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, Sokoto, Zamfara, Lagos, Adamawa, Market Average

The USD/NGN exchange rate rose to 1,532.9650 on August 1, 2025, up 0.16% from the previous session. Over the past month, the Nigerian Naira has strengthened 0.07%, and is up by 5.37% over the last 12 months. Nigerian Naira - values, historical data, forecasts and news - updated on August of 2025.

Exchange rate of Nigeria rocketed by 129.23% from 645.2 LCU per US dollars in 2023 to 1,479.0 LCU per US dollars in 2024. Since the 0.79% rise in 2014, exchange rate shot up by 832.79% in 2024. Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar).