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Nairaland Forum / Nairaland / General / Business / Top 10 Weakest Currency In Africa (See List) (82408 Views)
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Re: Top 10 Weakest Currency In Africa (See List) by Jethrolite(m): 8:17am On Jul 19, 2018 |
asuustrike2009:Which political leaders? Name them. |
Re: Top 10 Weakest Currency In Africa (See List) by uwajeh(m): 8:34am On Jul 19, 2018 |
cyndy1000:Ghana redenominated its currency some time ago that's why. Before then the currency wasn't worth much. |
Re: Top 10 Weakest Currency In Africa (See List) by uwajeh(m): 8:37am On Jul 19, 2018 |
What's the big deal?! South Korea is an industrialised country yet the South Korean Won is about 1200 to the US Dollar. Low currency valuation doesn't necessarily translate to a bad economy. 1 Like |
Re: Top 10 Weakest Currency In Africa (See List) by TrumpDonald2: 8:50am On Jul 19, 2018 |
yekparikpa:No bro. Its no longer seen as a currency . 1 Like
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Re: Top 10 Weakest Currency In Africa (See List) by SirBunky85(m): 9:11am On Jul 19, 2018 |
Oritzy:na Liberia currency sure pass |
Re: Top 10 Weakest Currency In Africa (See List) by Bimbilla(m): 9:47am On Jul 19, 2018 |
Oritzy:Ghana and Nigeria is like elephant and che chiefly 1 Like 1 Share |
Re: Top 10 Weakest Currency In Africa (See List) by mamachizzy(f): 10:36am On Jul 19, 2018 |
people shouting Zimbabwean dollar up and down do realise that there was a reform and and they now use dollars right |
Re: Top 10 Weakest Currency In Africa (See List) by HomeOfMe(f): 10:59am On Jul 19, 2018 |
hisgrace090:Giant by population only. 1 Like |
Re: Top 10 Weakest Currency In Africa (See List) by sagehacker: 10:59am On Jul 19, 2018 |
Men I migrate Go Guinea, with little im a rich man ;DMen I migrate Go Guinea, with little naira im a rich man |
Re: Top 10 Weakest Currency In Africa (See List) by Olumyco(m): 11:05am On Jul 19, 2018 |
OP exchange rate does not determine the value of a country's currency. I think weakness of a currency should be in terms of value. A currency value is its purchasing power. Also in currency denomination, a country can decide to adopt any style... it is the economy of the country that shows the true value of its currency. A country with high denomination can still be higher in value than a smaller denomination. I repeat the purchasing power of a country's currency is the key factor when it comes to strength. See like Cedis Cedis was recalibrated around 2007/2008. Ghana removed 4 zeros from their money. Its also called redecimation or redenomination. There is a reason why economics must be applied to anything that has to do with money. 1 Cedis was 10, 000 cedis before 2007/2008.. Even up till now in Ghana many of them still refer to 100 cedis as 1 million. Normally it is economy plus some other economic principles that shud increase the value of a currency and not manual methods like recalibration. And to prove that nothing serious has changed in Ghana with their recalibration. 1 cedi = 75/80 naira 1 cedi will buy 5 sachets of pure water while 75/80 naira will buy 7 to 8 sachets of pure water. Infact when the recalibration was done it was 1 cedi to 1 dollar but now because of economy instability.... the cedi has dropped and it is now being exchange for 4/4.7 cedis to 1 dollar. Further more exchange rate is being determined by many factors that has to do with economics. Economic policies play a major role in exchange rate determination. A country can decide to increase or decrease based on the economy of the country. When an economy is dependent on dollar for import there is tendency that the economy will be controlled by dollar and in dat case if you want to decrease the way your dollars go out since import is more than export (meaning dollars going out is more than dollars coming in) then you have got to increase the dollar exchange rate to favour the dollar from going out easily and too much. So in short dollar economy is all about trying to preserve your foreign reserve... when you have more dollar reserve... because export has increased.. then you can decrease... Well... thats just it. I will want to shock everyone here that Nigeria foreign exchange reserve is higher than that of South Africa. We even have more dollars than them. Infact Nigeria had the largest foreign exchange reserve in Africa. Guys the best thing we need to do is to study economics... economics is something everybody in the world needs to manage finances since we spend and earn money. This will enhance our understanding of Forex and currency economics. Thanks 1 Like 1 Share |
Re: Top 10 Weakest Currency In Africa (See List) by Nobody: 11:14am On Jul 19, 2018 |
we told them the zoo has expired....u can't ammend expired product....give me Biafra let's work with what we have....take ur oduduwa and arewa work with what u have...but instead they pretend its gonna work someday...when the so called country is depreciating each secs... |
