04/06/2020: Exchange rate stabilization
Efforts were made to stabilize the exchange rate of the Djiboutian franc to reduce inflation and encourage economic growth.
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.
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.
01/09/2013: Replacement of coins with bi-metallic coins
Coins of lower denominations of the Djiboutian franc were replaced with bi-metallic coins.
01/01/2002: Introduction of new banknotes
New banknotes of the Djiboutian franc were introduced with enhanced security features.
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.
15/09/1997: Second devaluation
The Djiboutian franc was devalued by 33% as a result of economic instability and high inflation.
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.
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.
08/05/1977: First devaluation
The Djiboutian franc was devalued by 50% due to economic difficulties faced by the newly independent country.
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.
27/06/1973: Independence from France
Djibouti gained independence from France and the Djiboutian franc became the national currency.
01/01/1949: Introduction of the Djiboutian franc
The Djiboutian franc was introduced as the official currency of French Somaliland, replacing the French franc at a 1:1 exchange rate.