Exchange Rate in Nigeria

Nigeria - Exchange Rate (average of period)
Naira hits new record low on the official market
The Nigerian naira dropped to a new record low of NGN 419.8 per USD on the official market on 14 May, following a currency devaluation. On 20 May, the naira traded at NGN 412.8 per USD, weakening 7.7% month-on-month, while the currency was down 12.7% year-on-year and 7.7% year-to-date. Meanwhile, the NAFEX rate used by investors and exporters traded at 410.7 per USD, weakening 0.3% month-on-month, 5.8% year-on-year and 4.7% year-to-date.
The devaluation of the official exchange rate was likely a move to unify the currency’s multiple exchange rates. The Central Bank devalued the currency twice in 2020, and it has traded within a band of 380.0 and 381.0 NGN per USD since last July. The naira has been under pressure from rising demand for U.S. dollars as foreign investors pulled out of the country in the wake of the global health crisis, which sent oil prices tumbling.
Looking ahead, prospects for the currency remain grim and panelists expect it to continue losing value against the greenback amid structurally high inflation, capital outflows and the Central Bank prioritizing credit growth to stimulate economic activity.
FocusEconomics Consensus Forecast panelists see the NAFEX exchange rate ending 2021 at 428 per USD, while the official interbank naira is seen ending 2021 at 413 per USD.
Nigeria - Exchange Rate (aop) Data
2015 | 2016 | 2017 | 2018 | 2019 | |
---|---|---|---|---|---|
Exchange Rate (vs USD, aop) | 192.6 | 253.2 | 305.3 | 305.6 | 306.6 |
Nigeria Exchange Rate (aop) Chart

Source: Thomson Reuteurs
Nigeria Facts
Value | Change | Date | |
---|---|---|---|
Bond Yield | 11.10 | 0.0 % | Dec 31 |
Exchange Rate | 306.5 | 3.08 % | Jan 01 |
Stock Market | 0.1 | 0.0 % | Jan 07 |
Sample Report
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Economic News
-
Nigeria: Inflation surges to near 17-year high in July
August 17, 2022
Consumer prices rose 1.82% month on month in July, stabilizing from June.
-
Nigeria: Central Bank delivers another rate hike in July
July 19, 2022
Nigeria’s Central Bank continued to tighten financial conditions as it raised the monetary policy rate from 13.00% to 14.00% at its 18–19 July meeting.
-
Nigeria: Inflation soars in June
July 15, 2022
Consumer prices rose 1.82% month on month in June, up slightly from April’s 1.78% increase.
-
Nigeria: PMI moderates in June to 17-month low but remains in expansionary territory
July 1, 2022
Nigerian private-sector operating conditions improved at the weakest pace in 17 months at the close of the second quarter.
-
Nigeria: Inflation rises in May
June 17, 2022
Consumer prices rose 1.78% month on month in May, up from April’s 1.76%.