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.
29/06/2018: East African Community Currency Integration
Burundi joins the East African Community (EAC) currency integration, paving the way for a future unified currency within the region.
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.
17/10/2011: Introduction of New Banknotes
New banknotes with enhanced security features and updated designs are introduced in denominations of 500, 1000, 2000, 5000, and 10,000 Francs.
30/06/2003: Second Currency Revaluation
The Burundian Franc undergoes another significant devaluation as part of the second currency revaluation program.
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.
30/04/1995: Printing of Banknotes
The first locally printed banknotes, issued in denominations of 10, 20, 50, 100, 500, 1000, and 5000 Francs, are circulated.
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.
20/10/1990: Introduction of New Coins
New coins are introduced in denominations of 1, 5, 10, 50, and 100 Francs.
22/09/1985: First Currency Revaluation
The Burundian Franc is significantly devalued as part of a currency revaluation program.
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.
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.
30/06/1960: Independence from Belgium
Burundi gains independence from Belgium, establishing the Burundian Franc as its official currency.