Nigeria At 65: Why Naira Depreciated To N1,475 From N0.71 Per Dollar In 1960 – Prof Oyedokun

Economist and university lecturer, Prof. Godwin Oyedokun, has attributed the naira’s sharp depreciation to N1,475.35 per dollar—compared to N0.71 in 1960—to severe currency devaluation and sweeping economic shifts over the years.

He disclosed this in an interview with DAILY POST on Wednesday as Nigeria marked its 65th Independence anniversary.

He blamed the fall of the country’s currency in the last 65 years on mismanagement, over-reliance on oil revenues, and foreign exchange policies.

“Nigeria’s journey since gaining independence in 1960 has been marked by significant economic changes, highlighted by the drastic depreciation of the naira against the dollar.

“The naira’s depreciation from N0.71 to N1,475.35 per dollar over 65 years indicates severe devaluation, primarily due to economic mismanagement, over-reliance on oil revenues, and foreign exchange policies,” he told DAILY POST.

He added that Nigeria’s post-independence history has been marked by high inflation, which stood at 21.12 per cent in August, food insecurity, and energy insecurity.

Oyedokun tasked Tinubu to embark on massive economic diversification, further strengthening of the naira, investing in infrastructure, encouraging agricultural production, strengthening governance, reducing corruption and creating jobs to address youth unemployment.

“The economic journey of Nigeria reflects both the challenges and the potential for growth and development. By prioritising economic diversification, improving governance, and investing in critical infrastructure, Nigeria can work towards a more stable and prosperous future,” he said.