Nigeria - Real effective exchange rate index (2010 = 100)

The value for Real effective exchange rate index (2010 = 100) in Nigeria was 109.54 as of 2021. As the graph below shows, over the past 41 years this indicator reached a maximum value of 536.95 in 1984 and a minimum value of 49.75 in 1992.

Definition: Real effective exchange rate is the nominal effective exchange rate (a measure of the value of a currency against a weighted average of several foreign currencies) divided by a price deflator or index of costs.

Source: International Monetary Fund, International Financial Statistics.

See also:

Year Value
1980 288.37
1981 320.81
1982 329.01
1983 389.43
1984 536.95
1985 482.73
1986 263.70
1987 84.00
1988 85.32
1989 76.32
1990 71.02
1991 60.07
1992 49.75
1993 54.41
1994 100.59
1995 160.10
1996 207.50
1997 236.03
1998 273.01
1999 69.20
2000 70.16
2001 78.18
2002 78.42
2003 73.67
2004 75.32
2005 86.27
2006 91.45
2007 90.53
2008 99.56
2009 92.66
2010 100.00
2011 100.52
2012 110.52
2013 117.40
2014 124.46
2015 119.09
2016 110.22
2017 100.80
2018 109.13
2019 123.06
2020 117.45
2021 109.54

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: Because of conceptual and data limitations, changes in real effective exchange rates should be interpreted with caution.

Statistical Concept and Methodology: The real effective exchange rate is a nominal effective exchange rate index adjusted for relative movements in national price or cost indicators of the home country, selected countries, and the euro area. A nominal effective exchange rate index is the ratio (expressed on the base 2010 = 100) of an index of a currency's period-average exchange rate to a weighted geometric average of exchange rates for currencies of selected countries and the euro area. For most high-income countries weights are derived from industrial country trade in manufactured goods. Data are compiled from the nominal effective exchange rate index and a cost indicator of relative normalized unit labor costs in manufacturing. For selected other countries the nominal effective exchange rate index is based on manufactured goods and primary products trade with partner or competitor countries. For these countries the real effective exchange rate index is the nominal index adjusted for relative changes in consumer prices; an increase represents an appreciation of the local currency.

Base Period: 2010

Periodicity: Annual

Classification

Topic: Financial Sector Indicators

Sub-Topic: Exchange rates & prices