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.
01/10/2018: Introduction of New Coins
Botswana introduces a new series of coins, featuring updated designs and enhanced durability.
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.
01/08/2014: Currency Redenomination
Botswana redenominates the Pula, dividing it into 1000 Thebe to simplify calculations and reduce the use of smaller denominations.
05/10/2009: Introduction of New Banknotes
Botswana introduces a new series of banknotes, featuring improved security features and updated designs.
23/08/2005: Currency Devaluation
Botswana allows the Pula to float freely against other currencies, resulting in a devaluation of approximately 12%.
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.
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.
31/12/1980: Currency Board Established
The Bank of Botswana establishes a Currency Board, which manages the issuance and distribution of the Pula.
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.
17/10/1978: Currency Pegged to a Basket
Botswana pegs the Pula to a basket of currencies, including the South African Rand, British Pound, and US Dollar.
14/09/1976: Introduction of the Pula
Botswana replaces the South African Rand with its own currency, the Pula, at a 1:1 exchange rate.
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.