Post by Henry Emeka (@Emekus)

What the comparison shows Nigerians could afford fuel in the past because the naira was far stronger.
When petrol was ₦20–₦97, the naira ranged from ₦85–₦199 per dollar.
Today it is ₦1,350–₦1,450 per dollar.

This means the naira has lost over 90% of its value since the early 2000s.

Subsidy removal happened at the worst possible time.
Fuel subsidy removal in 2023 coincided with:

Naira devaluation from ₦460 → ₦760+ overnight

Continued slide to ₦1,500+ in 2024

So 240 million Nigerians faced both:

Higher petrol prices

Weaker currency

This double shock drastically reduced affordability.


https://nairaratetoday.com/naira-history?utm_source=copilot.com

0 likes · 0 comments · 0 shares