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Nigerian Naira Exchange Rate History

From ₦0.89 per dollar in 1973 to ₦1,390+ in 2026 — the complete story of the naira's value against the US dollar.

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CBN Official Rate

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per 1 USD

Parallel Market (Aboki)

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per 1 USD

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Historical Data

Naira to Dollar Exchange Rate — Key Milestones

Major rate changes from 1973 to 2026.

Year	Rate (₦/USD)	Event
1973	₦0.89	Naira introduced, replaced Nigerian pound
1985	₦1.00	SAP devaluation begins
1992	₦17.30	Second-tier market introduced
2000	₦102	Official rate under Obasanjo
2010	₦150	Post-crisis stabilisation
2015	₦199	CBN devaluation under oil crash
2020	₦380	COVID-era devaluation
June 2023	₦760	NAFEM unification — naira collapses
Jan 2024	₦1,500+	All-time low
Apr 2026	~₦1,390	Partial stabilisation

Nigerian Naira Exchange Rate History — Full Guide 2026

The Nigerian naira exchange rate history is a story of oil price cycles, political decisions, and recurring currency crises. When the naira launched in 1973 it was worth more than a US dollar. Today it takes approximately ₦1,390 to buy $1 at the CBN official rate.

1973–1985: Early Strength

The naira was introduced at ₦0.89/USD, backed by Nigeria's oil boom revenues. For most of this period, the naira was one of Africa's strongest currencies.

1986–2000: Structural Adjustment and Decline

The Structural Adjustment Programme (SAP) introduced in 1986 began a period of sustained devaluation. By 2000, the rate had reached ₦102 per dollar under the Obasanjo government.

2015–2022: Multiple Windows and Artificial Rates

The CBN maintained multiple fixed exchange rate windows, creating large gaps between official and parallel rates. The gap between the CBN rate and black market rate frequently exceeded 50%.

2023: The NAFEM Unification

In June 2023, President Tinubu's administration unified the exchange rate windows under the NAFEM system, allowing the naira to float. The rate fell from ₦460 to ₦760+ overnight, eventually reaching ₦1,500+ by early 2024.

2025–2026: Partial Stabilisation

Through 2025 and into 2026, the naira has partially stabilised in the ₦1,350–₦1,430 range as oil revenues recovered and the CBN maintained tighter monetary policy.

Frequently Asked Questions

Questions about naira exchange rate history

What was the naira to dollar rate in 2023?▾

In June 2023 the CBN unified its exchange rate windows. The naira fell from around ₦460 to over ₦750 overnight. By late 2023 it had reached ₦900+.

When did the naira hit its lowest value?▾

The naira reached its all-time low against the dollar in early 2024 at approximately ₦1,600–₦1,700 in the parallel market.

Why did the naira fall so much in 2023?▾

The CBN under President Tinubu unified multiple exchange rate windows in June 2023, effectively devaluing the naira to market levels. Years of artificial rate maintenance had created a large gap between official and parallel rates.

What was the naira worth in 1973?▾

When the naira was introduced in January 1973, replacing the Nigerian pound, it was valued at approximately ₦0.89 to the US Dollar — meaning 1 naira was worth more than 1 US dollar.

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