20/03/2020: Impact of COVID-19 Pandemic
The outbreak of the COVID-19 pandemic resulted in a significant decline in oil prices, affecting Nigeria's economy and putting pressure on the Naira's exchange rate.
06/09/2018: Announcement of new dinar notes
The Central Bank of Libya announces the release of new dinar banknotes with enhanced security features to combat counterfeiting.
20/06/2016: Adoption of Flexible Exchange Rate Policy
The Central Bank of Nigeria adopted a flexible exchange rate policy, allowing the Naira to float freely against other currencies based on market forces.
28/07/2014: Recognition of rival governments
The Libyan Supreme Court recognizes two rival governments, further fragmenting the country and impacting the value of the dinar.
17/02/2011: Start of the Libyan Civil War
The Libyan Civil War begins, leading to political instability and further devaluation of the Libyan dinar.
29/05/1999: Transition to Democratic Governance
Nigeria transitioned to democratic governance, leading to economic reforms and stability, positively affecting the value and management of the Naira currency.
12/06/1993: Introduction of the Third Nigerian Naira
The third Nigerian Naira (NGN) was introduced after the country's return to civilian rule following years of military regimes.
07/04/1986: US imposes economic sanctions
The United States imposes economic sanctions on Libya, severely impacting the value and stability of the Libyan dinar.
31/12/1984: Implementation of the Structural Adjustment Program
The Nigerian government implemented the Structural Adjustment Program, leading to a significant devaluation of the Naira and the adoption of a floating exchange rate.
01/07/1979: Adoption of the Second Nigerian Naira
The second Nigerian Naira (NGN) was introduced following the adoption of a new constitution and the country's transition to civilian rule.
02/03/1978: Establishment of the Central Bank of Libya
The Central Bank of Libya is established, becoming the sole authority responsible for issuing and managing the Libyan dinar.
01/07/1973: Introduction of decimal currency
The Nigerian Naira was introduced as the official currency of Nigeria, replacing the pound sterling with a decimal currency system.
08/09/1971: Introduction of the Libyan dinar
The Libyan pound is replaced by the Libyan dinar, at a rate of 1 dinar = 1 pound.
24/12/1951: Independence of Libya
Libya gains independence from Italy, introducing the Libyan pound as its currency.