The naira continues to fall of the naira against other currencies especially the dollar has become very worrisome to Nigerians.
Within the third week of May 2022, the naira saw a huge downward decline in the black market hitting an all time low of N600 naira against the dollar.
This article points out the performance of the naira since Nigeria transitioned into democracy in 1999.
Performance of Naira Under Obasanjo
After several years of military rule, nigeria formally transitioned to a democratically elected government birthing the Olusegun Obasanjo administration.
This administration lasted between 1999 and 2007 in a two term 4 year tenure
When the Obasanjo administration came to the shores of power, the dollar was exchanging at N85 naira per dollar and the administration handed over government in 2007, the naira was exchanging at N120 naira which means a 41% devaluation.
Performance of Naira Under Yaradua
After the Obasanjo administration, the Musa Yaradua of blessed memory administration came to light.
This administration was short-lived as it lasted for barely 3years in power due to his death on the 5th of May 2010.
When the Yaradua’s administration came to power in May 2007, the naira exchanged against the dollar at N120 naira per dollar and as at the time of his death the exchange rate was at N150 naira per dollar which means a 25% devaluation.
Performance of Naira Under Jonathan
Owing to the death of his boss, Goodluck Ebele Jonathan the then Vice President of Nigeria was sworn in and assumed office on May 2010.
As at the time he became president, the exchange rate was N150 naira per dollar. Jonathan’s administration lasted for about 6 years and as the time he left office in 2015, the naira was exhanging at N200 per dollar which means a 33% devaluation.
Performance of Naira Under Buhari
Nigeria recorded a keenly contested election in 2015. The outcome of the election brought a former military head of state Muhammadu Buhari to power.
As at the time he assumed office, the exchange rate was at N200 naira per dollar. However, as at May 2022, the naira exchanged above N610 per dollar at the black market which means a 205% devaluation ( an all time low valuation).
As the Nigerian populace hopes that the naira valuation gets better, this report claims that the loss in value is especially driven by politicians who are seeking dollar for this political season ahead of the 2023 general elections.