Babangida is trending because Nigerians are saying he is the worst-est Nigerian President ever. Statisense published data showing the exchange rate of ₦1 to $1 for all past and present Nigerian leaders.....CONTINUE READING THE ARTICLE FROM THE SOURCE
During his time, Dollar went from ₦0.90— ₦21.89 (a 2,332% increase) in just eight years. For comparison, for four years under Shehu Shagari, it was stuck at ₦0.75 per dollar.
During Olusegun Obasanjo’s tenure, it jumped from ₦0.75 to ₦0.90 a slight 20% increase.
Under General Ibrahim Babangida Naira lost control and swung up to ₦21.89 all the way from ₦0.90. And that was the beginning of the end of Nigeria’s economic prowess.
Shonekan and Abacha kept it stable at ₦21.89. Until General Abdulsalami in just one year took it from ₦21.89 to ₦94.88, a staggering 333.18% rise.
It still averaged at 35% increase per dollar, until Muhammadu Buhari assumed office in 2015 and took it 134% increase. From ₦197 to ₦461.
Current President Bola Tinubu, continued from Buhari’s legacy, took it from 134% to 241% in his first year.. i.e. from ₦460 to ₦1,575+
So, Nigerians are understandably pessimistic about what Tinubu will leave office with. Because based on preceding trend, he can still do worse than ₦1,575.
However, many believe that Ibrahim Babangida and Abdulsalami were the turning point of the Nation. They set the blue print to the perceived weakness in the nations economy today.
