"There Was Indeed a Country": Old Paper Showing Naira-Dollar Exchange Rate in 1978 Surfaces Online

"There Was Indeed a Country": Old Paper Showing Naira-Dollar Exchange Rate in 1978 Surfaces Online

  • Nigerians have reacted to an old paper displaying the exchange rate of a dollar to a naira back in 1978
  • The old paper was a material informing people about a Lagos Tennis Classic singles final and listed the grand prize in dollars and its naira equivalent
  • Many Nigerians lamented about the good old days and compared the rates with what is obtainable in 2023

An old paper showcasing the naira-dollar exchange rate used 45 years ago has sent netizens into a frenzy.

A Facebook user, Obinna Aligwekwe, shared the paper on the social media platform as he remarked about the exchange rate of 1978.

Naira-dollar rate in 1978
In 1978, the paper showed that $13,100 was equal to N10,220. Photo Credit: Masym Kapliuk, Facebook/Obinna Aligwekwe
Source: Getty Images

The old paper was a printed material that informed the public about the singles final of the Lagos Tennis Classic of 1978 between Kjell Johansson and Robin Drysdale.

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Naira's great value in 1978

The grand prize stated was $13,100 and its equivalent in naira, N10,200. In sharp contrast, $13, 100 is over N10 million in 2023, as per the official rate.

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Many Nigerians bemoaned the loss in value of the naira against the dollar over the years. Legit.ng reported that the dollar finally fell below N1k at the P2P as the CBN's forex solution paid off.

Nigerians react to the naira-dollar exchange rate of 1978

Nkiruka Rosemary Onwueme said:

"My dad was a member of the. LAGOS Lawn Tennis Club in the eighties and nineties. They usually play at Ebute Meta."

aluwuooxtin said:

"The nation Nigeria is caused with insensitive and selfish leadership that is here only to take it back and never to move it forward."

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Kingsley Aneke said:

"And Dunlop left the country after recording loses because of ease of doing business and power issues."

Abby Abi said:

"Let's not forget to look at what Nigeria was doing differently at that time."

Chinedu Ikonne said:

"Blackman is not fit to run its affairs. Blackman is a waste of creation."

Echieh Chidiebere Peter said:

"Imagine is Dunlop had stayed, continued to support this game and the game grew as it should have.
"Just imagine.
"Ihe mere anyi."

Paulinus Ugwuja said:

"In civilized countries, things get better with time, but the reverse is the case with Nigeria.
"We now wish for the good old days."

Ifeanyi Onwurah said:

"1978 before they built Lagos...
"There was indeed a country."

CBN speaks on expiration date for old naira notes

Meanwhile, Legit.ng previously reported the CBN clarified that the old N200, N500 and N1000 would continue to be legal tenders beyond December 2023.

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A senior official, who spoke anonymously, assured Nigerians that both old and new banknotes would still be considered legal tender.

Legit.ng reported that in March 2023, following a Supreme Court verdict, the CBN announced that the banknotes would no longer be in circulation after the end of 2023.

In response to concerns expressed by Nigerians just two months before the deadline and reports of scarcity in two states already, the CBN official advised Nigerians not to panic.

Source: Legit.ng

Victor Duru avatar

Victor Duru (Editor) Victor Duru is a Reuters-trained award-winning journalist with over 4 years of working experience in the media industry. He holds a B.Sc in Management Studies from Imo State University, where he was a Students' Union Government Director of Information. Victor is a human interest editor, strategic content creator, freelancer and a Google-certified digital marketer. His work has been featured on US news media Faith It. He can be reached via victor.duru@corp.legit.ng

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