Real Effective Exchange Rate in Nigeria
Nigeria: Real Effective Exchange Rate was 58.47 in 2024. ▲ Rising
Real Effective Exchange Rate in Nigeria, 1995–2024
Source: World Bank staff calculations based on Datastream and IMF International Finance Statistics data.
Analysis
The most recent figure for real effective exchange rate in Nigeria is 58.47, measured in 2024. That is the lowest value across all 30 years on record.
The figure is down 45.6% on the previous year and down 51.2% over ten years.
Over the whole period, real effective exchange rate in Nigeria peaked at 160.19 in 1995 and was at its lowest, 58.47, in 2024.
That places Nigeria 105th out of 107 countries with data for 2024, putting it in the bottom quarter.
The long-run direction has been consistently rising across the 30 years of available data.
Real Effective Exchange Rate in Nigeria, year by year
| Year | Value | Change |
|---|---|---|
| 1995 | 160.19 | — |
| 1996 | 94.94 | -40.7% |
| 1997 | 64.97 | -31.6% |
| 1998 | 68.67 | +5.7% |
| 1999 | 66.91 | -2.6% |
| 2000 | 68.49 | +2.4% |
| 2001 | 75.72 | +10.5% |
| 2002 | 78.17 | +3.2% |
| 2003 | 73.69 | -5.7% |
| 2004 | 77.44 | +5.1% |
| 2005 | 88.55 | +14.3% |
| 2006 | 94.62 | +6.9% |
| 2007 | 93.25 | -1.5% |
| 2008 | 101.27 | +8.6% |
| 2009 | 92.31 | -8.9% |
| 2010 | 99.96 | +8.3% |
| 2011 | 99.66 | -0.3% |
| 2012 | 109.63 | +10.0% |
| 2013 | 115.98 | +5.8% |
| 2014 | 119.94 | +3.4% |
| 2015 | 115.26 | -3.9% |
| 2016 | 108.81 | -5.6% |
| 2017 | 98.93 | -9.1% |
| 2018 | 107.06 | +8.2% |
| 2019 | 121.29 | +13.3% |
| 2020 | 116.68 | -3.8% |
| 2021 | 112.07 | -4.0% |
| 2022 | 125.45 | +11.9% |
| 2023 | 107.52 | -14.3% |
| 2024 | 58.47 | -45.6% |
Nigeria compared with similar countries
- Nigeria's 58.47 is below the median for lower middle income countries, which is 97.6, 60% of the median. (17 countries reporting)
- Nigeria's 58.47 is below the median for Sub-Saharan Africa, which is 96.24, 61% of the median. (17 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 91.14 | 64.97 | 160.19 | 5 |
| 2000s | 84.35 | 68.49 | 101.27 | 10 |
| 2010s | 109.65 | 98.93 | 121.29 | 10 |
| 2020s | 104.04 | 58.47 | 125.45 | 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 real effective exchange rate in Nigeria?
- Real effective exchange rate in Nigeria was 58.47 in 2024, according to World Bank staff calculations based on Datastream and IMF International Finance Statistics data.
- What is the highest real effective exchange rate recorded in Nigeria?
- The highest recorded value was 160.19 in 1995.
- What is the lowest real effective exchange rate recorded in Nigeria?
- The lowest recorded value was 58.47 in 2024.
- How does Nigeria rank for real effective exchange rate?
- Nigeria ranks 105th out of 107 countries with data for 2024.
- Is real effective exchange rate rising or falling in Nigeria?
- Over the last ten years it is down 51.2%. The long-run trend across the full record is rising.
- 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 Real Effective Exchange Rate. Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 30 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Real effective exchange rate is the nominal effective exchange rate (a measure of the value of a currency against a weighted average of several foreign currencies) divided by a price deflator or index of costs.