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

akeensbussy:
bad comparison....Is our naira not bigger than the South Korean won.

can you compare the standard of leaving?

Werehkpe:



Some of these countries including Ghana have devalued their currencies. If we do same d Naira will compare better than it is right now

akeensbussy:
bad comparison....Is our naira not bigger than the South Korean won.

can you compare the standard of leaving?

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.

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.

madridguy:

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.

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.thanks for the insight on how economies work.i was in New Dehli and some friends from Kenya and Zimbabwe were discussing about their currencies and i realised that their currencies were higher than naira.i avoided the topics through out my studies in India because i was ashamed but thanks for the insight u just gave.


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.

Lloydfolarin:
Let me shock you guys

Take it or leave it, Nigeria is better than 96% of those countries

I have been to 6 to 7 countries on that list and my experience opened my eyes to what we are enjoying as Nigeria which are not available in these countries.

Before my first trip out of Nigeria, i thought Nigeria is the worst country in the world until i left Nigeria to study in other countries.

I swear with my life, Nigeria is like paradise to most of those countries

I think someone here should be able to testify to what i am saying.

I was treated like King in these countries when i told the local students that i am from Nigeria.

I became a patriotic Nigerian when i saw the way these citizens appreciate what i failed to appreciate in my country.

Jhulyan:
Whc year where you in Mauritius and for how long?

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.

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

ENDTIMEgist:


Very Insightful, I find it very hard understanding the whole ForEx thing.

Pavore9 how much K.Sh is a big loaf of bread in Kenya?

DaCharis2016:
please, I need you to explain further. Why comparing the value of N300 to 10 Kenyan shillings? But 300 Kenyan shillings can buy many loaves of bread, right?

Mckandre:
Even Libya better pass us. Just tell me the reason why we shouldn't go there nd begin development Buhari sef

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.

Nawteemaxie:
Even Ghana wey we pursue?

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.

Pavore9:


One Kenyan shilling is equal to N3.50

A 1kg loaf of bread sells for about 100ksh.

Kog45:
Ghana?Cedis is useless when it comes to value, with 100 naira u get a coke in Nigeria but in Ghana u need to pay 350 naira.

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.

Mrchippychappy:



Some of una neva cross seme border yet una go dey make silly comments," take it or leave it", take what? There are Nigerians in Rwanda who can testify that Rwanda is 10 times better than Nigeria, I know people who left Nigeria for Senegal and they don't EVER plan to come back. This Nation is a mess!

MadCow1:


As soon as I saw Ghana, I saw bullshit because I know Ghanas currency only appeared to gain on the Naira after they redenominated their currency and using the old exchange rate margin to judge, the Naira has gained on the Cedis.

Zenithpeak:



Devaluation or not, Nigeria economy is at its all time low.

If you are around in the 80s, would you ever imagine that a tin of peak milk will be sold at #200 and a crate of egg at #900?

Let's face reality here bro, thing were not like this during the military era. If care is not taking we will be comparing our currency with Zimbabwe's dollar.

shervydman:

if u're around in the 80s, u'll know that value of $$$ in the 8os is not the same as at now.

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.