Prof Oyedokun Explains Naira’s Slide from 1960 to Today

As Nigeria marked its 65th Independence anniversary, an economist and university don, Prof. Godwin Oyedokun, has attributed the severe depreciation of the naira to decades of mismanagement, over-reliance on oil revenues, and weak foreign exchange policies.

Speaking in an interview with DAILY POST on Wednesday, Oyedokun noted that the naira has slumped from ₦0.71 per dollar in 1960 to ₦1,475.35 per dollar in 2025, reflecting what he described as “severe devaluation.”

“Nigeria’s journey since gaining independence in 1960 has been marked by significant economic changes, highlighted by the drastic depreciation of the naira against the dollar.

The naira’s depreciation from ₦0.71 to ₦1,475.35 per dollar over 65 years indicates severe devaluation, primarily due to economic mismanagement, over-reliance on oil revenues, and foreign exchange policies,” Oyedokun explained.

The don also pointed to persistent high inflation—currently at 21.12% (August figure)—as well as food and energy insecurity as signs of Nigeria’s fragile economic health.

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He urged President Bola Tinubu’s administration to take urgent steps, including:

• Massive economic diversification,
• Strengthening the naira,
• Expanding infrastructure investments,
• Boosting agricultural production,
• Improving governance,
• Tackling corruption, and
• Creating jobs to address youth unemployment.

“The economic journey of Nigeria reflects both the challenges and the potential for growth and development. By prioritising economic diversification, improving governance, and investing in critical infrastructure, Nigeria can work towards a more stable and prosperous future,” he added.

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