Re: Top 10 Weakest Currency In Africa (See List) by sircrabo: 11:22am On Jul 19, 2018 |
emerged01: They only removed zeros, Our Naira still has a higher purchasing power 2 Likes |
Re: Top 10 Weakest Currency In Africa (See List) by sircrabo: 11:30am On Jul 19, 2018 |
Olumyco: Are you presently in Ghana ? Its been long i last visited. i have been to Ghana several times, and i tell you our Naira makes sense o. 10cedis is approximately N1000 (last i visited), but what 1k can get, 10cedis wont buy up to quarter. Their money burns out fast. A bottle of water cost up to 4cedis, pepsi is about 5cedis or so (N500). I eat a balanced diet here in Lag with N300 (x3) and have change for card, but i went to a bukker and the woman says rice starts from 5cedsi (no beans, plantain ... yet ) With 1k in naira, you can feed three square meal, but the equivalent in Ghana (10cedis) will only cover for breakfast. As for fuel, transporters dont even think of buying their fuel, we load fuel in our trunks for our return journey. Pump price for fuel in Ghana is up to 3.80 cedis (do the maths) Our Naira still has a higher purchasing power. what we face is bad leadership in Nigeria, if not, Nigeria would have been a home to all Africans. 2 Likes |
Re: Top 10 Weakest Currency In Africa (See List) by Kyllahmc(m): 11:32am On Jul 19, 2018 |
Danelo:then you want to buy bread there and they tell you a loaf of bread is 1 million franc only. LOL you guys still don't know how currency and ecomics work. 2 Likes |
Re: Top 10 Weakest Currency In Africa (See List) by emerged01(m): 12:02pm On Jul 19, 2018 |
sircrabo:That's what majority don't know. Some people are even comparing Ghana cedis to US dollar 1 Like |
Re: Top 10 Weakest Currency In Africa (See List) by ibegeeee: 12:10pm On Jul 19, 2018 |
[quote author=Olumyco post=69516773]OP exchange rate does not determine the value of a country's currency. I think weakness of a currency should be in terms of value. A currency value is its purchasing power. Also in currency denomination, a country can decide to adopt any style... it is the economy of the country that shows the true value of its currency. A country with high denomination can still be higher in value than a smaller denomination. I repeat the purchasing power of a country's currency is the key factor when it comes to strength. See like Cedis Cedis was recalibrated around 2007/2008. Ghana removed 4 zeros from their money. Its also called redecimation or redenomination. There is a reason why economics must be applied to anything that has to do with money. 1 Cedis was 10, 000 cedis before 2007/2008.. Even up till now in Ghana many of them still refer to 100 cedis as 1 million. Normally it is economy plus some other economic principles that shud increase the value of a currency and not manual methods like recalibration. And to prove that nothing serious has changed in Ghana with their recalibration. 1 cedi = 75/80 naira 1 cedi will buy 5 sachets of pure water while 75/80 naira will buy 7 to 8 sachets of pure water. Infact when the recalibration was done it was 1 cedi to 1 dollar but now because of economy instability.... the cedi has dropped and it is now being exchange for 4/4.7 cedis to 1 dollar. Further more exchange rate is being determined by many factors that has to do with economics. Economic policies play a major role in exchange rate determination. A country can decide to increase or decrease based on the economy of the country. When an economy is dependent on dollar for import there is tendency that the economy will be controlled by dollar and in dat case if you want to decrease the way your dollars go out since import is more than export (meaning dollars going out is more than dollars coming in) then you have got to increase the dollar exchange rate to favour the dollar from going out easily and too much. So in short dollar economy is all about trying to preserve your foreign reserve... when you have more dollar reserve... because export has increased.. then you can decrease... Well... thats just it. I will want to shock everyone here that Nigeria foreign exchange reserve is higher than that of South Africa. We even have more dollars than them. Infact Nigeria had the largest foreign exchange reserve in Africa. Guys the best thing we need to do is to study economics... economics is something everybody in the world needs to manage finances since we spend and earn money. This will enhance our understanding of Forex and currency economics. Thanks[/quote] This is the most informative comment on this topic but our daft nairalanders will not be able to read and understand. Currency to dollar does NOT determine how strong a currency is. The Japanese Yen is one of the strongest currency in the world yet 113 yen = 1 USD, tell me nairalanders, which would you rather have 10 Yen or 10 Cedis? 1 Like 1 Share |
Re: Top 10 Weakest Currency In Africa (See List) by xavier047: 12:19pm On Jul 19, 2018 |
Abeg report is a false one, where Zimbo dollars come dey for this ranking? when did nairaplus (link) beccome an authority to decide such rankings queensera: 2 Likes |
