01/01/2021: Launch of a digital currency pilot program
Qatar announced the launch of a pilot program to test the use of a digital currency as part of its efforts to introduce blockchain technology in the financial sector.
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.
05/06/2017: Qatar diplomatic crisis affects the currency
Following the diplomatic crisis and blockade imposed by neighboring countries, the Qatari rial faced volatility and depreciated 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.
27/05/2015: Qatari rial pegged to a basket of currencies
The Qatari rial's peg was diversified to include a basket of currencies, reducing its dependence on the US dollar.
08/06/2001: Creation of the Qatar Central Bank
The Qatar Central Bank was established to replace the Qatar Currency Board and assume the responsibility of regulating the Qatari rial.
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.
27/07/1997: Qatar Currency Board established
The Qatar Currency Board was established to regulate the issuance and circulation of the Qatari rial and maintain its stability.
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.
27/03/1976: Currency pegged to the US Dollar
The Qatari rial was pegged to the US dollar at a fixed exchange rate of 1 USD = 3.64 QAR to stabilize its value and promote trade.
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.
24/06/1973: Introduction of Qatari Rial
Qatar officially introduced the Qatari rial as its currency, replacing the Gulf rupee at a rate of 1 rial = 1.65 rupees.