The USDNGN increased 3.0000 or 0.20% to 1,525.0000 on Tuesday March 25 from 1,522.0000 in the previous trading session. Nigerian Naira - values, historical data, forecasts and news - updated on March of 2025.

Key information about Nigeria Exchange Rate against USD

• Nigeria Exchange Rate against USD averaged 460.702 (USD/NGN) in May 2023, compared with 460.418 USD/NGN in the previous month.
• Nigeria Exchange Rate against USD data is updated monthly, available from Jan 1957 to May 2023.
• The data reached an all-time high of 460.702 in May 2023 and a record low of 0.530 in Nov 1980.

CEIC calculates monthly average Exchange Rate against USD from daily average Exchange Rate. Central Bank of Nigeria provides average Exchange Rate against USD. Exchange Rate against USD prior to January 2002 is sourced from the International Monetary Fund.


Key information about Nigeria Exchange Rate against USD

• In the latest reports, Nigeria Short Term Interest Rate: Month End: NIBOR: 3 Months was reported at 12.570 % pa in May 2023.
• The cash rate (Policy Rate: Month End) was set at 18.500 % pa in May 2023.

As of 2023, one U.S. dollar was forecast to be exchanged for 638.7 Nigerian nairas (NGN) on average. In the preceding year, the rate was estimated at 389.9 NGN, while in 2022, it was reported at 423.9 NGN. By the steadily increasing exchange rate since 2017, on average a person with 100 U.S. dollars was expected to receive approximately 42,390 NGN in 2022.

Abstract

Currency exchange rate is an important metric to inform economic policy but traditional sources are often produced with delay during crises and only at an aggregate level. This may poorly reflect the actual rate trends in rural or poverty-stricken areas, where large populations reside in fragile situations. This data set includes currency exchange rate estimates and is intended to help gain insight in price developments beyond what can be formally measured by traditional methods. The estimates are generated using a machine-learning approach that imputes ongoing subnational price surveys, often with accuracy similar to direct measurement of prices. The data set provides new opportunities to investigate local price dynamics in areas where populations are sensitive to localized price shocks and where traditional data are not available.

Geographic coverage notes

The data cover the following sub-national areas: Abia, Borno, Yobe, Katsina, Kano, Kaduna, Gombe, Jigawa, Kebbi, Oyo, Zamfara, Lagos, Adamawa, Market Average

As of August 1, 2023, one U.S. dollar could buy 21,021.7 Sierra Leonean leones (SLL), the highest exchange rate among the African currencies. Furthermore, one U.S. dollar corresponded to 758.9 Nigerian naira (NGN), 30.85 Egyptian pounds (EGP), 18.03 South African rand (ZAR), and 9.86 Moroccan dirhams (MAD) as of the same date.

Exchange rates and inflation: a case study of West African countries

Exchange rates can affect a country's inflation rate and the purchasing power of its currency. If a country's currency depreciates significantly, it can lead to higher inflation as the cost of imported goods and services increases. Indeed, the inflation rate in Sierra Leone increased steeply over the past two years. The IMF further estimates that inflation will continue to rise before falling again. This high inflation and other factors also led to the depreciation of the SLL. Furthermore, a regional perspective showed that Nigeria and Liberia faced similar high inflation rates.

Businesses' strategies for tackling inflation

Unfavorable exchange rates negatively impact countries' economies. It does this in various ways, including limiting businesses' ability to grow. Issues such as inflation affect purchasing power and businesses' investment decisions. In 2023, a survey revealed that a substantial number of micro, small, and medium enterprises (MSMEs) employed various measures to offset the impact of inflation. Approximately 36 percent of these businesses tapped into their personal savings to bolster their operations, while another 32 percent opted to scale down their business activities.

Inflation Rate in Nigeria decreased to 23.18 percent in February from 24.48 percent in January of 2025. This dataset provides - Nigeria Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Nigeria’s inflation has been higher than the average for African and Sub-Saharan countries for years now, and even exceeded 16 percent in 2017 – and a real, significant decrease is nowhere in sight. The bigger problem is its unsteadiness, however: An inflation rate that is bouncing all over the place, like this one, is usually a sign of a struggling economy, causing prices to fluctuate, and unemployment and poverty to increase. Nigeria’s economy - a so-called “mixed economy”, which means the market economy is at least in part regulated by the state – is not entirely in bad shape, though. More than half of its GDP is generated by the services sector, namely telecommunications and finances, and the country derives a significant share of its state revenues from oil.

