Nigeria: Financial openness
* indicates monthly or quarterly data series
| Nigeria |
Financial openness index |
|---|---|
| Latest value | -0.673 |
| Year | 2022 |
| Measure | index points |
| Data availability | 1970 - 2022 |
| Average | -1.093 |
| Min - Max | -1.935 - -0.673 |
| Source | Chinn-Ito Index |
| Available for | Data download |
The latest value from 2022 is -0.673 index points, unchanged from -0.673 index points in 2021. In comparison, the world average is 0.307 index points, based on data from 174 countries. Historically, the average for Nigeria from 1970 to 2022 is -1.093 index points. The minimum value, -1.935 index points, was reached in 1989 while the maximum of -0.673 index points was recorded in 2003.
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* indicates monthly or quarterly data series
| Recent values | Nigeria: Financial openness |
|---|---|
| 2022 | -0.673 |
| 2021 | -0.673 |
| 2020 | -0.673 |
| 2019 | -0.673 |
| 2018 | -0.673 |
| 2017 | -0.673 |
| 2016 | -0.673 |
| 2015 | -0.673 |
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.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 127.10 | 2024 | percent |
| Trade openness | 26.17 | 1960 | percent |
| Financial openness | -0.673 | 2022 | 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 | 1.38 | 2025 | percent |
| Foreign Direct Investment, billion dollars | 1.61 | 2024 | billion U.S. dollars |
| Portfolio investment inflows, equities | 1,917.04 | 2024 | million dollars (current) |
| Current account, percent of GDP | 4.83 | 2025 | percent |
| Current account, in dollars | 14.04 | 2025 | billion U.S. dollars |
| Trade balance, percent of GDP | -7.68 | 1960 | percent |
| Trade balance, in dollars | -0.19 | 2024 | billion U.S. dollars |
| Reserves | 46.02 | 2025 | billion U.S. dollars |
| Remittances, percent of GDP | 8.44 | 2024 | percent |
| Remittances | 22,789.10 | 2025 | million U.S. dollars |
| Net errors and omissions | -15,726.34 | 2025 | million USD |
| External debt | 21.03 | 2023 | percent |
| Short-term external debt | 18.48 | 2023 | percent |
| Short-term debt to reserves | 59.12 | 2023 | percent |