🇳🇬 Nigeria Inflation Calculator – Historical CPI Rates (1960–2026)
See how prices in Nigeria have changed since 1960, based on World Bank CPI data.
Between 1960 and 2024, prices in Nigeria rose 1,061,423.4%, an average annual rate of 15.59%. ₦100 in 1960 would need to be ₦1,061,523.38 in 2024 to keep the same purchasing power.
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Value Over Time
Nigeria Inflation: Year by Year
| Year | CPI | ₦100 → | Annual Change |
|---|---|---|---|
| 1960 | 0.07 | ₦100.00 | - |
| 1961 | 0.07 | ₦106.28 | +6.3% |
| 1962 | 0.07 | ₦111.88 | +5.3% |
| 1963 | 0.07 | ₦108.86 | -2.7% |
| 1964 | 0.07 | ₦109.79 | +0.9% |
| 1965 | 0.08 | ₦114.30 | +4.1% |
| 1966 | 0.08 | ₦125.37 | +9.7% |
| 1967 | 0.08 | ₦120.70 | -3.7% |
| 1968 | 0.08 | ₦120.13 | -0.5% |
| 1969 | 0.09 | ₦132.33 | +10.2% |
| 1970 | 0.10 | ₦150.53 | +13.8% |
| 1971 | 0.12 | ₦174.62 | +16.0% |
| 1972 | 0.12 | ₦180.65 | +3.5% |
| 1973 | 0.13 | ₦190.41 | +5.4% |
| 1974 | 0.14 | ₦214.55 | +12.7% |
| 1975 | 0.19 | ₦287.42 | +34.0% |
| 1976 | 0.24 | ₦357.26 | +24.3% |
| 1977 | 0.27 | ₦411.16 | +15.1% |
| 1978 | 0.33 | ₦500.42 | +21.7% |
| 1979 | 0.37 | ₦559.02 | +11.7% |
| 1980 | 0.41 | ₦614.77 | +10.0% |
| 1981 | 0.49 | ₦742.72 | +20.8% |
| 1982 | 0.53 | ₦799.89 | +7.7% |
| 1983 | 0.65 | ₦985.57 | +23.2% |
| 1984 | 0.77 | ₦1,161.20 | +17.8% |
| 1985 | 0.82 | ₦1,247.54 | +7.4% |
| 1986 | 0.87 | ₦1,318.86 | +5.7% |
| 1987 | 0.97 | ₦1,467.77 | +11.3% |
| 1988 | 1.49 | ₦2,267.87 | +54.5% |
| 1989 | 2.25 | ₦3,412.38 | +50.5% |
| 1990 | 2.41 | ₦3,663.69 | +7.4% |
| 1991 | 2.73 | ₦4,140.22 | +13.0% |
| 1992 | 3.94 | ₦5,986.30 | +44.6% |
| 1993 | 6.20 | ₦9,408.38 | +57.2% |
| 1994 | 9.73 | ₦14,774.14 | +57.0% |
| 1995 | 16.82 | ₦25,534.96 | +72.8% |
| 1996 | 21.75 | ₦33,008.61 | +29.3% |
| 1997 | 23.60 | ₦35,824.20 | +8.5% |
| 1998 | 25.96 | ₦39,405.32 | +10.0% |
| 1999 | 27.68 | ₦42,013.31 | +6.6% |
| 2000 | 29.60 | ₦44,926.22 | +6.9% |
| 2001 | 35.19 | ₦53,405.43 | +18.9% |
| 2002 | 39.72 | ₦60,282.23 | +12.9% |
| 2003 | 45.29 | ₦68,740.90 | +14.0% |
| 2004 | 52.08 | ₦79,050.68 | +15.0% |
| 2005 | 61.39 | ₦93,171.89 | +17.9% |
| 2006 | 66.44 | ₦100,835.49 | +8.2% |
| 2007 | 70.02 | ₦106,268.51 | +5.4% |
| 2008 | 78.12 | ₦118,575.55 | +11.6% |
| 2009 | 87.92 | ₦133,442.35 | +12.5% |
| 2010 | 100.00 | ₦151,777.39 | +13.7% |
| 2011 | 110.83 | ₦168,209.02 | +10.8% |
| 2012 | 124.37 | ₦188,771.30 | +12.2% |
| 2013 | 134.94 | ₦204,808.40 | +8.5% |
| 2014 | 145.80 | ₦221,290.18 | +8.0% |
| 2015 | 158.93 | ₦241,227.17 | +9.0% |
| 2016 | 183.88 | ₦279,092.15 | +15.7% |
| 2017 | 214.23 | ₦325,148.68 | +16.5% |
| 2018 | 240.14 | ₦364,475.75 | +12.1% |
| 2019 | 267.51 | ₦406,012.95 | +11.4% |
| 2020 | 302.94 | ₦459,793.52 | +13.2% |
| 2021 | 354.30 | ₦537,741.61 | +17.0% |
| 2022 | 421.07 | ₦639,090.78 | +18.8% |
| 2023 | 524.91 | ₦796,687.69 | +24.7% |
| 2024 | 699.39 | ₦1,061,523.38 | +33.2% |
World Bank CPI data for Nigeria is available from 1960 to 2024.
Quick Reference: value today
What 1960 amounts in Nigeria are worth in 2024:
| 1960 | 2024 |
|---|---|
| ₦1 | ₦10,615.23 |
| ₦10 | ₦106,152.34 |
| ₦100 | ₦1,061,523 |
| ₦1,000 | ₦10,615,234 |
| ₦10,000 | ₦106,152,338 |
Inflation by Decade in Nigeria
| Decade | Cumulative Inflation | Annual Rate |
|---|---|---|
| 1960–1969 | +32.3% | 3.16% |
| 1970–1979 | +271.4% | 15.69% |
| 1980–1989 | +455.1% | 20.98% |
| 1990–1999 | +1,046.8% | 31.14% |
| 2000–2009 | +197.0% | 12.86% |
| 2010–2019 | +167.5% | 11.55% |
| 2020–2024 | +130.9% | 23.27% |
The sharpest price increase in Nigeria came in 1995, when annual inflation reached 72.8%.
The lowest annual change was -3.7% in 1967.
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Understanding Inflation in Nigeria
This calculator uses official data from the World Bank (CPI - Consumer Price Index) to calculate the purchasing power of your money over time.
What is the CPI?
The CPI measures the average change in prices that consumers pay for a basket of goods and services.
A Real Example from Nigeria
For instance, ₦1,000 in Nigeria in 1960 would need to be worth about ₦10,615,234 in 2024 to keep the same purchasing power — a cumulative change of 1,061,423.4% over 64 years.
Why is it Important?
- Financial Planning: Compare salaries and investments
- Investment Decisions: Evaluate real returns
- Historical Analysis: Understand past money values
Frequently Asked Questions
What was the inflation rate in Nigeria in 2024?
The annual inflation rate in Nigeria in 2024 was 33.24%, according to World Bank CPI data.
How much has Nigeria inflation been since 1960?
Cumulative inflation in Nigeria from 1960 to 2024 was 1061423.38% (15.59%/year average).