Nigeria - Official exchange rate (LCU per US$, period average)

The value for Official exchange rate (LCU per US$, period average) in Nigeria was 358.81 as of 2020. As the graph below shows, over the past 60 years this indicator reached a maximum value of 358.81 in 2020 and a minimum value of 0.55 in 1980.

Definition: 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).

Source: International Monetary Fund, International Financial Statistics.

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 0.71
1972 0.66
1973 0.66
1974 0.63
1975 0.62
1976 0.63
1977 0.64
1978 0.64
1979 0.60
1980 0.55
1981 0.62
1982 0.67
1983 0.72
1984 0.77
1985 0.89
1986 1.75
1987 4.02
1988 4.54
1989 7.36
1990 8.04
1991 9.91
1992 17.30
1993 22.07
1994 22.00
1995 21.90
1996 21.88
1997 21.89
1998 21.89
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 118.57
2009 148.88
2010 150.30
2011 153.86
2012 157.50
2013 157.31
2014 158.55
2015 192.44
2016 253.49
2017 305.79
2018 306.08
2019 306.92
2020 358.81

Development Relevance: In a market-based economy, household, producer, and government choices about resource allocation are influenced by relative prices, including the real exchange rate, real wages, real interest rates, and other prices in the economy. Relative prices also largely reflect these agents' choices. Thus relative prices convey vital information about the interaction of economic agents in an economy and with the rest of the world.

Limitations and Exceptions: Official or market exchange rates are often used to convert economic statistics in local currencies to a common currency in order to make comparisons across countries. Since market rates reflect at best the relative prices of tradable goods, the volume of goods and services that a U.S. dollar buys in the United States may not correspond to what a U.S. dollar converted to another country's currency at the official exchange rate would buy in that country, particularly when nontradable goods and services account for a significant share of a country's output. An alternative exchange rate - the purchasing power parity (PPP) conversion factor - is preferred because it reflects differences in price levels for both tradable and nontradable goods and services and therefore provides a more meaningful comparison of real output.

Statistical Concept and Methodology: The exchange rate is the price of one currency in terms of another. Official exchange rates and exchange rate arrangements are established by governments. Other exchange rates recognized by governments include market rates, which are determined largely by legal market forces, and for countries with multiple exchange arrangements, principal rates, secondary rates, and tertiary rates.

Periodicity: Annual

Classification

Topic: Financial Sector Indicators

Sub-Topic: Exchange rates & prices