31/12/2020: Digital Currency Pilot
Azerbaijan launched a pilot program to test the use of a digital currency, the digital manat, in an effort to modernize its financial system.
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.
20/12/2017: Second Devaluation
The manat faced another devaluation, this time by around 30%, due to economic challenges and a sharp drop in oil prices.
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.
20/12/2015: Devaluation
The manat was devalued by more than 30% against the US dollar in response to falling oil prices.
20/02/2005: Pegged to US Dollar
The Azerbaijani manat was pegged to the US dollar at a rate of 1.6 manat per dollar.
14/06/2001: Currency Reform
A currency reform was implemented, resulting in a new manat with a higher exchange rate.
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.
31/12/1993: Hyperinflation
Azerbaijan experienced a period of hyperinflation, leading to the devaluation of the manat.
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.
14/08/1992: Introduction of Manat
The Azerbaijani manat currency was introduced as the official currency of Azerbaijan, replacing the Soviet ruble.
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.