From Obasanjo to Tinubu: List of Dollar to Naira Exchange Rates under 5 Nigerian Presidents

Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro and government policy

FCT, Abuja - Nigeria’s economy has constantly been shaped by the fluctuation of the dollar in different administrations since the return of democracy in Nigeria.

The high cost of living and economic hardship can be linked to the dollar seemingly gaining strength daily.

Legit.ng recalls that the naira appreciated against the US dollar in the official foreign exchange market on Wednesday, February 21, 2024, after falling to a record low.

Data from FMDQ Securities showed that at the Nigeria Autonomous Foreign Exchange Market (NAFEM), the naira closed at N1542.5$ on Wednesday.

In this article, Legit.ng highlights the exchange of rates from Olusegun Obasanjo’s administration in 1999 to President Bola Ahmed Tinubu, as reported by The Nation.

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Olusegun Obasanjo – 1999-2023

The Obasanjo’s administration met the official exchange rate at N21.89/$ and left it at N128.29/$.

Umar Musa Yar’adua – 2007-2010

During Yar’adua’s administration, the official exchange rate moved from N128.29/$ to N149.99/$.

Dr Goodluck Jonathan -2010-2015

There was a slight increase in the official exchange rate during Jonathan’s administration.

The official exchange rate moved from N149.99/$ to N196.95/$.

Muhammadu Buhari -2015-2023

The Dollar increased during Buhari’s administration experienced over 100% increment.

The official exchange rate moved from N196.95/$ to N461.06/$.

Bola Ahmed Tinubu – 2023 -

The official exchange rate from the Central Bank of Nigeria (CBN) as of Thursday, February 22, 2024, is N1488.396/$ and selling for N1489.396/$.

Naira crashes against the dollar in FX markets

Legit.ng earlier reported that on Wednesday, February 14, 2024, the naira depreciated against the dollar, crossing the N1,500/$ mark due to a sharp drop in foreign exchange turnover. This comes barely 24 hours after the naira closed at N1499.07 to the dollar on Tuesday, bouncing back from its all-time low in the official foreign currency market.

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This comes barely 24 hours after the naira closed at N1499.07 to the dollar on Tuesday, bouncing back from its all-time low in the official foreign currency market.

Source: Legit.ng