Man shares old paper showing Naira-Dollar exchange rate in 1978; exchange rate stirs reactions

The exchange rate that has caused a stir on social media is this one, which represents the US Dollar’s worth in relation to the Naira in 1978.

After posting an old document that shows the 1978 Naira to US Dollar exchange rate, a Nigerian man went viral on social media.

The paper, which was initially uploaded by Facebook user Obinna Aligwekwe, has sparked extensive conversations concerning the currency rate’s dramatic evolution.

The seemingly unremarkable paper in question was printed informational material about the 1978 Lagos Tennis Classic singles final.

The event included a thrilling match between Robin Drysdale and Kjell Johansson, two tennis legends.

The big prize, a small but important piece of information, was what attracted netizens’ attention, not the tennis match itself.

The newspaper reported that the 1978 Lagos Tennis Classic’s main prize was worth $13,100, which was a sizable sum at the time. What’s more interesting is that it also showed the equal value in Nigerian Naira—a meagre N10,200.

The exchange rate that has caused a stir on social media is this one, which represents the US Dollar’s worth in relation to the Naira in 1978.

In 2023, there has been a notable shift in the official exchange rate between the US dollar and the Nigerian naira.

Based on available data, $13,100 will be worth more than N10 million in 2023.

Many are shocked by the significant difference between the historical and current exchange rates.

Netizens Reactions…

Nkiruka Rosemary Onwueme said; “My dad was a member of the. LAGOS Lawn Tennis Club in the eighties and nineties. They usually play at Ebute Meta.”

Aluwuooxtin said; “The nation Nigeria is caused with insensitive and selfish leadership that is here only to take it back and never to move it forward.”

Kingsley Aneke said; “And Dunlop left the country after recording loses because of ease of doing business and power issues.”

Abby Abi said; “Let’s not forget to look at what Nigeria was doing differently at that time.”

Chinedu Ikonne said; “Blackman is not fit to run its affairs. Blackman is a waste of creation.”

Echieh Chidiebere Peter said; “Imagine is Dunlop had stayed, continued to support this game and the game grew as it should have. “Imagine. “Just imagine. “Ihe mere anyi.”

Paulinus Ugwuja said; “In civilized countries, things get better with time, but the reverse is the case with Nigeria.