Nigeria Real Effective Exchange Rate

1979 - 2024 | Monthly | 2005=100 | CEIC Data

Key information about Nigeria Real Effective Exchange Rate

  • Nigeria Real Effective Exchange Rate (REER: 2005=100: Month Avg: Nigeria) was 66.0 in Mar 2024, compared with the number of 64.7 in the previous month.
  • Nigeria Real Effective Exchange Rate data is updated monthly and averaged 701.6 from Dec 1979 to Mar 2024.
  • 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 25.1 % pa in Mar 2024.
  • The cash rate (Policy Rate: Month End) was set at 24.8 % pa in Mar 2024.
  • Nigeria Exchange Rate against USD averaged 607.7 (USD/NGN) in Jun 2023.

View Nigeria's Real Effective Exchange Rate from Dec 1979 to Mar 2024 in the chart:

Nigeria Real Effective Exchange Rate

What was Nigeria's Real Effective Exchange Rate in Mar 2024?

Nigeria Real Effective Exchange Rate (REER: 2005=100: Month Avg: Nigeria) was 66.0 in Mar 2024, compared with the number of 64.7 in the previous month. See the table below for more data.

Last Previous Min Max Unit Frequency Range
66.0 Mar 2024 64.7 Feb 2024 51.4 Mar 1992 701.6 Sep 1984 2005=100 monthly Dec 1979 - Mar 2024

