Market News

By Ayobami Ayooluwa

The fluctuating Dollar to Naira exchange rate is a pressing issue for Nigerians, with the Dollar seemingly gaining strength daily.

Since Nigeria transitioned to a Democratic Federal Republic in 1999, it has seen the successful navigation of five democratic administrations.

Olusegun Obasanjo assumed office as the first president of the Federal Republic of Nigeria in 1999, succeeded by Umaru Musa Yar’Adua, whose tenure was cut short by death.

Dr. Goodluck Jonathan, who served as vice president to Yar’Adua, assumed office in 2010 following Yar’Adua’s demise.

Muhammadu Buhari emerged victorious in the 2015 elections and was later succeeded by the current President Bola Tinubu, marking Nigeria’s fifth democratically elected president.

However, throughout these administrations, the fluctuation of the dollar has played a significant role in shaping Nigeria’s economy.

Below outlines the range of Dollar to Naira exchange rates during these government tenures:

Olusegun Obasanjo’s regime – According to the report, Obasanjo’s administration, began with a growth rate of 2.58 per cent in May 1999 and ended with 6.06 per cent growth in May 2007.

However, the administration met the official exchange rate at N21.89/$ and left it at N128.29/$.

Umar Musa Yar’adua’s regime – The official exchange rate moved from N128.29/$ to N149.99/$.

Dr. Goodluck Jonathan’s regime – The official exchange rate moved from N149.99/$ to N196.95/$.

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

Bola Tinubu – According to the Central Bank of Nigeria (CBN) the exchange rate as of Thursday, February 22, 2024, Dollar is buying for N1488.396/$ and selling for N1489.396/$.