Nigeria - DEC alternative conversion factor (LCU per US$)

DEC alternative conversion factor (LCU per US$) in Nigeria was 356.82 as of 2020. Its highest value over the past 60 years was 356.82 in 2020, while its lowest value was 0.71 in 1960.

Definition: The DEC alternative conversion factor is the underlying annual exchange rate used for the World Bank Atlas method. As a rule, it is the official exchange rate reported in the IMF's International Financial Statistics (line rf). Exceptions arise where further refinements are made by World Bank staff. It is expressed in local currency units per U.S. dollar.

Source: International Monetary Fund, International Financial Statistics, supplemented by World Bank staff estimates.

See also:

Year Value
1960 0.71
1961 0.71
1962 0.71
1963 0.71
1964 0.71
1965 0.71
1966 0.71
1967 0.71
1968 0.71
1969 0.71
1970 0.71
1971 1.13
1972 0.90
1973 0.81
1974 0.79
1975 0.83
1976 0.79
1977 0.93
1978 0.99
1979 0.91
1980 0.78
1981 0.85
1982 1.04
1983 1.64
1984 2.26
1985 2.55
1986 3.62
1987 4.65
1988 6.36
1989 9.43
1990 9.15
1991 12.01
1992 18.96
1993 45.30
1994 52.28
1995 70.36
1996 80.00
1997 81.14
1998 88.00
1999 92.34
2000 101.70
2001 111.23
2002 120.58
2003 129.22
2004 132.89
2005 131.27
2006 128.65
2007 125.81
2008 117.69
2009 147.32
2010 151.09
2011 155.89
2012 158.84
2013 159.25
2014 164.88
2015 195.52
2016 253.49
2017 305.79
2018 325.00
2019 325.00
2020 356.82

Statistical Concept and Methodology: The World Bank systematically assesses the appropriateness of official exchange rates as conversion factors. An alternative conversion factor is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate effectively applied to domestic transactions of foreign currencies and traded products. This applies to only a small number of countries, as shown in the country-level metadata. Alternative conversion factors are used in the Atlas methodology and elsewhere in World Development Indicators as single-year conversion factors.

Periodicity: Annual

General Comments: In the WDI database, the DEC alternative conversion factor is used to convert data in local currency units (LCU) into U.S. dollars.

Classification

Topic: Financial Sector Indicators

Sub-Topic: Exchange rates & prices