Real Effective Exchange Rate by Country Comparison

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Includes Real Effective Exchange Rate on 92 economies standardised by CEIC. Instant access to full history data in excel.
country/region Last Frequency Range
Algeria (2005=100) 103.1 Mar 2024 monthly Jan 1994 - Mar 2024
Argentina (2005=100) 60.1 Apr 2024 monthly Jan 1997 - Apr 2024
Armenia (2005=100) 239.9 Mar 2024 monthly Jan 1997 - Mar 2024
Australia (2005=100) 102.0 Feb 2024 monthly Jan 1994 - Feb 2024
Austria (2005=100) 104.0 Apr 2024 monthly Jan 1993 - Apr 2024
Azerbaijan (2005=100) 151.2 Mar 2024 monthly Jan 2005 - Mar 2024
Bahrain (2005=100) 95.9 Mar 2024 monthly Jan 1980 - Mar 2024
Bangladesh (2015-2016=100) 102.0 2023 yearly 2011 - 2023
Belarus (2005=100) 101.0 Dec 2014 monthly Jan 1996 - Dec 2014
Belgium (2005=100) 102.4 Apr 2024 monthly Jan 1993 - Apr 2024
Bolivia (2005=100) 54.5 Feb 2024 monthly Jan 1991 - Feb 2024
Bosnia and Herzegovina (2005=100) 98.4 Feb 2024 monthly Jan 2005 - Feb 2024
Botswana (Dec2018=100) 97.1 Aug 2023 monthly Dec 2009 - Aug 2023
Brazil (2005=100) 93.8 Feb 2024 monthly Jan 1988 - Feb 2024
Bulgaria (2005=100) 130.1 Apr 2024 monthly Jan 1993 - Apr 2024
Canada (2005=100) 90.6 Mar 2024 monthly Jan 1999 - Mar 2024
Chile (2005=100) 115.6 Mar 2024 monthly Jan 1986 - Mar 2024
China (2005=100) 135.6 Mar 2024 monthly Jan 1994 - Mar 2024
Colombia (2005=100) 114.7 Mar 2024 monthly Jan 1990 - Mar 2024
Croatia (2005=100) 102.2 Apr 2024 monthly Jan 1993 - Apr 2024
Cyprus (2005=100) 90.8 Apr 2024 monthly Jan 1993 - Apr 2024
Czech Republic (2005=100) 152.4 May 2023 monthly Jan 1995 - May 2023
Denmark (2005=100) 96.8 Dec 2023 monthly Jan 1970 - Dec 2023
Ecuador (2007=100) 110.3 Nov 2017 monthly Jan 2011 - Nov 2017
Estonia (2005=100) 142.6 Apr 2024 monthly Jan 1993 - Apr 2024
European Union (2005=100) 92.2 Apr 2024 monthly Jan 1993 - Apr 2024
Finland (2005=100) 94.5 Apr 2024 monthly Jan 1993 - Apr 2024
France (2005=100) 91.2 Apr 2024 monthly Jan 1993 - Apr 2024
Georgia (2005=100) 139.6 Mar 2024 monthly Dec 1995 - Mar 2024
Germany (2005=100) 94.9 Apr 2024 monthly Jan 1993 - Apr 2024
Ghana (2005=100) 69.1 Mar 2024 monthly Dec 1979 - Mar 2024
Greece (2005=100) 93.1 Apr 2024 monthly Jan 1993 - Apr 2024
Hong Kong SAR, China (2005=100) 109.0 Feb 2024 monthly Jan 1994 - Feb 2024
Hungary (2005=100) 102.0 Mar 2024 monthly Jan 1990 - Mar 2024
Iceland (2005=100) 89.8 Mar 2024 monthly Jan 1979 - Mar 2024
India (2005=100) 114.8 Mar 2024 monthly Apr 2004 - Mar 2024
Indonesia (2005=100) 114.8 Mar 2024 monthly Jan 1994 - Mar 2024
Iran (2005=100) 787.8 Mar 2024 monthly Jan 1979 - Mar 2024
Ireland (2005=100) 83.5 Apr 2024 monthly Jan 1993 - Apr 2024
Israel (2005=100) 123.2 Feb 2024 monthly Jan 1994 - Feb 2024
Italy (2005=100) 94.5 Jun 2023 monthly Jan 1993 - Jun 2023
Ivory Coast (2005=100) 96.9 Mar 2024 monthly Dec 1979 - Mar 2024
Japan (2005=100) 55.3 Mar 2024 monthly Jan 1970 - Mar 2024
Kazakhstan (2005=100) 101.9 Mar 2024 monthly Jan 1995 - Mar 2024
