Years 1 naira was almost strong as the US dollars
- According to Africa Facts Zone, Nigerian currency was one of the strongest in the world
- In 1981, the naira was equal to $0.61 after it was at its peak at N1 to $0.550 in 1980
- Within the span of 11 years, the naira competed well with the American dollar
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Africa Facts Zone, a Twitter handle that unearths hidden or long-forgotten facts about the continent, has shown how Nigerian currency was almost as strong as the American dollar.
In a tweet on Wednesday, June 3, it traced the strength history of the country's currency as it compared it to US dollar.
Between 1974 and 1985, the naira rocked from $0.63 to $0.894. In 1979 and 1980, the naira was at its strongest as it was $0.596 and $0.550 respectively.
Source: UGC
Below is a list showing the strength of the country's currency from 1974 to 1985:
1974 - $0.63
1975 - $0.616
1976 - $0.62
1977 - $0.647
1978 - $0.606
1979 - $0.596
1980 - $0.550
1981 - $0.6
1982 - $0.673
1983 - $0.72
1984 - $0.76
1985 - $0.894
Meanwhile, Legit.ng earlier reported that the Central Bank of Nigeria (CBN) on Sunday, May 31, denied videos and pictures of the purported circulation of N2,000 and N5,000 banknotes in the country. It was gathered that this was disclosed in a tweet via the official Twitter handle of the bank.
The apex bank warned that the banknotes are false and fake. CBN called on Nigerians to disregard claims of such banknotes and urged members of the public to report anyone found in possession of such to law enforcement agencies.
It would be noted that back in 2012, Nigeria's apex bank under the leadership of former Emir of Kano Sanusi Lamido Sanusi said it was going to introduce a N5,000 banknote into the country early 2013.
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At that time the former CBN governor said the new banknotes which would have been the highest denomination were to be introduced as a result of inflationary pressures on the Nigerian currency.
In other news, Aliko Dangote is the richest in Africa with a $9.5 billion wealth followed by Nicky Oppenheimer from South Africa who commands great riches in the tune of $7.5 billion.
Another Nigerian who made the top 8 cut is Mike Adenuga with a total wealth of $5.8bn (N2,244,600,000,000). Rabiu makes the third citizen from the country with $3.2 bn (N1,238,400,000,000).
Can 1 Naira ever become 1 US dollar again on the Forex market? | Legit TV
Source: Legit.ng
