₦airaland Forum

Exchange rates was arrived at using Google exchange rate/converter

NAIRA EXCHANGE RATE vs AFRICAN COUNTRIES:

South Africa: Rand 1= N23.73
Angola: 1 kwanza = N1.91
Botswana: 1 Pula = N30.16
Cape Verde: 1 Escudo = N3.05
Algeria: 1 Dinar = N2.88
Egypt: 1 Pound = N17.71
Eritrea: 1 Nakata = 18 Naira
Ethiopia: 1 Birr = N14.01
Ghana: 1 Cedi = N71.16
Gambia 1 Dalasi = N7.20
Kenya: 1 shilling = N3.06
Liberia: 1 Dollar = N3.37
Lesotho: 1 Loti = N23.56
Libya: 1 Dinar = N226.43
Morocco: 1 Dirham = N31.46
Madagascar: 1 Ariary = N0.09970
Mauritius: 1 Rupee = N9
Malawi: 1 kwacha = N21
Mozambique: 1 Metical = N4.5
Namibia: 1 Dollar = N24
Seychelles: 1 Rupee = N23.14
Sudan: 1 pound = N47.6
Swaziland: 1 Lilangeri = N23.6
Tunisia: 1 Dinar = N139
Zambia: 1 kwacha = N0.0598

The two currencies the Naira is presently higher than is Madagascar Ariary and the Zambian Kwacha. God help our currency.

It is high time we stopped calling ourselves the 'giant of Africa'. Going by these exchange rates, it is safe to say we are known for being the most populous African country in the world with a useless currency. I keep wondering how we got to this point.

Sanchez01:
It is high time we stopped calling ourselves the 'giant of Africa'. Going by these exchange rates, it is safe to say we are known for being the most populous African country in the world with a useless currency. I keep wondering how we got to this point.

it is serious o

Buhari has finished us.
Chai.
I dey go Ghana.

austin2all:
Buhari has finished us.
Chai.
I dey go Ghana.

Cedis that our comedians used to make jokes with back then. The same Cedi is over N70 now. Yet we keep saying it is not that bad.

Be deceiving yourself. No wonder someone ran all the way from Kenya to come and collect our marathon prize and MTN, DSTv and the likes have not sold their stakes if Nigeria is not a golden market.
It's not a matter of exchange rate, but many other things are attached which makes a country garner respect. Go and ask Ghana.
As unstable as our currency is, we can still afford to send foreign aid to many countries on that list tomorrow. The horse that runs ahead of the crowd is crowned king. Not necessarily the one with the muscles.

matrixme:
Be deceiving yourself. No wonder someone ran all the way from Kenya to come and collect our marathon prize and MTN, DSTv and the likes have not sold their stakes if Nigeria is not a golden market.
It's not a matter of exchange rate, but many other things are attached which makes a country garner respect. Go and ask Ghana.
As unstable as our currency is, we can still afford to send foreign aid to many countries on that list tomorrow. The horse that runs ahead of the crowd is crowned king. Not necessarily the one with the muscles.

And you missed out the point that the winners were paid in Dollars and not in Naira? We lean on past Glory as a nation, one which has not really pushed us to achieve nothing. South Africa is the envy of Africa as it stands, while we are at the level where we still get to ask ourselves how we voted certain entities into office.

And have you equally cared to ask how many functional companies are happy with the state of things in the country? We send foreign aids because we champion the hypocritical mantra. These aids are never deployed in Fulani boiling territories, yet you think or believe all is well? The answer whether or not Boko Haram has been defeated is still answered with 'technically'.

In being a patriot, we need to side or pretend all is well when certainly all is not. The country isn't trending well. The present administration is clueless as far as economic policies are concerned and the we believe we still have the respect of other countries? Perhaps respect is what fills the plate of those who voted with the hope that things would get better.

You guys are not just getting it, it isn't about the purchasing power of ur countries currency its about the stability of the economy.

Look @ Japan, Japan has too devalue their currency in order to attract more investors.

The same thing that our CBN Governor wanted, to devalue the naira to attract more investors. But the corruption level is too high.

Exchangers took advantage of this by hoarding dollars and causing a wide gap between the black market rate and official rate which contributed in scaring off investors, plus Nigeria is not a manufacturing nation yet meaning we import more and export less and the terrorist attacks so all these things lead to the country's falling.

wamiikechukwu:
You guys are not just getting it, it isn't about the purchasing power of ur countries currency its about the stability of the economy.

Look @ Japan, Japan has too devalue their currency in order to attract more investors.

The same thing that our CBN Governor wanted, to devalue the naira to attract more investors. But the corruption level is too high.

Exchangers took advantage of this by hoarding dollars and causing a wide gap between the black market rate and official rate which contributed in scaring off investors, plus Nigeria is not a manufacturing nation yet meaning we import more and export less and the terrorist attacks so all these things lead to the country's falling.

You shouldn't have included the emboldened. Nigeria does not have stable economy, all thanks to our lust for oil.

As a consuming nation with little or nothing to manufacture/export, devaluation would have birthed instant economic death owing to the fact that we heavily rely on importation. One of the implications of devaluation which most countries fear the most, is that imports would be more expensive while export would be very cheap. Even with the so-called manufacturers in the country, most of them still import their materials from several other countries.

The problem is not just about devaluation of our currency. It would have made tons of sense if we export more than we import but we all know that huge reverse is the case. Increased aggregate demand (AD) would not work here because the import - export scale is uneven.

Our problems, quite unfortunately, are overdependence on oil, while ignoring the call for a sudden diversification of the country's economy, coupled with the like of clear economic policies as exhibited by the present administration.

You don't just compare a producing nation with Nigeria. These things are not rocket science.