Nominal Effecive Exchange Rate in Nigeria
Nigeria: Nominal Effecive Exchange Rate was 13.73 in 2024. ◆ Volatile
Nominal Effecive Exchange Rate in Nigeria, 1996–2024
Source: World Bank staff calculations based on Datastream and IMF International Finance Statistics data.
Analysis
The most recent figure for nominal effecive exchange rate in Nigeria is 13.73, measured in 2024. That is the lowest value across all 29 years on record.
The figure is down 57.4% on the previous year and down 85.8% over ten years.
Over the whole period, nominal effecive exchange rate in Nigeria peaked at 323.35 in 1996 and was at its lowest, 13.73, in 2024.
That places Nigeria 110th out of 112 countries with data for 2024, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Nominal Effecive Exchange Rate in Nigeria, year by year
| Year | Value | Change |
|---|---|---|
| 1996 | 323.35 | — |
| 1997 | 196.19 | -39.3% |
| 1998 | 193.82 | -1.2% |
| 1999 | 180.99 | -6.6% |
| 2000 | 178.63 | -1.3% |
| 2001 | 172.12 | -3.6% |
| 2002 | 156.58 | -9.0% |
| 2003 | 132.39 | -15.4% |
| 2004 | 120.35 | -9.1% |
| 2005 | 120.27 | -0.1% |
| 2006 | 121.19 | +0.8% |
| 2007 | 117.59 | -3.0% |
| 2008 | 122.02 | +3.8% |
| 2009 | 102.58 | -15.9% |
| 2010 | 100 | -2.5% |
| 2011 | 94.47 | -5.5% |
| 2012 | 95.36 | +0.9% |
| 2013 | 95.99 | +0.7% |
| 2014 | 96.36 | +0.4% |
| 2015 | 86.24 | -10.5% |
| 2016 | 70.95 | -17.7% |
| 2017 | 56.45 | -20.4% |
| 2018 | 55.76 | -1.2% |
| 2019 | 58.11 | +4.2% |
| 2020 | 50.6 | -12.9% |
| 2021 | 43.38 | -14.3% |
| 2022 | 44.11 | +1.7% |
| 2023 | 32.19 | -27.0% |
| 2024 | 13.73 | -57.4% |
Nigeria compared with similar countries
- Nigeria's 13.73 is below the median for lower middle income countries, which is 71.92, 19% of the median. (18 countries reporting)
- Nigeria's 13.73 is below the median for Sub-Saharan Africa, which is 72.59, 19% of the median. (17 countries reporting)
Biggest year-on-year movements
Years where Nominal Effecive Exchange Rate in Nigeria changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2024 | -57.4% | 32.19 | 13.73 |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 223.59 | 180.99 | 323.35 | 4 |
| 2000s | 134.37 | 102.58 | 178.63 | 10 |
| 2010s | 80.97 | 55.76 | 100 | 10 |
| 2020s | 36.8 | 13.73 | 50.6 | 5 |
Countries ranked near Nigeria
More reference data data for Nigeria
- Emission Totals - Indirect emissions (N2O) - Manure applied to Soils 1.77 (2050)
- Emission Totals - Indirect emissions (N2O) - Manure left on Pasture 19.51 (2050)
- Emission Totals - Indirect emissions (N2O) - IPCC Agriculture 27 (2050)
- Emission Totals - Indirect emissions (N2O) - Crop Residues 2.62 (2050)
- Emission Totals - Indirect emissions (N2O) - Agricultural Soils 27 (2050)
- Emission Totals - Emissions (N2O) - Manure applied to Soils 5.94 (2050)
- Emission Totals - Emissions (N2O) - Manure Management 5.8 (2050)
- Emission Totals - Emissions (N2O) - Manure left on Pasture 81.9 (2050)
- Emission Totals - Emissions (N2O) - IPCC Agriculture 121.16 (2050)
- Emission Totals - Emissions (N2O) - Crop Residues 14.27 (2050)
Frequently asked questions
- What is nominal effecive exchange rate in Nigeria?
- Nominal effecive exchange rate in Nigeria was 13.73 in 2024, according to World Bank staff calculations based on Datastream and IMF International Finance Statistics data.
- What is the highest nominal effecive exchange rate recorded in Nigeria?
- The highest recorded value was 323.35 in 1996.
- What is the lowest nominal effecive exchange rate recorded in Nigeria?
- The lowest recorded value was 13.73 in 2024.
- How does Nigeria rank for nominal effecive exchange rate?
- Nigeria ranks 110th out of 112 countries with data for 2024.
- Is nominal effecive exchange rate rising or falling in Nigeria?
- Over the last ten years it is down 85.8%. The long-run trend across the full record is volatile.
- Where does this Nigeria data come from?
- The figures come from World Bank staff calculations based on Datastream and IMF International Finance Statistics data, published as part of Nominal Effecive Exchange Rate. Statizoid updates them automatically from the source API.
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About this data
A measure of the value of a currency against a weighted average of several foreign currencies