Re: Top 10 Weakest Currency In Africa (See List) by gondon(m): 12:20pm On Jul 19, 2018 |
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Re: Top 10 Weakest Currency In Africa (See List) by pomide(m): 12:22pm On Jul 19, 2018 |
Olumyco: Thank God Someone Was Able To Explain In Details, I'm Too Lazy To Type Lol... I Was Almost Starting To Think Over 50% of The Nigerian Population Are Dumb Lol. To Further Discuss About The Nigerian Economy, I Will Like To Shed More Light On Nigeria's Top Exporting Commodity Which Is Crude Oil. In Past Administrations, A Barrel of Crude Oil Sold for Over 100 Dollars, But Now Sells For Around 50. Now If Your Salary Was 100k Last 5 Years, and Now You Earn 56k How Would Your Life Be? There Would Be A Significant Drop In You Can Afford. But If You Had Other Sources of Income, even Though Your Salary Is 56k and Your Other Sources That Brought In Let's Say 10k Per Month Last 5 Years Now Brings In 300k You..... I Expect That You Must Have Understood The Hypothesis. Solving Nigerian Problem, We Need To Export More (If we export more, there will be jobs for youths, ask China, and people will be able to afford basic life things. Stop Corruption (Embezzlement Mainly of public funds), Provide Basic Amenities For Citizens i.e Everybody Gets Access to Good Healthcare, Security, Good Roads, electricity... If All These Are In Place, What Else Do We Want |
Re: Top 10 Weakest Currency In Africa (See List) by Krisddon: 2:26pm On Jul 19, 2018 |
jibbish:Funny how we're talking practical but you stick to theory. I don't hate your almighty baba ok? But at least for once, admit that he didn't have a good economic team. Must anyone who speaks the truth be a hater or wailer? |
Re: Top 10 Weakest Currency In Africa (See List) by Nobody: 8:06pm On Jul 19, 2018 |
Jethrolite:The current APC chairman |
Re: Top 10 Weakest Currency In Africa (See List) by Nobody: 9:05pm On Jul 19, 2018 |
ronaldbecky:bro i stated my reason for been broke, salaries has not been paid, so having a car does not mean u cant be broke. |
Re: Top 10 Weakest Currency In Africa (See List) by Jethrolite(m): 9:39pm On Jul 19, 2018 |
asuustrike2009:Abegi |
Re: Top 10 Weakest Currency In Africa (See List) by jibbish(m): 10:56pm On Jul 19, 2018 |
Krisddon:No they aren't wailer Bubu isn't almighty as he has his shortcomings in every sector and always slow to react, but on the topic of discuss for currency, he takes no blame. Its an instituted problem that has been set up. He came in at the wrong time. 1 Like |
Re: Top 10 Weakest Currency In Africa (See List) by ommo(m): 3:31pm On Jul 20, 2018 |
queensera: This is not only false it is fake news. Even in West Africa, naira is one of the most expensive currency. Better than Ghana cedis which have to knock off 4 zeros in order for it to be still relevant. 2 Likes |
Re: Top 10 Weakest Currency In Africa (See List) by Sewgon79(m): 10:14pm On Jul 20, 2018 |
Kyllahmc: Says who, In Guinea Loaf of Bread is either 10,000francs .Buying Rice and meat is 15,000francs in Nigeria Canteen and 5,000francs in their local canteen. Guinea is not as bad as that. There money is devalued but they have good economy and food is cheap 1 Like |
Re: Top 10 Weakest Currency In Africa (See List) by tiwiex(m): 5:21am On Jul 21, 2018 |
jibbish: Exactly my thought. This is a shallow argument. You have to consider many other matrices. Are you aware things are cheaper in Rwanda? You can get a really good two course meal for 1300. I mean posh and nice plece. So you go with your "weak" Naira to Rwanda and you are actually richer even at the moment. Ghana is not on the list because they redenominated their currency 1000 turned to 10 cedis overnight. Does that make the Cedis 100 times stronger? Ghana is actually expensive even with our Naira. Its not as simple as the list shows. Even under GEJ, assuming currency did not lose value, we would still be 9th based on your argument. 1 Like |
Re: Top 10 Weakest Currency In Africa (See List) by Kyllahmc(m): 10:07am On Jul 21, 2018 |
Sewgon79:The 1 million i said was just an example on how economy works... I haven't been to Guinea. But We are still making the same point, a loaf of bread is 500k franc meanwhile its just around #300 here... 1 Like |
Re: Top 10 Weakest Currency In Africa (See List) by Kyllahmc(m): 10:08am On Jul 21, 2018 |
Sewgon79:The 1 million i said was just an example on how economy works... I haven't been to Guinea. But We are still making the same point, a loaf of bread is 500k franc over there meanwhile its just around #300 here... 1 Like |
Re: Top 10 Weakest Currency In Africa (See List) by Aspiregreat: 1:52pm On Aug 13, 2018 |
Olumyco: 1 Like |
Re: Top 10 Weakest Currency In Africa (See List) by johnHerba(m): 3:09pm On Nov 18, 2020 |
Re: Top 10 Weakest Currency In Africa (See List) by Chronicgenius: 11:18am On Oct 02, 2021 |
You done wanna know how bad the naira has plunged in 2021 man |
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