An economist and university don, Prof Godwin Oyedokun, attributes the naira’s slide to severe currency devaluation and broad economic changes, noting it now trades at N1,475.35 per dollar, versus N0.71 in 1960.
Oyedokun made the remarks in a DAILY POST interview conducted as Nigeria commemorated its 65th Independence anniversary.
He pointed to mismanagement, heavy reliance on oil revenues, and foreign exchange policies as key drivers behind the naira’s devaluation over the past 65 years.
“Nigeria’s journey since independence in 1960 has been characterized by substantial economic transformations, underscored by the naira’s steep decline against the dollar.
“The naira’s fall from N0.71 to N1,475.35 per dollar over 65 years signals deep devaluation, largely a result of economic mismanagement, over-reliance on oil revenues, and FX policy choices,” he told DAILY POST.
Oyedokun also noted that Nigeria’s post-independence era has featured elevated inflation—21.12 percent in August—alongside food and energy insecurity.
He urged President Tinubu to pursue wide-ranging economic diversification, strengthen the naira, invest in infrastructure, boost agricultural production, improve governance, fight corruption, and create jobs to tackle youth unemployment.
“The economic path of Nigeria demonstrates both challenges and growth potential. By prioritizing diversification, governance improvements, and critical infrastructure investment, Nigeria can move toward a more stable and prosperous future,” he said.
Nigeria at 65: Why the naira depreciated to N1,475 per dollar from N0.71 in 1960 – Prof Oyedokun
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