Analysis
Naira Exchange Rate Movements in the Official Foreign Exchange Markets
Year Rate (N:$) Depreciation/Appreciation (%)
1973 0.66 –
1974 0.55 -20.0
1980 0.55 0.0
1982 0.67 17.9
1984 0.76 11.8
1985 0.89 14.6
1986 2.02 55.9
1987 4.02 49.8
1988 4.54 11.5
1989 7.39 38.6
1990 8.04 9.3
1991 9.91 18.9
1992 17.30 42.7
1993 22.05 21.5
1994 21.89 -0.7
1995 81.20 73.0
1996 81.20 0.00
1997 82.00 1.0
1998 84.00 2.4
1999 93.95 10.6
2000 102.10 8.0
2001 111.93 8.8
2002 121.0 7.5
2003 129.3 6.4
2004 133.5 3.1
2005 131.1 -1.8
2006 128.5 -1.98
2007 127.4 -0.86
2008 117.81 -7.53
2009 148.20 +25.8
2010 150.19 +1.34
2011 154.5 +2.87
Source: Central Bank of Nigeria, CBN.
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