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.
01/01/2020: New Currency Symbol
A new currency symbol for the dobra, resembling the letters 'STD' with horizontal lines through them, was introduced for official use.
24/05/2018: Dobra Pegged to Euro
The dobra's exchange rate was pegged to the euro, aiming to stabilize the currency and boost economic cooperation with the European Union.
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.
01/01/2016: Introduction of Polymer Banknotes
São Tomé and Príncipe started issuing polymer banknotes as a means to enhance durability and reduce counterfeiting of the dobra.
01/01/2010: Currency Redenomination
The third dobra was introduced, with 1 new dobra equalling 1,000 old dobras, aiming to simplify transactions and boost confidence in the currency.
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.
01/01/1997: Introduction of the New Dobra
A new currency, the 'second dobra,' was introduced at a rate of 1,000 to 1 to combat hyperinflation and stabilize the economy.
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.
24/12/1979: First Currency Devaluation
The first devaluation of the dobra occurred, reducing its value by 53% as a result of economic instability and inflation.
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.
30/06/1977: Introduction of the Dobra
The São Tomé and Príncipe dobra was introduced as the official currency of the country after gaining independence from Portugal.
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.