Cover Stories, Politics

See how bad naira has crashed under Buhari

naira-Dollar.jpg-360nobs

-From N220/$ to N460/$

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The economy has dealt the government of President Muhammadu Buhari, sworn in on May 29, 2015, deadly blows, with the Naira displaying injuries and bleeding on all fronts. From dollar to pounds and euros, all have gained astronomically in the last 15 months against our currency.

From N220/$1 at the black market in the week the loved, no nonsense leader took over as President in May 2015, it now exchanges for N460/$1 (on Friday, October 14, 2016) – a difference of N240!

The two other major currencies, pounds and euro, have almost doubled in value against the Naira in the same 15 month period. The pound which exchanged for N340 in May 2015 at the black market is now N550/£1. The euro has climbed to N500 against the value of N241/€1 in May 2015.

The official rate of N197/$1 in May 2015 has also jumped. By September 23, 2016, it was N315/$1, but has now settled at around N305. At a time (August 18, 2016), the official rate danced around N350.16/$1.

For the pound and euro at the interbank market, the story is the same as both currencies have battered the Naira. While the pound stood at N397.35, the euro exchanged for N342.21 on September 28, 2016.

Here is a brief history of the crash of the Naira at the black market since May 2015:

 May 26, 2015 –

*N220/$

*N241/€

*N340/£

 

 August 7, 2015 –

*N215-N223/$

*N220-N240/€

*N325-N333/£

 

 May 18, 2016 –

*N340-N347/$

*N390/€

*N485/£

 

 May 26, 2016 –

*N345-N349/$

*N385-N390/€

*N490-N500/£

 

 June 20, 2016 –

*N338/$

 

 July 27, 2016 –

*N365/$

*N375-N398/€

*N471-N485/£

 

 August 5, 2016 –

*N400/$

 

 September 9, 2016 –

*N418-N424/$

*N460-N470/€

*N540-N555/£

 

 September 23, 2016 –

*N435-N440/$

*N465-N475/€

*N552-N560/£

 

 September 30, 2016 –

*N475-N490/$

*N500-N515/€

*N585/N596/£

 

 October 3, 2016 –

*N470-N475/$

*N480-N500/€

*N575-N585/£

 

 October 14, 2016 –

*N445-N460/$

*N480-N500/€

*N540-N550/£

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