From 6 Kobo to ₦1,609: How Naira to Dollar exchange rate fell from grace to grass

The Nigerian Naira (₦), once nearly at par with the US Dollar, has suffered severe depreciation over the decades. From ₦0.658 to $1 in 1972 to a whooping ₦1,609 to $1 in 2025, the journey of the Naira reflects broader economic, political, and structural issues within Nigeria. Below is a chronological look at how the Naira has depreciated over time, alongside the heads of government/presidents during each period, and the context that shaped each era. ALSO READ: 5 Nigerian Presid