From N7.94/$1 in 1990 to N1,000/$1 in 2024; the Naira's losing battle against the Dollar

A photo listing the exchange rates of the Nigerian Naira as against other currencies in 1990 has caused a stir on social media.

In the year 1990, Naira stood at N7. 94 kobo per $1, while pounds were exchanged at N13. However, after 24 years, the Naira saw a vast devaluation in the currency. As of April 2024, the naira stands at N1,000 per $1.

Recall that in January 2024, the naira was sold at 1,531/$1. In February 2024, Nigeria recorded its highest level of inflation of about 31.7% since April 1996.

Also in February, currency traded at NGN 1,537 per USD, depreciating 44.5% month on month.

As a result of the weak naira, prices rose drastically through higher imported inflation which weighed on domestic activity and intensified the cost-of-living crisis.

After several pleas from Nigerians due to the inflation and hardship in the country, the federal government and the Central Bank of Nigeria managed to put in place measures to tackle the problems bedeviling the nation.

Since the naira saw an appreciation in April, there have been jubilation across Nigeria with many applauding President Bola Tinubu and the CBN for their efforts as foodstuff, fuel and others have seen a reduction in prices.

The photo which was shared on X, by journalist, Rufai Oseni, attracted the reactions of Nigerians on social media.

Many blamed the current state of the country on the leaders.

@RitableP: That was when Nigeria was good and people didn't even see it to be good compared to Nigeria today

@Oyin_dml1952: No matter who is in government. It can never be these stage again

@Tobicods: Good old days.

For we to get to this position again, every political party must be dissolved most especially that cult called APC.

@Hackanne: Even in that year many were suffering

@Megadonc: When will Nigeria get back to this rate?

@CityVibeEN: So Tinubu and APC just take us back to 1990 God abeg

@WarriWeirdo: Imagine na this period dem born my generation. Land for no dey Nigeria again. Despite the economic hardship we still dey thrive. Just imagine this sweet one. God punish bad govt and their cheerleaders sha

@smilereagent: They were looking up to us... our leaders have made the Pride of Nigeria of no effect

@Bl_essien: How did we get here...

@iamkelechiO: Nigeria has seen better days.

@oyeniran_s: Even during that period, many were enduring hardships.

This is the closest we've ever come to halting the decline of the Naira.

@tope_femi: Even Japanese Yen wasn't close. Our leaders have done a lot of damages

@andiadamu: Truth is all currency will depreciate in value over time.
I understand the argument will be, why are some dominating while others are in steady decline?
This is not just the responsibility of the government alone, I understand some terrible policies have been made in the past

@okekemezie1: It's about 1000 NGN to 1 USD now and people are actually celebrating? Na wa

@IfeanyiAnt62171: When government looting is not much. Now bandits and drug barons are everywhere