Convert your Bosnia and Herzegovina Currency to Naira
Economic Indicators Comparison: Nigeria vs. Bosnia and Herzegovina
| Indicator | Nigeria | Bosnia and Herzegovina |
|---|---|---|
| Interest Rates (Lending) | 26.25% | 4.53% (May 2024) |
| Exchange Rates (Local Currency per USD) | ₦ (Nigerian Naira) 1,470 | 1.76 (Aug 2024) |
| Inflation Rate | 33.95% | 1.6% (Jun 2024) |
| Unemployment Rate | 33-35% | 13.5% (Mar 2024) |
| GDP Growth Rate | 2.85% | 1.5% (Mar 2024) |
| Savings Rate | 6.28% | No reliable data available |
Sources: TradingEconomics, CBN
Discussion:
- Interest Rates: Nigeria has significantly higher interest rates to combat inflation.
- Exchange Rates: The Nigerian Naira is weaker compared to the Bosnian Mark against the USD.
- Inflation Rate: Both countries experience inflation, but Nigeria’s rate is currently higher.
- Unemployment Rate: Unemployment is a serious challenge in both countries, with Nigeria having a significantly higher rate.
- GDP Growth Rate: Bosnia and Herzegovina’s economy grew slightly faster than Nigeria’s in 2022.
- Savings Rate: Nigerians have a reported savings rate, while data for Bosnia and Herzegovina is scarce.
Related Currency Pairings
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The Evolution of Bosnia and Herzegovina
Bosnia and Herzegovina (BiH) is a landlocked country in southeastern Europe with a complex history. Its currency, the Convertible Mark (KM), has mirrored the country’s turbulent past and ongoing challenges.
Early Years and Yugoslav Breakup: Prior to the breakup of Yugoslavia, BiH used the Yugoslav dinar. Following the country’s independence in 1992, the Convertible Mark was introduced as a means to stabilize the economy and assert independence.
War and Economic Collapse: The Bosnian War (1992-1995) devastated the country’s economy and led to hyperinflation. The Convertible Mark lost significant value, and many people resorted to barter systems.
Post-War Reconstruction and Stability: After the war, BiH implemented a series of economic reforms to stabilize the currency and rebuild the economy. These reforms included privatization, liberalization, and the establishment of a currency board. The currency board pegged the Convertible Mark to the German mark (and later the euro), providing stability and attracting foreign investment.
Recent Developments and Challenges: While BiH has made significant progress in economic recovery, it continues to face challenges such as corruption, income inequality, and political instability. These factors can impact the value of the Convertible Mark and the country’s overall economic outlook.
Key Reforms and Policies:
- Currency Board Establishment: The introduction of the currency board in 1998 was a crucial step in stabilizing the economy.
- Economic Liberalization: BiH has implemented policies to liberalize its economy and attract foreign investment.
- European Union Integration: The country has been working towards EU membership, which could further enhance economic stability and integration.
Despite these efforts, BiH remains a fragile state, and its economic future depends on continued political stability and economic reforms.
Sources:
World Bank
Central Bank of Nigeria
Trading Economics
Central Bank of