The Price of 100 Naira

"Once, ₦100 Had Serious Buying Power."

In 1973, ₦100 could buy 20 bags of rice.

As of January 2025, its value had dropped so significantly that it could only purchase two pure water sachets. (Pure water aka sachet water is drinking water packaged in heat-sealed plastic sachets. It usually holds around 35cl of drinking water)

This infographic charts the decline in the purchasing power of ₦100 from 1960 to 2025—highlighting over six decades of inflation and currency devaluation.

For a bit of historical context, Algeria gained independence just two years after Nigeria. Yet by 2024, Algeria had overtaken Nigeria as the 3rd largest economy in Africa, with its currency maintaining a significantly stronger exchange rate: 1 Algerian Dinar equals approximately 12 Naira.

The infographic visualizes this erosion in the value of Nigeria’s monetary landscape.

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