Convert your Argentina Currency to Naira
Economic Indicators Comparison: Nigeria vs. Argentina
| Indicator | Nigeria | Argentina |
|---|---|---|
| Interest Rates (Lending) | 26.25% | 40% (Jun 2024) |
| Exchange Rates (Local Currency per USD) | ₦ (Nigerian Naira) 1,490 | 944 (Aug 2024) |
| Inflation Rate | 33.95% | 263% (July 2024) |
| Unemployment Rate | 5% | 7.7% (Mar 2024) |
| GDP Growth Rate | 2.85% | -2.57 (Mar 2024) |
| Savings Rate | 6.28% | Around 10% (estimated) |
Discussion:
- Interest Rates: Argentina has significantly higher interest rates to combat much steeper inflation.
- Exchange Rates: The Nigerian Naira is weaker compared to the Argentine Peso against the USD.
- Inflation Rate: Both countries experience inflation, but Argentina’s rate is considerably higher.
- Unemployment Rate: Unemployment is a serious issue in both countries, but Nigeria appears to have a slightly higher rate.
- GDP Growth Rate: Both economies are projected to grow at similar modest rates.
- Savings Rate: Both countries have populations with a reported propensity to save, though Nigeria’s data is more reliable.
Related Currency Pairings
Africans
Asians
The Evolution of the Argentine Peso
The Argentine Peso (ARS) has been the national currency of Argentina since 1991. Its history reflects the country’s complex political and economic landscape, marked by periods of growth, crisis, and hyperinflation.
Early Years: Prior to the introduction of the Peso, Argentina used the Austral, a currency introduced in 1985 to combat hyperinflation. The Peso replaced the Austral at a fixed exchange rate of 10,000 Australes to 1 Peso.
Convertibility Law and Pegging: In 1991, Argentina enacted the Convertibility Law, which pegged the Peso to the US dollar at a fixed exchange rate of 1:1. This policy aimed to stabilize the currency and attract foreign investment.
Economic Crisis and Devaluation: Despite the Convertibility Law, Argentina faced economic challenges, including high debt levels, a declining fiscal deficit, and political instability. In 2001, the country experienced a severe economic crisis, leading to the abandonment of the currency board and a significant devaluation of the Peso.
Reforms and Recovery: Following the 2001 crisis, Argentina implemented a series of economic reforms, including debt restructuring, fiscal consolidation, and increased social spending. These measures helped to stabilize the economy and gradually restore confidence in the Peso.
Recent Developments: In recent years, Argentina has faced challenges such as inflation, economic growth volatility, and political instability. The government has implemented measures to address these issues, including monetary policy adjustments and fiscal reforms. However, the country’s economic outlook remains uncertain.
Specific Reforms and Policies:
- 1991: Enactment of the Convertibility Law, pegging the Peso to the US dollar.
- 2001: Abandonment of the currency board and devaluation of the Peso.
- 2002: Implementation of a debt restructuring plan.
- 2003: Introduction of a floating exchange rate regime.
- 2019: Implementation of capital controls to limit foreign exchange outflows.
Sources:
World Bank
Central Bank of Nigeria
Central Bank of Argentina