Naira Inflation Calculator

Find out what your money was worth — or what it would buy today.

What is inflation?

Inflation is the rate at which prices rise over time, reducing the purchasing power of money. Nigeria has experienced significant inflation — especially since the 2016 recession and the 2023 naira devaluation.

The Central Bank of Nigeria (CBN) targets inflation below 10%, but Nigeria's inflation has exceeded 30% annually in recent years. This means ₦1,000 in 2015 buys less than ₦200 worth of goods today.

Nigeria Annual Inflation Rates

Year Inflation Rate ₦1,000 Value Key Event
2024 33.2% ₦751 Naira at record low, fuel subsidy removal effects
2023 24.7% ₦802 Petrol subsidy removed, naira devalued by CBN
2022 18.8% ₦842 Food crisis, global commodity price surge
2021 17% ₦855 Slow post-pandemic recovery
2020 13.2% ₦883 COVID-19 economic lockdowns
2019 11.4% ₦898 Modest recovery from recession
2018 12.1% ₦892 Gradual recovery continues
2017 16.5% ₦858 Recession recovery, weak naira
2016 15.7% ₦864 Nigeria enters recession
2015 9% ₦917 Oil price crash, FX pressure begins
2014 8.1% ₦925 Pre-recession, naira relatively stable
2013 8.5% ₦922 Stable growth period
2012 12.2% ₦891 Fuel subsidy removal protests
2011 10.9% ₦902 Post-election period
2010 13.7% ₦880 Recovery from 2009 financial crisis
2009 11.5% ₦897 Global financial crisis impact
2008 15.1% ₦869 Oil boom, but high food inflation
2007 5.4% ₦949 Pre-crisis growth period
2006 8.2% ₦924 Debt relief, economic reforms
2005 17.9% ₦848 Okonjo-Iweala economic reforms
2004 15% ₦870 Democratic consolidation period
2003 14% ₦877 NEEDS economic reform launch
2002 12.9% ₦886 Post-military transition
2001 18.9% ₦841 Early Obasanjo presidency
2000 6.9% ₦935 Oil revenues boost economy
1995 72.8% ₦579 Abacha regime, peak inflation
1990 7.5% ₦930 SAP adjustment period
1985 5.5% ₦948 Buhari austerity measures
1980 10% ₦909 Oil boom ending