The Naira held near ₦306–460/$ until mid-2023. After the June 2023 FX unification reform removed the official peg, it depreciated sharply — peaking near ₦1,670/$ in late 2024 — and has traded in the ₦1,300–1,700 range since.
The exchange rate sets the cost of imports and foreign debt. The 2023 devaluation made imported goods far more expensive and was the main driver of the inflation surge that followed it.
A higher line means a weaker Naira (more Naira to buy one US dollar). The near-vertical rise in 2023 is the unification reform; flatter stretches are periods of relative stability.
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What this shows: The official NGN/USD rate, monthly average. The Naira was stable near ₦306–460 until the June 2023 reform, then weakened past ₦1,500 — a higher number means a weaker Naira.