Man shares old paper showing Naira-Dollar exchange rate in 1978; exchange rate causes buzz

A Nigerian man has set social media abuzz after sharing an old paper that showcases the exchange rate between Naira and US Dollar in 1978.

The paper, originally shared by Facebook user Obinna Aligwekwe, has ignited widespread discussions about the drastic evolution of the exchange rate.

The seemingly ordinary paper in question was a printed material that informed the public about the singles final of the Lagos Tennis Classic in 1978.

The event featured a riveting showdown between two tennis legends, Kjell Johansson and Robin Drysdale.

However, it was not the tennis match itself that captured the attention of netizens but rather a small yet significant piece of information – the grand prize.

The paper listed the grand prize for the 1978 Lagos Tennis Classic as $13,100, a substantial sum at the time. More intriguingly, it also indicated the equivalent value in Nigerian Naira, which was a mere N10,200.

This exchange rate, reflecting the value of the US Dollar compared to the Naira in 1978, is what has taken social media by storm.

Fast forward to 2023, the official exchange rate between the Nigerian Naira and the US Dollar has undergone a remarkable transformation.

According to current data, $13,100 in 2023 is valued at over N10 million.

This stark contrast between the historical exchange rate and the present rate has left many in astonishment.

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. 

“We now wish for the good old days.”

Ifeanyi Onwurah said; “1978 before they built Lagos… “There was indeed a country.” 

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