The Central Bank of Nicaragua (Banco Central de Nicaragua or BCN by its acronym) has announced they will maintain the 0% “Slip Rate” for another year ensuring a US Dollar to Nicaraguan Córdoba exchange rate of 36.6243 for 2026.
The BCN lowered the slip rate to 0% on the 1st of January 2024, effectively eliminating the usual annual devaluation of the Córdoba against the US Dollar. At that time the exchange rate of 36.6243 was carried over from the 31st of December 2023.
Slip Rate or Crawling Peg
The BCN had been steadily reducing the slip rate (devaluation) of the Nicaraguan Córdoba since November 1st 2019 when it was reduced to 3% per year from 5%. Just over a year later it was reduced to 2% then in February of 2023 it was reduced again to 1%.
The Slip Rate or Crawling Peg system has been in use in Nicaragua since 1993 as part of the continued stabilization program that had reduced hyperinflation as a result of the revolutionary and civil war years.
In 1993 the slip rate was 12%, meaning the Nicaraguan Córdoba Oro was being devalued against the US Dollar by 12% a year.
By 2004, the crawling peg had been reduced to 5%, where it stayed until 2019.
Buy/Sell Rates
The buy or sell rates used by the retail market, banks, financial institutions and “Cambistas” (money changers) are quoted daily or on the spot by the money dealers. The buy/sell rates are based on the vendors making money on a rate they think the market is prepared to buy and sell each currency.
History of the Córdoba
The Nicaraguan currency is named after the Francisco Hernández de Córdoba (1475–1526), the Spaniard credited as the founder of Nicaragua.
The first Córdoba was introduced in 1912 and replaced the Peso. At that time it was worth 12 ½ old Peso’s and was equal to one US Dollar.
In 1988 the second Córdoba was introduced. The exchange rate at that time was 10.1414 Córdobas to the US Dollar.
Then, in April 1991 the new and latest Córdoba was introduced and officially named the Nicaraguan Córdoba Oro (with an ISO 4217 currency code is NIO). At that time, the exchange rate was 5.00 Córdobas to the US Dollar.
The proper way to write the symbol for the Córdoba (e.g. a price label) is C$. For example; C$100
