The 2022 Appropriation Act fixed the naira exchange rate at N410.15/$1. During that decade, extreme poverty rate averaged 35 per cent. Pertinently, the oil boom decade witnessed in 1971 the discard of the Bretton Woods system of fixed exchange rates. Thereafter, individual countries experimented with different methods of fixing their currency exchange rates. And like other countries during the time, Nigeria used a basket of her 12 major trading partners’ currencies to fix the naira exchange rates.

Source: The Guardian March 28, 2022 05:17 UTC