Kenya (2005=100) 73.5 Aug 2015 monthly Oct 1997 - Aug 2015
South Korea (2005=100) 84.0 Feb 2024 monthly Jan 1994 - Feb 2024
Kosovo (Jan2007=100) 118.9 Mar 2024 monthly Dec 2006 - Mar 2024
Kyrgyzstan (2005=100) 135.1 Feb 2024 monthly Jan 2000 - Feb 2024
Latvia (2005=100) 131.7 Apr 2024 monthly Jan 1993 - Apr 2024
Lithuania (2005=100) 131.6 Apr 2024 monthly Jan 1993 - Apr 2024
Luxembourg (2005=100) 98.7 Apr 2024 monthly Jan 1993 - Apr 2024
North Macedonia (2005=100) 111.5 May 2023 monthly Jan 1993 - May 2023
Malawi (2010=100) 78.4 Mar 2024 monthly Dec 1979 - Mar 2024
Malaysia (2005=100) 85.4 Mar 2024 monthly Jan 1994 - Mar 2024
Malta (2005=100) 97.1 Apr 2024 monthly Jan 1993 - Apr 2024
Mexico (2005=100) 88.5 Feb 2024 monthly Jan 1968 - Feb 2024
Moldova (2005=100) 219.5 Mar 2024 monthly Nov 1993 - Mar 2024
Mongolia (2005=100) 120.4 Feb 2024 monthly Jan 2000 - Feb 2024
Morocco (2005=100) 95.0 Mar 2024 monthly Jan 1988 - Mar 2024
Netherlands (2005=100) 97.5 Apr 2024 monthly Jan 1993 - Apr 2024
New Zealand (2005=100) 98.1 Mar 2024 monthly Jan 1984 - Mar 2024
Nigeria (2005=100) 66.0 Mar 2024 monthly Dec 1979 - Mar 2024
Norway (2005=100) 74.6 Mar 2024 monthly Jan 1994 - Mar 2024
Pakistan (2010=100) 98.8 Dec 2023 monthly Jan 2013 - Dec 2023
Paraguay (2005=100) 69.4 Mar 2024 monthly Jan 1995 - Mar 2024
Peru (2005=100) 91.3 Apr 2024 monthly Jan 1991 - Apr 2024
Philippines (2005=100) 146.3 Apr 2024 monthly Jan 1993 - Apr 2024
Poland (2005=100) 113.3 Mar 2024 monthly Jan 1994 - Mar 2024
Portugal (2005=100) 93.6 Apr 2024 monthly Jan 1993 - Apr 2024
Romania (2005=100) 113.6 Mar 2024 monthly Jan 1994 - Mar 2024
Russia (2005=100) 94.7 Feb 2024 monthly Jan 1994 - Feb 2024
Saudi Arabia (2005=100) 126.8 Feb 2024 monthly Jan 1994 - Feb 2024
Serbia (2005=100) 141.4 Mar 2024 monthly Jan 2002 - Mar 2024
Singapore (2005=100) 133.6 Feb 2024 monthly Jan 1994 - Feb 2024
Slovakia (2005=100) 138.2 Apr 2024 monthly Jan 1993 - Apr 2024
Slovenia (2005=100) 101.7 Apr 2024 monthly Jan 1993 - Apr 2024
South Africa (2005=100) 84.1 Feb 2024 monthly Jan 1970 - Feb 2024
Spain (2005=100) 97.4 Apr 2024 monthly Jan 1993 - Apr 2024
Sri Lanka (2017=100) 75.2 Apr 2024 monthly Jan 2013 - Apr 2024
Sweden (2005=100) 80.2 Mar 2024 monthly Jan 1994 - Mar 2024
Switzerland (2005=100) 112.2 Apr 2024 monthly Jan 1973 - Apr 2024
Taiwan (2005=100) 92.4 Mar 2024 monthly Jan 1994 - Mar 2024
Thailand (2005=100) 116.9 Feb 2024 monthly Jan 1994 - Feb 2024
Tunisia (2005=100) 82.2 Mar 2024 monthly Jan 1979 - Mar 2024
Turkey (2005=100) 53.0 Apr 2024 monthly Jan 1994 - Apr 2024
Ukraine (2005=100) 83.8 Mar 2024 monthly Dec 1992 - Mar 2024
United Arab Emirates (2005=100) 125.4 Feb 2024 monthly Jan 1994 - Feb 2024
United Kingdom (2005=100) 87.3 Mar 2024 monthly Jan 1994 - Mar 2024
United States (Jan2006=100) 116.5 Apr 2024 monthly Jan 2006 - Apr 2024
Uruguay (2005=100) 44.1 Mar 2024 monthly Jan 2000 - Mar 2024
Venezuela (2005=100) 0.8 Feb 2019 monthly Jan 1994 - Feb 2019
Zambia (2005=100) 132.7 Jan 2024 monthly Jan 2013 - Jan 2024

