of the currencies listed above are also battling to repress high inflation. For instance, Ghana is facing what can be described as hyperinflaion.