Nigeria: Financial openness
* indicates monthly or quarterly data series
| Nigeria |
Financial openness index |
|---|---|
| Latest value | -0.666 |
| Year | 2021 |
| Measure | index points |
| Data availability | 1970 - 2021 |
| Average | -1.095 |
| Min - Max | -1.931 - -0.666 |
| Source | Chinn-Ito Index |
The latest value from 2021 is -0.666 index points, unchanged from -0.666 index points in 2020. In comparison, the world average is 0.322 index points, based on data from 176 countries. Historically, the average for Nigeria from 1970 to 2021 is -1.095 index points. The minimum value, -1.931 index points, was reached in 1989 while the maximum of -0.666 index points was recorded in 2003.
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Definition: The Chinn-Ito index measures a country's degree of capital account openness and was introduced in Chinn and Ito (Journal of Development Economics, 2006). It is based on variables that codify the restrictions on cross-border financial transactions in the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions. Higher values mean greater financial openness.
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 127.38 | 2021 | percent |
| Trade openness | 26.17 | 1960 | percent |
| Financial openness | -0.666 | 2021 | index points |
| Exports, percent of GDP | 9.24 | 1960 | percent |
| Exports, billion dollars | 0.39 | 1960 | billion U.S. dollars |
| Imports, percent of GDP | 16.92 | 1960 | percent |
| Imports, billion dollars | 0.71 | 1960 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | 0.52 | 2023 | percent |
| Foreign Direct Investment, billion dollars | -0.19 | 2022 | billion U.S. dollars |
| Portfolio investment inflows, equities | 1,588.28 | 2023 | million dollars (current) |
| Current account, percent of GDP | 0.90 | 2023 | percent |
| Current account, in dollars | -0.81 | 2023 | billion U.S. dollars |
| Trade balance, percent of GDP | -7.68 | 1960 | percent |
| Trade balance, in dollars | -5.16 | 2023 | billion U.S. dollars |
| Reserves | 35.56 | 2022 | billion U.S. dollars |
| Remittances, percent of GDP | 5.65 | 2023 | percent |
| Remittances | 20,500.00 | 2023 | million U.S. dollars |
| Net errors and omissions | -18,016.02 | 2023 | million USD |
| External debt | 21.39 | 2022 | percent |
| Short-term external debt | 22.25 | 2022 | percent |
| Short-term debt to reserves | 61.52 | 2022 | percent |
| Foreign exchange reserves | 39.29 | 9/2024 | billion |