24/06/2020: Rwandan Franc Devaluation
The central bank of Rwanda announced a gradual devaluation of the Rwandan franc to enhance export competitiveness and stimulate 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.
03/12/2008: New Currency Series
A new series of Rwandan franc banknotes was introduced, featuring updated security features and designs.
01/01/2004: East African Community
Rwanda joined the East African Community, leading to increased economic integration and cooperation within the region.
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.
03/12/1998: Currency Redenomination
The Rwandan franc underwent a redenomination, with 100 old francs being replaced by 1 new franc.
07/04/1995: Rwandan Genocide
The Rwandan Genocide began, causing economic instability and inflation for the Rwandan franc.
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.
01/12/1973: Currency Reform
A currency reform was implemented, introducing a new series of Rwandan franc banknotes.
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.
25/06/1964: Introduction of the Rwandan Franc
The Rwandan franc was introduced as the official currency of Rwanda, replacing the East African shilling.