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Nairaland Forum / Nairaland / General / Politics / Shocking Revelation Of The Naira Among Other African Currency (3458 Views)
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Shocking Revelation Of The Naira Among Other African Currency by Nyouth: 8:47am On Oct 15, 2017 |
We compared Nigerian Naira to other African currencies, the result is shocking pulse.ng Oct 12, 2017 2:32 PM I felt only a few African countries could have stronger currencies than the naira but I was shocked and ashamed with what I found out. Different denominations of the naira (Naij.) I wanted to do an online transaction with an online fashion brand abroad. Of course, I always make sure I check the exchange rate before I place an order, to know how much I would be spending in naira. As usual, after calculating the exchange rate, what I wanted to get was on the high side. I just became humble and cancelled the transaction. I started thinking if the disparity between dollar and naira is so insane, what will be the exchange rate of the naira to the currencies of other African countries. I picked 25 random African countries and compared their currencies with the naira. Before I started my findings, I felt only a few African countries could have stronger currencies than the naira but boy I was shocked and ashamed with what I came up with. Check out the latest exchange rate of the Nigerian naira compared to some random African countries' currencies. 1. South Africa - 1 Rand = 26.28 Naira 2. Ethiopia - 1 Birr = 13.30 Naira 3. Ghana - 1 Cedi = 81.96 Naira 4. Gambia - 1 Dalasi = 7.60 Naira 5. Kenya - 1 Shilling = 3.48 Naira 6. Liberia - 1 Dinar = 3.05 Naira 7. Swaziland - 1 Lilangeni = 26.55 Naira 8. Tunisia - 1 Dinar = 145.90 Naira 9. Zambia - 1 kwacha = 36.7 Naira 10. Angola - 1 kwanza = 2.17 Naira 11. Lesotho - 1 Loti = 26.55 Naira 12. Libya - 1 Dinar = 262.77 Naira 13. Morrocco - 1 Dirham = 38.32 Naira 14. Madagascar - 1 Ariary = 0.12 Naira 15. Mauritius - 1 Rupee = 10.5 Naira 16. Malawi - 1 kwacha = 0.50 Naira 17. Mozambique - 1 Metical = 5.8 Naira 18. Namibia - 1 Dollar = 26.55 Naira 19. Seychelles - 1 Rupee = 26.38 Naira 20. Sudan - 1 pound = 53.89 Naira 21. Botswana - 1 Pula = 34.60 Naira 22. Cape Verde - 1 Escudo = 3.82 Naira 23. Algeria - 1 Dinar = 3.18 Naira 24. Egypt - 1 Pound = 20.45 Naira 25. Eritrea - 1 Nakata = 23.52 Naira The currencies of some worse economies in Africa have better value than the naira. So the question is - Do you think Nigeria's naira is the weakest currency in Africa and the world at large and what is the way forward to strengthen the naira. Share your thoughts and comments 4 Likes 1 Share |
Re: Shocking Revelation Of The Naira Among Other African Currency by hardywaltz(m): 8:52am On Oct 15, 2017 |
U know very little about currencies. Unfortunately I can't explain it to you. I went to Ghana and Togo recently and believe me I fell in love with the Naira. In 2012 1 GH Cedi = N 150 But today 1 GH Cedi = N 81 This is despite the massive devaluation of the Naira Just so u know 1$ = 112 Japanese yen Yet Japan is one of the strongest economies in the world 22 Likes 1 Share |
Re: Shocking Revelation Of The Naira Among Other African Currency by cutieme(m): 8:52am On Oct 15, 2017 |
OP,u say what is the currency of liberia? |
Re: Shocking Revelation Of The Naira Among Other African Currency by AdultMaleNegro(m): 8:55am On Oct 15, 2017 |
Op it's only you that is shocked. |
Re: Shocking Revelation Of The Naira Among Other African Currency by Horlufemi(m): 9:00am On Oct 15, 2017 |
still waiting to be shocked 1 Like |
Re: Shocking Revelation Of The Naira Among Other African Currency by aolawale025: 9:06am On Oct 15, 2017 |
hardywaltz: The strength of a currency isn't as important as a country's productivity 7 Likes |
Re: Shocking Revelation Of The Naira Among Other African Currency by sunnysunny69(m): 9:10am On Oct 15, 2017 |
Nice read but honestly most of those countries nationals most time wish they are Nigerian. 5 Likes |
Re: Shocking Revelation Of The Naira Among Other African Currency by MyNewJackeT: 9:24am On Oct 15, 2017 |
sunnysunny69: I wish to come from another country other than Nigeria 1 Like |
Re: Shocking Revelation Of The Naira Among Other African Currency by Agbaletu: 9:30am On Oct 15, 2017 |
It does not work that way. Most of the currencies above cannot be exchanged with Naira directly, it is either you buy Dollar, Euro or Pound Sterling and take them to these countries to get the local currencies. You will discover that Naira is more valuable than most of them when you want to buy anything in the countries you mentioned. 6 Likes |
Re: Shocking Revelation Of The Naira Among Other African Currency by Agbaletu: 9:32am On Oct 15, 2017 |
aolawale025:I agree with you. 1 Like |
Re: Shocking Revelation Of The Naira Among Other African Currency by Winna01(m): 10:17am On Oct 15, 2017 |
Now I know why they troop to Libya. |
Re: Shocking Revelation Of The Naira Among Other African Currency by meezynetwork(m): 10:21am On Oct 15, 2017 |
Wrong analysis 3 Likes |
Re: Shocking Revelation Of The Naira Among Other African Currency by Yyeske(m): 10:24am On Oct 15, 2017 |
