The USD/NGN exchange rate fell to 1,558.1050 on June 9, 2025, down 0.06% from the previous session. Over the past month, the Nigerian Naira has strengthened 2.78%, but it's down by 3.74% over the last 12 months. Nigerian Naira - values, historical data, forecasts and news - updated on June 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.

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.

Key information about Nigeria Real Effective Exchange Rate

• Nigeria Real Effective Exchange Rate (REER: 2005=100: Month Avg: Nigeria) was 82.0 in Jan 2025, compared with the number of 79.6 in the previous month.
• Nigeria Real Effective Exchange Rate data is updated monthly and averaged 701.6 from Dec 1979 to Jan 2025.
• The data reached an all-time high of 701.6 in Sep 1984 and a record low of 51.4 in Mar 1992.

CEIC generates Real Effective Exchange Rate Index with base 2005=100. The International Monetary Fund provides Real Effective Exchange Rate with base 2010=100. CPI is used as a deflator. An increase in REER indicates reduced competitiveness for the reporting economy.


Related information about Nigeria Real Effective Exchange Rate

• In the latest reports, Nigeria Short Term Interest Rate: Month End: NIBOR: 3 Months was reported at 28.3 % pa in Jan 2025.
• The cash rate (Policy Rate: Month End) was set at 27.5 % pa in Jan 2025.
• Nigeria Exchange Rate against USD averaged 607.7 (USD/NGN) in Jun 2023.

Prices for NGNUSD Nigerian Naira US Dollar including live quotes, historical charts and news. NGNUSD Nigerian Naira US Dollar was last updated by Trading Economics this June 8 of 2025.

Key information about Nigeria Policy Rate

• Nigeria cash rate (Policy Rate: Month End) was set at 27.50 % pa in Feb 2025, compared with 27.50 % pa in the previous Jan 2025.
• Nigeria Policy Rate averaged 12.00 % pa and is updated monthly, available from Dec 2006 to Feb 2025.
• The data reached an all-time high of 27.50 % pa in Feb 2025 and a record low of 6.00 % pa in Aug 2010.

Related information about Nigeria Policy Rate

• In the latest reports, Nigeria Short Term Interest Rate: Month End: NIBOR: 3 Months was reported at 28.35 % pa in Jan 2025.
• Nigeria Exchange Rate against USD averaged 607.75 (USD/NGN) in Jun 2023.
• Its Real Effective Exchange Rate was 82.03 in Jan 2025.

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).

Foreign Exchange Reserves in Nigeria increased to 38448 USD Million in May from 37934 USD Million in April of 2025. This dataset provides - Nigeria Foreign Exchange Reserves - 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.

Nigeria GNI for 2023 was 432.50 billion US dollars, a 8.22% decline from 2022.

<ul style='margin-top:20px;'>

<li>Nigeria GNI for 2022 was <strong>471.25 billion US dollars</strong>, a <strong>2.22% increase</strong> from 2021.</li>
<li>Nigeria GNI for 2021 was <strong>461.01 billion US dollars</strong>, a <strong>4.66% increase</strong> from 2020.</li>
<li>Nigeria GNI for 2020 was <strong>440.49 billion US dollars</strong>, a <strong>2.61% increase</strong> from 2019.</li>
</ul>GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in current U.S. dollars. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.

Nigeria's main stock market index, the NSE-All Share, rose to 114617 points on June 5, 2025, gaining 1.63% from the previous session. Over the past month, the index has climbed 5.77% and is up 15.62% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks this benchmark index from Nigeria. Nigeria Stock Market NSE - values, historical data, forecasts and news - updated on June of 2025.

According to this statistic, the gross domestic product (GDP) in current prices in Nigeria lies at approximately 188.27 billion U.S. dollars in 2025.Fluctuating rise between 1990 and 2025Compared to the earliest depicted observation from 1990 there is a total increase by approximately 126.10 billion U.S. dollars. Looking at the trajectory between 1990 and 2025, one can observe that this increase however did not happen continuously.Continuous rise between 2025 and 2030In 2030 the GDP will be close to 297.44 billion U.S. dollars, according to forecasts. Compared to 2025 that is an overall increase by approximately 109.17 billion U.S. dollars. This growth reflects a steady upward trend.This indicator describes the gross domestic product at current prices. The values are based upon the GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). The GDP represents the total value of final goods and services produced during a year.

Interest in Bitcoin and cryptocurrencies in 2020 was seemingly higher in Africa and Latin America than some of the world's developed economies. This shows after analyzing Bitcoin trading volume against domestic currencies used for the transaction of the digital coin. In 2020, roughly 420 million U.S. dollars worth of Russian rubles were used to buy Bitcoin on an exchange, against 400 million U.S. dollars worth of Nigerian naira. The source assumes the currencies are mainly used by the domestic population - e.g. transactions made with British pounds are likely done by UK residents -, and makes the same assumption for the United States, despite the international appeal of the U.S. dollar on foreign exchange markets.

Africa and Latin America lead the way

Although the source does not mention all countries in Africa and Latin America, the few entries these regions do have in the list stand out. Bitcoin trading volume in Nigeria, for instance, was twice as high as that of the eurozone in 2020. Colombia's market size was twice that of Canada. Whether this interest is for actual payment use on a day-to-day basis or as a tool for investment is not really clear. Data from Statista's Global Consumer Survey on payment methods in Egypt reveals that eight percent of Egyptians either owned or used Bitcoin, but does not specify the exact use or purpose of the cryptocurrency.

Bitcoin: the "Renaissance"

Believed by some to fade into obscurity after hitting the news in 2017 and price declines that followed afterwards, the world's most well-known cryptocurrency witnessed a "rebirth" at the end of 2020: Within five days in January 2021, the price of Bitcoin soared from 30,000 U.S. dollars to 40,000 U.S. dollars. Bitcoin's market cap - calculated by multiplying the total number of Bitcoins in circulation against its price - grew as well, more than doubling in early January 2021 against November 2020