Because it got high

To simplify: When the inflation rate rises, so do prices, and consequently banks raise their interest rates as well to cope and maintain their profit margin. Higher interest rates often cause unemployment to rise. In certain scenarios, rising prices can also mean more panicky spending and consumption among end users, causing debt and poverty. The extreme version of this is called hyperinflation: A rapid increase of prices that is out of control and leads to bankruptcies en masse, devaluation of money and subsequently a currency reform, among other things. But does that mean that low inflation is better? Maybe, but only to a certain degree; the ECB, for example, aspires to maintain an inflation rate of about two percent so as to keep the economy stable. As soon as we reach deflation territory, however, things are starting to look grim again. The best course is a stable inflation rate, to avoid uncertainty and rash actions.

Nigeria today

Nigeria is one of the countries with the largest populations worldwide and also the largest economy in Africa, with its economy growing rapidly after a slump in the aforementioned year 2017. It is slated to be one of the countries with the highest economic growth over the next few decades. Demographic key indicators, like infant mortality rate, fertility rate, and the median age of the population, all point towards a bright future. Additionally, the country seems to make big leaps forward in manufacturing and technological developments, and boasts huge natural resources, including natural gas. All in all, Nigeria and its inflation seem to be on the upswing – or on the path to stabilization, as it were.

The average inflation rate in the Nigeria was forecast to continuously decrease between 2023 and 2028 by in total 6.1 percentage points. The average inflation rate is estimated to amount to 14 percent in 2028.Following the definitions provided by the International Monetary Fund, this indicator measures inflation based upon the year on year change in the average consumer price index. The latter expresses a country's average level of prices based on a typical basket of consumer goods and services. Depicted here is the year-on-year change in said index measure, expressed in percent.Find more key insights for the average inflation rate in countries like Senegal, Mali and Cote D'Ivoire.

Urban versus rural inflation disparity Comparing rural to urban areas in Nigeria showed that inflation was slightly worse in urban areas, with a difference of close to one percent in 2022. Other economic indicators reveal that inflation had a severe impact on the prices of consumer goods. Moreover, the Consumer Index Price of food in Nigeria in 2022 was 590.2. The food products with the highest percentage change in price was beans with 40 percent and over, depending on the color. That was followed by beef articles with 34 to close to 37 percent, depending on the part.

Fuel price surges: a closer look at diesel price fluctuations in Nigeria Another area that saw a dramatic spike in prices was fuel prices. In February 2023, there was a 0.98 percent rise in the cost of diesel in Nigeria when compared to January 2023. The most substantial surge occurred in March 2022. During that month, the average price of diesel surged by nearly 73 percent in contrast to the preceding month. This sharp escalation was attributed to a worldwide deficit in fuel supply and difficulties in the supply chain, which was prompted by the conflict in Ukraine and regulations implemented to control the transmission of COVID-19. Furthermore, consumers in Nigeria faced an average diesel price of 836.91 Nigerian naira (NGN), approximately 1.82 U.S. dollars, per liter. The North-Central States of Nigeria displayed the most elevated prices, with consumers in this region paying an average of 850.65 NGN per liter, roughly 1.85 U.S. dollars. During this specific timeframe, Osun emerged as the State with the highest price across Nigeria, as diesel prices reached a pinnacle of 707 NGN (equivalent to 1.7 U.S. dollars).

The USDEGP increased 0.0487 or 0.10% to 50.5487 on Thursday March 27 from 50.5000 in the previous trading session. Egyptian Pound - values, historical data, forecasts and news - updated on March of 2025.

The USDKRW increased 1.0000 or 0.07% to 1,464.3600 on Wednesday March 26 from 1,463.3600 in the previous trading session. South Korean Won - values, historical data, forecasts and news - updated on March of 2025.

The USDZAR decreased 0.0370 or 0.20% to 18.2115 on Thursday March 27 from 18.2485 in the previous trading session. South African Rand - values, historical data, forecasts and news - updated on March of 2025.