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Nairaland Forum / Nairaland / General / Business / Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. (58589 Views)
Nigeria's Naira Reverses Back As World's Worst Performing Currency — Bloomberg / See Why The Nigeria Naira Is Rapidly Depreciating Against The Dollar / Matches: I Am Shocked After Seeing This In Nigeria (photo) (2) (3) (4)
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Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by Zenithpeak(m): 7:51am On Oct 15, 2017 |
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 = 5.8Naira 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 https://amp.pulse.ng/lifestyle/money/the-disparity-between-naira-and-other-african-currency-id7448703.html 23 Likes 8 Shares
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Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by madridguy(m): 7:54am On Oct 15, 2017 |
2 Likes 1 Share |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by Freetech: 7:56am On Oct 15, 2017 |
I think you need to understand dynamics of economy of Nations. Production determined the strength of currency of any country. Nigeria economic production is currently at its lowest ebb because of the problem with crude price. Note, this is our major production. Any country that find herself in this type of situation must devalue her currency to encourage exportation and discourage importation. Production to meet local need and for export will increase. In 2007 - 2009 both us and Britain devalue their currency more than 3 time because of recession. Even Ghana you put here had to divide their currency by 1000 to have current value Finally, this have nothing to do with the quality of life in the country but to encourage production. TURKISH LIRA. IS THE MOST USELESS CURRENCY IN THE WORLD BUT TURKEY HAVE BETTER ECONOMY AND QUALITY OF LIFE THAN ANY OF AFRICAN COUNTRY UP THERE. The little gain we have in non oil export and rice production wouldn't have Bern NC possible without the ddevaluation. 293 Likes 31 Shares |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by BLINGZ88: 8:05am On Oct 15, 2017 |
Nigeria doesn't need the naira to be that strong, although the current exchange rate is to low, we need the naira to be around #150 to $1. as for Ghana and co that made their currency very high, they do it because most of the goods are imported and nigeria doesn't need that. 20 Likes 2 Shares |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by jamace(m): 8:09am On Oct 15, 2017 |
Hmm. Really a bad time for Nigeria. 1 Like |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by Zenithpeak(m): 8:10am On Oct 15, 2017 |
Instead of developing our nation's economy we are on a borrowing spree with dire conditions that will further plunged the Naira into quicksand and the citizens fighting with the mysterious economic conditions that defiles the intellectual capacities of even the best economists in the whole world. 5 Likes |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by haykes(m): 9:32am On Oct 15, 2017 |
Ask Buhari is this change he was talking about during the campaign,i swear there is change but NEGATIVE change 20 Likes 1 Share |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by Mckandre(m): 7:39pm On Oct 15, 2017 |
Even Libya better pass us. Just tell me the reason why we shouldn't go there nd begin development Buhari sef 24 Likes
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Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by Afam4eva(m): 7:39pm On Oct 15, 2017 |
The last time i was in Mauritius it was 1 rupee to 5 naira and now, it's 1 to 10. Are we trying to compete with Zimbabwean dollars? 30 Likes |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by DanielsParker(m): 7:39pm On Oct 15, 2017 |
ok |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by NwaAmaikpe: 7:40pm On Oct 15, 2017 |
The Naira is amongst the most worthless currencies in the world... All thanks to Buhari. Yet girls will still run after it. The picture below describes what the naira is; A bloody footmat 76 Likes 8 Shares
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Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by MrGreenMavro: 7:40pm On Oct 15, 2017 |
no comparison with iPod currency? 3 Likes 1 Share |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by flawlessT(f): 7:40pm On Oct 15, 2017 |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by Dee60: 7:40pm On Oct 15, 2017 |
Complete show of ignorance. This is how many Nigerians assume they are experts in Economics. The value of your currency is not measured by the figure it exchanges against other currencies but what it can buy. 300 Naira can buy you a loaf of bread in Nigeria but can 10 Kenyan shillings buy you that same loaf? When you change that money what can it buy? That is the true value. Your nominal value does not mean much. 185 Likes 14 Shares |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by soberdrunk(m): 7:40pm On Oct 15, 2017 |
No wonder my people wan die for Libya...... 4 Likes |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by Nawteemaxie(m): 7:40pm On Oct 15, 2017 |
Even Ghana wey we pursue? 33 Likes 3 Shares
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Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by fulaniHERDSman(m): 7:41pm On Oct 15, 2017 |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by temitemi1(m): 7:41pm On Oct 15, 2017 |
Ghana smh... |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by VickyRotex(f): 7:42pm On Oct 15, 2017 |
Biko, my own question is that: Has CBN stopped online transactions for some banks? Please I'm asking for someone. 1 Like |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by DivinelyBlessed: 7:42pm On Oct 15, 2017 |
Na Fvck up |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by Nobody: 7:42pm On Oct 15, 2017 |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by uhuogba(m): 7:42pm On Oct 15, 2017 |
You do not need to check up the exchange rate to know our naira is just a level over a piece of paper. Even within Nigeria the naira buying power is so low. 4 Likes |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by BlackDBagba: 7:42pm On Oct 15, 2017 |
Ok |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by Cladez(m): 7:42pm On Oct 15, 2017 |
Its not all about the exchange rate but the standard of living.........No doubt they have more value than the naira but we are better off than most of those countries when it comes to living well. 17 Likes 3 Shares |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by JoshMedia: 7:42pm On Oct 15, 2017 |
You people are here checking naira equivalent The rate on my signature is way more cheaper Check my signature |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by Bgorgeous: 7:43pm On Oct 15, 2017 |
this is heartbreaking and we call ourselves giant of Africa thunder fire corruption 1 Like 1 Share |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by Mrchippychappy(m): 7:43pm On Oct 15, 2017 |
Freetech: Rubbish! 20 Likes 1 Share |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by Agbaletu: 7:43pm 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. 10 Likes |
Re: Compare Nigeria's Naira To Other African currencie and Be Shocked At The Result. by DesChyko: 7:43pm On Oct 15, 2017 |
The dream Nigerian leader is that man who would understand what Nigerians indigenous production power lies in..and dedicate resources to industrialize the economy in those directions. Thay is when the education from primary any level would have a sense of purpose and direction. It's not about telling Nigerians to look away from crude oil and go into agriculture; but making sure that there is little need to export whatever is gotten from the soils. That way, more of the money remains within. But if the government doesn't invest in subsidized industrialization, it would still be cheaper to import pencils. 4 Likes |
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