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

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.

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

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.

sfinkzslot:
dollar is the bases of exchange, therefore if a country doesn't import much & the citizens are less concern about foreign luxury goods, their currency will have value dollar wise which may not necessarily give a true picture of their social economic sphere. Most of the listed counties imports are considerably far less compared with Nigeria where we spend more on imports

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.

groovie:
Don't be misled by the rates. What you can do is convert 50,000 naira to any of those currencies then convert what you get to dollars. Then convert 50,000 naira directly to dollars, then compare and see.
Although the Nigerian economy is being mismanaged, the naira is still stronger than most of those currencies. That's why imf is crying for Nigeria to devalue the currency

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

seniwellsFX:
Omo...this ur currency exchange mechanism no be here ooo... abeg no try do business with this ur style ooo..or else Na serious problem u go put urself oo.. lolzzzz... Only currency spreads and commissions fit chop 2 to 3% of the monetary acquired equity after this round trip exchange rate operations

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.

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

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?ur calculation is wrong sir

When you change that money what can it buy? That is the true value. Your nominal value does not mean much.

Akachukwu42:


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

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.

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.

richard870:
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!

Ucheparker:





Don't mind this unlearned OP. Has never been to any of those countries or he won't write this rubbish of a post. And people are already being deceived and talking down on Nigerian economy. With what is written I. The article ₦82 can buy the equivalent of a ₦100 recharge card in Ghana because they sell recharge card at 1cedi. To cut your hair in Ghana you would need to spend 6 cedis which the equivalent of ₦492 and this is exactly what they use to cut your hair in the village!. A lot of people have written about currency devaluation but few Nigerians understand what that means but in essence if you devalue your currency you can just reassign value of one note to a lesser note! In simple terms 1 Ghana cedis should buy exactly what ₦100 should buy but the naira is ahead of the cedis by ₦18!
And this is just for cedis, I'll bet that all of the countries on that list also devalued their currency too. So their 1 whatever their currency is should also buy what ₦100 should buy except south African rand on that list.

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?

Just30:
like taxation

leathalbeast:
don't mind him, he thinks Nigerians would survive the taxes we pay here. like they will quickly overthrow their government in an uprising and a civil war will ensue.

Just30:
I don't know why their shallow level of thinking surprise me all the time