OP, it doesn't reflect in the cost of living as you may think. Take for instance, one US dollar will buy over 1200 South Korea won yet South Korean economy is one of the most industrialized and strongest in the world. . Some years back, over 9000 Ghanaian cedis will buy 1 US dollar, the government decided to remove 5 zeros from the exchange rate making the new Ghanaian cedi 0.90 to one US dollar, today it has depreciated to 4.39 cedis to one US dollar. Just as someone said earlier, it is the productivity of the economy that matters and not exchange rate. . That the currency has more power doesn't translate to being productive and its people doing well. Which do prefer, staying in Seoul and buying one dollar for over 1200 won or Accra and buying dollar for less than 5 cedis or even in Nigeria where you get your dollar for about 360naira. 11 Likes |
Re: Shocking Revelation Of The Naira Among Other African Currency by Agbaletu: 10:39am On Oct 15, 2017 |
Yyeske:Very correct. 3 Likes |
Re: Shocking Revelation Of The Naira Among Other African Currency by Yyeske(m): 10:50am On Oct 15, 2017 |
Agbaletu:Thanks 1 Like |
Re: Shocking Revelation Of The Naira Among Other African Currency by RomeSankara: 10:57am On Oct 15, 2017 |
sunnysunny69: Stop lying why will they wish they are Nigerians, stop recovering yourself and try to travel a lot more then you will know Nigerians have one of the worst standard of living on earth |
Re: Shocking Revelation Of The Naira Among Other African Currency by sunnysunny69(m): 11:10am On Oct 15, 2017 |
RomeSankara:I have been to some countless countries and most African countries national still respect us. 4 Likes 1 Share |
Re: Shocking Revelation Of The Naira Among Other African Currency by Bede2u(m): 11:17am On Oct 15, 2017 |
sunnysunny69: RomeSankara:This it the lie Hausa and Yoruba tell themselves to justify their one Nigeria stance. That Nigeria is/will be great. The truth is they want to suck as much ND oil as possible b4 the country disintegrates 3 Likes 1 Share |
Re: Shocking Revelation Of The Naira Among Other African Currency by Nobody: 11:19am On Oct 15, 2017 |
Wonders shall never end................I blame .........CPA |
Re: Shocking Revelation Of The Naira Among Other African Currency by stepo707: 11:53am On Oct 15, 2017 |
cutieme:Liberia uses Liberian dollars and USD. Copy and paste has finished the OP 1 Like |
Re: Shocking Revelation Of The Naira Among Other African Currency by vedaxcool(m): 11:56am On Oct 15, 2017 |
sunnysunny69: Gbam. Pigs and idiots are not smart- Nnamdi cownu
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Re: Shocking Revelation Of The Naira Among Other African Currency by cutieme(m): 12:28pm On Oct 15, 2017 |
stepo707:Hahahahahaha abi? |
Re: Shocking Revelation Of The Naira Among Other African Currency by LexngtonSteele: 1:56pm On Oct 15, 2017 |
Thank you so much for this post. It's so enlightening. The CEDIs and Yen example just suddenly helped me understand how currencies really work. hardywaltz: |
Re: Shocking Revelation Of The Naira Among Other African Currency by oladeebo: 2:53pm On Oct 15, 2017 |
Nyouth:op that's the aim of keeping Naira around where it is today, what you want to shopping else where is at your door step in Nigeria, if Naira is high the money fly out, and the cost of production at home keeping high so low patronage. since two years now livestock that were imported from sub regional markets into Nigeria had stop, it's Nigeria livestock that exported to those countries.....Niger, Burkina, Mali etc. ask those at that country? 2 Likes |
Re: Shocking Revelation Of The Naira Among Other African Currency by Blue3k(m): 2:59pm On Oct 15, 2017 |
Currency strength is very relative. Looking at it in vacuum like this isnt helpful. The naira should be weaker if we weren't constantly supporting it. The import thing is having relatively stable value, controlled inflation and stable economy. 1 Like |
Re: Shocking Revelation Of The Naira Among Other African Currency by wxyz1: 3:22pm On Oct 15, 2017 |
sunnysunny69:you are deceiving your self. In our adage, "a child who had no opportunity of testing another women soup would always praise his mother to be the best cook" grow up. |
Re: Shocking Revelation Of The Naira Among Other African Currency by Babalegba(m): 4:29pm On Oct 15, 2017 |
The o.p is knows little about economics. Nigerian education is rubbish. School abroad for the best results |
Re: Shocking Revelation Of The Naira Among Other African Currency by oparajicheta: 5:07pm On Oct 15, 2017 |
Oh! My God!! This is ridiclous, the only thing our govt knw is to kill civilians with soldiers!! |
Re: Shocking Revelation Of The Naira Among Other African Currency by Nobody: 5:20pm On Oct 15, 2017 |
Buhari has failed Nigerians... Useless government |
Re: Shocking Revelation Of The Naira Among Other African Currency by bakila: 5:28pm On Oct 15, 2017 |
Agbaletu:i agree. If we keep our money here and invest it we will better of. |
Re: Shocking Revelation Of The Naira Among Other African Currency by Almaiga: 5:36pm On Oct 15, 2017 |
Bede2u: An IPOB sighted, by their words we shall know them. |
Re: Shocking Revelation Of The Naira Among Other African Currency by Bede2u(m): 5:40pm On Oct 15, 2017 |
Almaiga:proudly babaa |
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