Inflation in Nigeria
In the year to August 2026, consumer prices in Nigeria rose 15.4%, the same pace as a month earlier. Since January 2005 prices have risen 1,729.6%, which means ₦100 then buys what ₦1,829.60 buys now, so the same basket of goods costs 18.3 times what it did.
Cumulative & Yearly Inflation
Inflation in Nigeria by year
Inflation is the change in that year's average prices against the year before, which is the figure usually quoted. The last two columns take ₦100 in January of that year and show what it is worth in August 2026, the most recent month on record. Only years measured in full are listed, so the year now running appears once it ends.
| Year | Inflation | ₦100 is now | Cumulative inflation |
|---|---|---|---|
| 2010 | 13.7% | 1,080.70 | 980.7% |
| 2020 | 13.2% | 359.35 | 259.4% |
| 2024 | 33.2% | 168.67 | 68.7% |
| 2025 | 23.0% | 132.18 | 32.2% |
Every year from 2006 to 2025
| Year | Inflation | ₦100 is now | Cumulative inflation |
|---|---|---|---|
| 2006 | 8.2% | 1,652.64 | 1,552.6% |
| 2007 | 5.4% | 1,530.59 | 1,430.6% |
| 2008 | 11.6% | 1,409.80 | 1,309.8% |
| 2009 | 12.5% | 1,236.30 | 1,136.3% |
| 2010 | 13.7% | 1,080.70 | 980.7% |
| 2011 | 10.8% | 964.23 | 864.2% |
| 2012 | 12.2% | 856.13 | 756.1% |
| 2013 | 8.5% | 785.22 | 685.2% |
| 2014 | 8.0% | 727.21 | 627.2% |
| 2015 | 9.0% | 672.37 | 572.4% |
| 2016 | 15.7% | 613.38 | 513.4% |
| 2017 | 16.5% | 516.67 | 416.7% |
| 2018 | 12.1% | 448.78 | 348.8% |
| 2019 | 11.4% | 402.95 | 302.9% |
| 2020 | 13.2% | 359.35 | 259.4% |
| 2021 | 17.0% | 308.54 | 208.5% |
| 2022 | 18.8% | 266.91 | 166.9% |
| 2023 | 24.7% | 219.11 | 119.1% |
| 2024 | 33.2% | 168.67 | 68.7% |
| 2025 | 23.0% | 132.18 | 32.2% |
A short history of inflation in Nigeria
Oil, Devaluation and Structural Adjustment (1986 to 1999)
Nigerian inflation has followed the oil price and the naira for four decades. The collapse in oil revenue in the mid-1980s forced a structural adjustment programme in 1986 that devalued the naira heavily, and inflation reached the high fifties by 1989 and again above 70% in 1995. A country that exports crude and imports refined fuel, wheat and much else is exposed twice over to the same commodity cycle.
The Reforms (2023 to 2024)
The most recent episode was made at home and by choice. In May 2023 the incoming government ended the petrol subsidy and the pump price roughly tripled overnight; a month later the naira was floated, and it was devalued again in January 2024, falling from around 450 to the dollar to about 1,600. Both changes passed almost directly into shop prices, and food inflation ran well ahead of the headline rate.
Common questions about inflation in Nigeria
What is the current inflation rate in Nigeria?
Prices in Nigeria rose 15.4% in the year to August 2026. That is unchanged on the month before.
What would ₦100 in January 2005 be worth today?
₦100.00 in January 2005 has the same buying power as ₦1,829.60 in August 2026, a rise of 1,729.6%.
What would ₦100 in January 2010 be worth today?
₦100.00 in January 2010 has the same buying power as ₦1,080.70 in August 2026, a rise of 980.7%.
What would ₦100 in January 2020 be worth today?
₦100.00 in January 2020 has the same buying power as ₦359.35 in August 2026, a rise of 259.4%.
What is Nigeria's inflation target?
Nigeria targets 6–9%. The latest reading of 15.4% is running 6.4 points above it.
How inflation in Nigeria is measured
The figures on this page come from the IMF's CPI dataset, with the original data from Nigeria's National Bureau of Statistics. The series is indexed so that a chosen base year equals 100, and the calculator works out the ratio between any two dates you pick.
The currency shown is the Nigerian naira (₦). Coverage runs from January 2005 to August 2026, and updates automatically as each new release is published. Figures for the most recent periods can be revised by the statistics office after first publication.
Use this data
Click the reference to select it.
Compare Inflation. “Inflation in Nigeria.” Figures for August 2026. https://compareinflation.com/inflation-in-nigeria/
Download the full series (CSV) — 260 months, January 2005 to August 2026, with the annual rate for each.