Zenithpeak:


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

NwaAmaikpe:


The Naira is amongst the most worthless currencies in the world... Yet girls will still run after it.

The picture below describes what the naira is;
a bloody footmat

Freetech:
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.

Mckandre:
Even Libya better pass us Buhari sef

NwaAmaikpe:


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

Memyselfu2009:
Bad Economy we need to produce more and import less

Zenithpeak:

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

Freetech:
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.

GoodMuyis:
I don't know economics, but does the numerical value of a currency corresponds to its purchasing power. example if 20NGN could purchase a bag of rice will 20GHC purchase same?

Afam4eva:
The last time i was in Mauritius it was 1 naira to 5 rupees and now, it's 1 to 10. Are we trying to compete with Zimbabwean dollars?

Freetech:
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.

Magnifico2000:

So even if you want to go to Ghana, you buy dollars forst and take it to Ghana? I disagree wih u as nigerians travel to ghana almoat everyday and they go with our local currency.

Dee60:
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.

chrizdave:
Oh boy! na to bomb Tunisia and Libya o!!!