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.

But most of those countries listed there are still ahead of Nigeria..

They are ahead in many sectors.. Most av better electricity, better transportation, better ICt facilities, better universities, better water and housing supply, etc.

Most of those countries have gone pass Nigeria bro.

GavelSlam:


Your explanation means the Naira strengthened.

I made a mistake. It was the other way around.

Zenithpeak:
In 1986/87 it was #1= 4.00USD

0.75 British Pound is equivalent to 1 US Dollar; do you think that makes the British economy any better than that of the US?

badmotherfucker:
Not a good way to talk about your country bro, what will you say about your child if he graduates with third class. Public disagrace? Be cool. I'm proud to be Nigerian

him and many of us no longer see ourselves as Nigerians.

Princedapace:


But most of those countries listed there are still ahead of Nigeria..

They are ahead in many sectors.. Most av better electricity, better transportation, better ICt facilities, better universities, better water and housing supply, etc.

Most of those countries have gone pass Nigeria bro.

+1000 likes.

The rich are our problems in this country. When Soludo was the CBN governor, he wanted to equate a naira to a dollar but the rich men discouraged Yaradua from implementing it.

Zenithpeak:



Guy,..... You too dey vex! ....... take chill � pill

hmm, lol...For dis ur country?...by d time most of una wake up, dey fit don sell some una give sudan...ur politicians no get chill , u wan come take chill pill?....i laff in swahilli o...nigeria is not funny my friend, n its not funny at all, n has neva been funny...u should go outside the shores of dis boundary and view d conundrum from there..go see edo girls dey tear their selves for d street of napoli to feed their mama and siblings, go see boys dey trekk d desert, n Mediterranean,some they pkuff sef,... just to escape the contraption,..isis and bokoharam they recruit local boys even with one-5, and d boys go pick up arms with all their hearts,..millions gat no job and not even a means of getting onetenth of d valueless currency to chop groundnut.. everyone don become their own government,providing for themselves virtually all the government are responsible of providing, some don they even sell children for fifteen thousand, yet the very police dey rob from even evans d kidnapper,....and these ediotic bunch of possessed shameless politicians of sirens n convoy, dey gallivant for 2019....n some of una dey clap..where d chill pill for dat matter?.. abeg zenithpeak, talk anoda thing , no go there....nigerians neva vex reach....if this contraption no they shame una , e dey shame some other people..make una they drink chill pill dey sleep..welldone o, na wen even niger n togo start to dey pursue una from their country the way south-africa and even Cameroon they do now, na im una go no say chill pill no be food...abeg no mention me biko, ejo..

Ghana this Ghana that! why can't you Nigerians let us be? how does it concern Nigerians that we revalued our money? I'm really tired of this nonsense.

Lionofdjungle:
The rich are our problems in this country. When Soludo was the CBN governor, he wanted to equate a naira to a dollar but the rich men discouraged Yaradua from implementing it.

because of their selfish gains abi nemesis will soon catch up with them

You need to learn economics. The low value of the Naira as contrasted to other currencies is only relevant if you're buying things from abroad as you are which is known as import. For the economy of Nigeria itself it matters how much purchasing power it has. If 1 Libyan dinar is worth 262 Naira but you can buy bread for 100 Naira in Nigeria but it costs 2 dinars in Libya, then Nigeria has more purchasing power.

Additionally Nigeria is an export heavy country with oil revenue being a major source of the country's revenue. As such a weak currency helps the country because it can sell more oil and get more money. In general a strong currency favors imports and a weak currency favors exports. For developed strong economies a stronger currency is beneficial but for growing economies, especially export oriented ones like Nigeria, a weak currency is beneficial. A weak currency discourages imports like your fashion items and encourages exports.

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.

That's not always a determining factor.... other key economy indices could influence a country's currency either positively or negatively. Wetin ghana dey produce?

richard870:
That's not always a determining factor.... other key economy indices could influence a country's currency either positively or negatively. Wetin ghana dey produce?

don't be silly, what do you know about Ghana to make such a nonsensical statement?.

Afam4eva:
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?

I love to go to Mauritius how can I go were to pass

leathalbeast:
don't be silly, what do you know about Ghana to make such a nonsensical statement?.

Lolz, I know a lot cuz that's where I live. Next time do proper research before composing misleading articles such as this. OK, bye!

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.

....sir I don't think you are ryt..abt the level of production or how du you explain that china produces more than Tunisia but Tunisia has currency with larger value than china

Na wah

Cladez:
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.

Lol! Trust me nigeria is not better dn any of those countries listed, when it comes to living well.

Maybe sudan. Nigeria is a big load of shi.t to be honest.

Afam4eva:
I was there for a year and half between 2014 and 2015.

Mdx?

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.

You made sense.

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.

Help me tell them

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 Nigerians which are not available in those 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 a paradise to most of those countries

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

I was treated like a King in those 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.

Above all, in terms of standard of living, infrastructures etc, Nigeria is on top in Africa.

Those when no go no know. . When u leave Nigeria.. Den we go learn to appreciate. .

CocoaOla:
some Nigerian are too lousy I travel to most of this African countries I noticed our naira is losing values and purchasing power inflations everywhere 1 million naira hardly do good thing now adays compare to two years ago Nigerians are dumb

Are u really saying dis..Wich of the African country u don visit

Zenithpeak:



You are not seeing it from the perspective that Naira is in a rollercoaster, it won't stop until the end. The purchasing power is weak and its a bearish trend.

Let's break it down; Minimum wage in Nigeria is #18,000 kindly spread over the course of 30days for a family of five. What is strength of our Naira?

U are the one getting the whole concept wrong. . He was taking about purchasing power.. Boss a shoe u buy in Nigeria for 18k is sold here on ghana for 400 cedis.. Go and do your calculation and understand Wat he meant

With All this exchange rate, why won't Nigerians be in almost every part of the world for a better living. Abeg if you still dey naija, try travel ooo! atleast if not Europe, go any other african country, foreign base na foreign base ooo!

Akachukwu42:

U are the one getting the whole concept wrong. . He was taking about purchasing power.. Boss a shoe u buy in Nigeria for 18k is sold here on ghana for 400 cedis.. Go and do your calculation and understand Wat he meant

thank u oga mi.

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

The paper should be swapped for leather to make naira STRONGER.

October 17
Federal high court abuja
9:00am
.
so sorry my brothers na just this morning the Python vomit am, we no know sey em swallow am after for the dancing competition, una no vex.

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.

Stop misinforming people. Turkish Lira is very strong. 1 dollar to Lira = 3. With 3 Lira you get one dollar.

Our currency is a worthless piece of paper when compared to Ghanaian cedi that used to be below our currency. Buhari e no go better for you for dragging us backward.

where are all the street soccer wannabe super stars,you can just find your way to Botswana, make some dough n come back to form foreign pro for all these yeye slay queens self.ha NA wao ,naija don't suffer even for Africa.

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.

pls can you tell us the price of the same size of bread in Kenya in shillings, let's do the math's n see the true strong currency in real terms pls,I'm very interested in this stuff.