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.
28/07/2016: Bank of Japan announces stimulus package
The Bank of Japan announced an aggressive stimulus package and negative interest rates, causing the Yen to depreciate against major currencies.
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.
11/03/2011: Great East Japan Earthquake
The Tohoku earthquake and tsunami devastated Japan, leading to a decline in the Yen as reconstruction efforts strained the economy.
15/09/2008: Lehman Brothers bankruptcy
The bankruptcy of Lehman Brothers triggered a global financial crisis, resulting in a surge in the value of the Yen as investors sought safe-haven assets.
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.
20/03/1995: Kobe earthquake
The Great Hanshin earthquake struck Kobe, causing significant damage to the Japanese economy and leading to a decline in the value of the Yen.
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.
22/09/1985: Plaza Accord
Japan, along with major economies, agreed to depreciate the value of the US dollar, leading to the appreciation of the Yen.
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.
01/03/1973: Yen becomes a floating currency
The Yen lost its fixed exchange rate and started floating against major currencies following the collapse of the Bretton Woods system.
15/12/1953: Yen is introduced
The Japanese Yen was first introduced as the official currency of Japan with the enactment of the Bank of Japan Act.