Nigeria - Price level ratio of PPP conversion factor (GDP) to market exchange rate

The value for Price level ratio of PPP conversion factor (GDP) to market exchange rate in Nigeria was 0.404 as of 2020. As the graph below shows, over the past 30 years this indicator reached a maximum value of 0.567 in 2013 and a minimum value of 0.118 in 1993.

Definition: Purchasing power parity conversion factor is the number of units of a country's currency required to buy the same amount of goods and services in the domestic market as a U.S. dollar would buy in the United States. The ratio of PPP conversion factor to market exchange rate is the result obtained by dividing the PPP conversion factor by the market exchange rate. The ratio, also referred to as the national price level, makes it possible to compare the cost of the bundle of goods that make up gross domestic product (GDP) across countries. It tells how many dollars are needed to buy a dollar's worth of goods in the country as compared to the United States. PPP conversion factors are based on the 2011 ICP round.

Source: World Bank, International Comparison Program database.

See also:

Year Value
1990 0.257
1991 0.225
1992 0.204
1993 0.118
1994 0.144
1995 0.184
1996 0.201
1997 0.204
1998 0.197
1999 0.210
2000 0.229
2001 0.226
2002 0.248
2003 0.250
2004 0.285
2005 0.336
2006 0.412
2007 0.439
2008 0.497
2009 0.397
2010 0.485
2011 0.505
2012 0.547
2013 0.567
2014 0.563
2015 0.495
2016 0.416
2017 0.379
2018 0.384
2019 0.417
2020 0.404

Statistical Concept and Methodology: The ratio of the PPP conversion factor to the market exchange rate - the national price level or comparative price level - measures differences in the price level at the gross domestic product (GDP) level. The price level index tends to be lower in poorer countries and to rise with income.

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: Purchasing power parity