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Nigeria Key Series

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Includes 182 key indicators for Nigeria, curated by CEIC analysts. Instant access to full history data in excel.
Government and Public Finance Last Frequency Range
Consolidated Fiscal Balance: % of GDP (%) -4.8 Sep 2023 quarterly Dec 2010 - Sep 2023
Consolidated Fiscal Balance (USD mn) -3,071.175 Sep 2023 quarterly Mar 2005 - Sep 2023
National Government Debt (USD mn) 101,710.7 Dec 2023 quarterly Dec 2006 - Dec 2023
Government Debt: % of GDP (%) 39.8 Dec 2023 quarterly Dec 2010 - Dec 2023
Forecast: Government Expenditure (NGN bn) 99,387.936 2029 yearly 1990 - 2029
Forecast: Government Net Debt (NGN bn) 205,772.040 2028 yearly 1990 - 2028
Forecast: Government Revenue (NGN bn) 74,924.965 2029 yearly 1990 - 2029
Gross Federation Account Revenue (NGN bn) 4,791.390 Sep 2023 quarterly Mar 2005 - Sep 2023
Federal Govt Expenditure: Recurrent (NGN bn) 2,791.110 Sep 2023 quarterly Mar 2005 - Sep 2023
Gross Federation Account Revenue: Oil (NGN bn) 814.230 Sep 2023 quarterly Mar 2005 - Sep 2023
Federal Govt Balance (NGN bn) -2,347.160 Sep 2023 quarterly Mar 2005 - Sep 2023
Federal Govt Expenditure: Capital (NGN bn) 1,043.310 Sep 2023 quarterly Mar 2005 - Sep 2023
Federal Govt Expenditure (NGN bn) 4,040.180 Sep 2023 quarterly Mar 2005 - Sep 2023
Federal Govt Revenue (NGN bn) 1,693.020 Sep 2023 quarterly Mar 2005 - Sep 2023
Government Debt: Domestic (NGN bn) 53,258.012 Dec 2023 quarterly Dec 2005 - Dec 2023
Foreign Trade Last Frequency Range
Forecast: Exports of Goods Growth (%) -1.879 2028 yearly 1991 - 2028
Trade Balance (USD mn) 1,889.4 Sep 2023 monthly Jan 2003 - Sep 2023
Total Exports (USD mn) 4,751.7 Dec 2023 monthly Jan 2003 - Dec 2023
Total Exports Growth (%) 82.1 Dec 2023 monthly Jan 2004 - Dec 2023
Aluminum: Exports (USD th) 165,856.846 2022 yearly 1995 - 2022
Exports: Medicament (USD th) 2,876.353 2022 yearly 1995 - 2022
Exports: Medicinal and Pharmaceutical Product (USD th) 480.530 2022 yearly 1995 - 2022
Total Imports (USD mn) 2,989.3 Mar 2023 monthly Jan 2003 - Mar 2023
Total Imports Growth (%) 34.5 Sep 2023 monthly Jan 2004 - Sep 2023
Imports: Medicament (USD th) 755,360.705 2022 yearly 1995 - 2022
Imports: Medicinal and Pharmaceutical Product (USD th) 508,406.689 2022 yearly 1995 - 2022
Total Exports to USA (USD mn) 332.105 Dec 2023 monthly Jan 2003 - Dec 2023
Total Imports from USA (USD mn) 176.789 Dec 2023 monthly Dec 2009 - Dec 2023
Total Exports to China (USD mn) 24.772 Sep 2023 monthly Jan 2007 - Sep 2023
Total Imports from China (USD mn) 715.679 Sep 2023 monthly Jan 2007 - Sep 2023
Imports (NGN mn) 2,429,185.197 Sep 2023 monthly Jan 2003 - Sep 2023
Exports: Crude Oil (NGN mn) 3,404,818.113 Dec 2023 monthly Jan 2003 - Dec 2023
Total Trade (NGN mn) 6,865,948.584 Dec 2023 monthly Jan 2003 - Dec 2023
Exports: America: ow USA (NGN mn) 299,453.208 Dec 2023 monthly Jan 2003 - Dec 2023
Exports (NGN mn) 4,284,566.609 Dec 2023 monthly Jan 2003 - Dec 2023
Exports: Europe: ow Netherlands (NGN mn) 523,568.988 Dec 2023 monthly Jan 2003 - Dec 2023
Exports: Europe: ow UK (NGN mn) 93,037.938 Dec 2023 monthly Jan 2003 - Dec 2023
Exports: Mineral Products (NGN mn) 24,389,951.388 2022 yearly 2003 - 2022
Exports: Vegetable Products (NGN mn) 316,546.604 2022 yearly 2003 - 2022
Imports: Europe: ow Netherlands (NGN mn) 158,090.619 Dec 2023 monthly Jan 2003 - Dec 2023
Imports: Europe: ow UK (NGN mn) 71,966.938 Sep 2023 monthly Jan 2003 - Sep 2023
Imports: Europe: ow Germany (NGN mn) 68,742.651 Sep 2023 monthly Jan 2003 - Sep 2023
Imports: Asia: ow China (NGN mn) 631,502.155 Dec 2023 monthly Jan 2007 - Dec 2023
Imports: America: ow USA (NGN mn) 159,407.643 Dec 2023 monthly Jan 2003 - Dec 2023
Imports: Manufactured Goods (NGN mn) 184,959.341 Sep 2023 monthly Jan 2003 - Sep 2023
Imports: Chemicals and Chemical Products (NGN mn) 385,751.608 Dec 2023 monthly Jan 2003 - Dec 2023
Imports: Mineral Fuels, Lubricants and Related Materials (NGN mn) 810,486.908 Dec 2023 monthly Jan 2003 - Dec 2023
Imports: Food and Live Animals (NGN mn) 364,417.505 Dec 2023 monthly Jan 2003 - Dec 2023
Imports: Machinery and Transport Equipment (NGN mn) 639,703.694 Sep 2023 monthly Jan 2003 - Sep 2023
Balance of Payments Last Frequency Range
Direct Investment Abroad (USD mn) 44.0 Sep 2023 quarterly Mar 2008 - Sep 2023
Current Account Balance (USD mn) 1,545.4 Sep 2023 quarterly Mar 2014 - Sep 2023
Current Account Balance: % of GDP (%) 1.9 Sep 2023 quarterly Mar 2014 - Sep 2023
Foreign Direct Investment (USD mn) 1,197.6 Mar 2023 quarterly Mar 2014 - Mar 2023
Foreign Direct Investment: % of GDP (%) 1.1 Sep 2023 quarterly Mar 2010 - Sep 2023
Foreign Portfolio Investment (USD mn) 2,876.923 Sep 2023 quarterly Mar 2008 - Sep 2023
Foreign Portfolio Investment: % of GDP (%) 3.6 Sep 2023 quarterly Mar 2010 - Sep 2023
Foreign Portfolio Investment: Equity Securities (USD mn) 270.9 Sep 2023 quarterly Mar 2008 - Sep 2023
Foreign Portfolio Investment: Debt Securities (USD mn) 2,606.059 Sep 2023 quarterly Mar 2008 - Sep 2023
External Debt (USD mn) 42,495.2 Dec 2023 quarterly Dec 2006 - Dec 2023
External Debt: % of GDP (%) 11.9 2023 yearly 1985 - 2023
External Debt: Short Term (USD mn) 1,005.6 2020 yearly 2008 - 2020
External Debt: Short Term: % of GDP (%) 0.2 2020 yearly 2008 - 2020
Forecast: Current Account Balance (USD bn) 0.890 2028 yearly 1980 - 2028
Net International Investment Position (USD mn) -90,273.874 2022 yearly 2005 - 2022
External Debt: Service Payments (USD mn) 194.440 Dec 2018 quarterly Mar 2008 - Dec 2018
External Debt: Government: International Capital Market (USD mn) 15,118.350 Dec 2023 quarterly Mar 2011 - Dec 2023
External Debt: Government (USD mn) 42,495.160 Dec 2023 quarterly Dec 2006 - Dec 2023
Capital Inflow: Foreign Direct Investment (USD) 20,080,525.860 Nov 2022 monthly Jan 2007 - Nov 2022
Monetary Last Frequency Range
Non Performing Loans Ratio (%) 6.1 2019 yearly 2003 - 2019
Non-Performing Loans (USD mn) 3,315.011 Mar 2021 quarterly Mar 2007 - Mar 2021
Money Supply M1 (USD mn) 24,423.728 Mar 2024 monthly Nov 1992 - Mar 2024
Money Supply M2 (USD mn) 69,409.454 Mar 2024 monthly Nov 1992 - Mar 2024
M2 Growth (%) 70.4 Mar 2024 monthly Nov 1993 - Mar 2024
Reserve Requirement Ratio (%) 45.0 Apr 2024 monthly Nov 2005 - Apr 2024
Foreign Exchange Reserves (USD mn) 33,217.6 Dec 2023 monthly Jan 1960 - Dec 2023
Foreign Exchange Reserves: % of GDP (%) 8.942 Dec 2023 quarterly Dec 2010 - Dec 2023
Foreign Exchange Reserves: Months of Import (NA) 11.6 Dec 2023 monthly Jan 2003 - Dec 2023
Gold Reserves (USD mn) 1,273.284 Sep 2023 monthly Dec 1950 - Sep 2023
Total Deposits (USD mn) 84,213.801 Dec 2019 monthly Nov 1992 - Dec 2019
Total Deposits Growth (%) 2.6 Dec 2019 monthly Nov 1993 - Dec 2019
Domestic Credit (USD mn) 68,258.1 Mar 2024 monthly Nov 1992 - Mar 2024
Domestic Credit Growth (%) 28.7 Mar 2024 monthly Nov 1993 - Mar 2024
Private Debt: % of Nominal GDP (%) 16.22 Sep 2023 quarterly Dec 2010 - Sep 2023
Monetary Survey: Liabilities: M2 (NGN mn) 92,332,620.210 Mar 2024 monthly Nov 1992 - Mar 2024
Monetary Survey: Liabilities: Base Money (NGN mn) 23,384,818.660 Mar 2024 monthly Jan 1993 - Mar 2024
Monetary Survey: Liabilities: M2: M1 (NGN mn) 32,489,908.180 Mar 2024 monthly Nov 1992 - Mar 2024
Monetary Survey: Liabilities: M3 (NGN mn) 35,345,802.020 Jun 2020 monthly Nov 1992 - Jun 2020
Monetary Survey: Liabilities: M2: Quasi Money (NGN mn) 59,842,712.030 Mar 2024 monthly Nov 1992 - Mar 2024
Non Performing Loans to Gross Loans (%) 4.210 Dec 2022 semiannually Dec 2003 - Dec 2022
Business and Economic Survey Last Frequency Range
Business Confidence Growth (% Point) -0.6 Nov 2023 monthly Jul 2015 - Nov 2023

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