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.
01/10/2019: New Generation Banknotes
Kenya introduced a new series of banknotes with enhanced security features and design elements to fight illicit financial activities.
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.
01/07/2010: Introduction of New Currency Denominations
Kenya introduced new currency denominations, including the 1000 shilling note, to combat money laundering and illegal financial activities.
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.
14/09/1994: Transition to New Currency
Kenya introduced a new design of banknotes and coins to counter counterfeiting and promote national identity.
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.
01/07/1985: Second Devaluation of the Shilling
The Kenyan shilling was further devalued by 30% as part of economic reforms and structural adjustments.
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.
14/09/1980: Devaluation of the Shilling
The Kenyan shilling was devalued by 30% as part of an austerity measure to address the country's economic challenges.
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.
14/06/1969: Decimalization of the Shilling
Kenya decimalized its currency, dividing the shilling into 100 cents for easier transactions and financial calculations.
14/06/1966: Introduction of the Kenyan Shilling
The Kenyan shilling was introduced as the official currency of Kenya replacing the East African shilling as a result of Kenya's independence from British colonial rule.