I observed that Nigerians are panicking when they realized that the naira is now exchanged at #180/$1.

Then going through the world currency table, I discovered that about 1, 200 korean Won is equal one USA dollar. surprisingly, The Korean are more prosperious than most countries that their money is lesser in dollar exchange.

What is the mystery behinds this? Is any Economist in the house to explain this. May be this will broaden our knowledge. has a nation.

The value of the currency doesn't gauge whether an economy is strong or not.

The reason korea is prosperous is because its an exporting country (samsung, hyundai, kia, etc). The lower the value of their currency compared to dollar, the larger their exports. Countries like china and japan also try to keep their currency lower compared to the dollar to increase exports.

In nigeria's case we are an importing country. The things we import are all paid for in dollar. so we need to have a strong naira so we can afford to pay for all these things we import.

properguy:
The value of the currency doesn't gauge whether an economy is strong or not.

The reason korea is prosperous is because its an exporting country (samsung, hyundai, kia, etc). The lower the value of their currency compared to dollar, the larger their exports. Countries like china and japan also try to keep their currency lower compared to the dollar to increase exports.

In nigeria's case we are an importing country. The things we import are all paid for in dollar. so we need to have a strong naira so we can afford to pay for all these things we import.

Good submission. Strong naira means more importation. That means all the steps taking by CBN is to discourage importation which is good at the long run?