Convert your Dominican Republic currency to Naira
Economic Indicators Comparison: Nigeria vs. Dominican Republic
| Indicator | Nigeria | Dominican Republic |
|---|---|---|
| Interest Rates (Lending) | 26.25% | 7% (Jul 2024) |
| Exchange Rates (Local Currency per USD) | ₦ (Nigerian Naira) 1490 | DOP (Dominican Peso) 55-57 |
| Inflation Rate | 33.95% | 3.54% (Jul 2024) |
| Unemployment Rate | 5% | Around 8.4% (April 2024) |
| GDP Growth Rate | 2.85% | 10.3% (Dec 2023) |
| Savings Rate | 6.28% | Around 18% (estimated household) |
Discussion:
- Interest Rates: Both countries have high interest rates to combat inflation, but Nigeria’s are slightly higher.
- Exchange Rates: The Nigerian Naira is weaker compared to the Dominican Peso against the USD.
- Inflation Rate: Nigeria experiences considerably higher inflation compared to the Dominican Republic.
- Unemployment Rate: Unemployment is a serious challenge in Nigeria, but the Dominican Republic’s rate is lower.
- GDP Growth Rate: The Dominican Republic’s economy is projected to grow at a similar pace as Nigeria’s in 2024.
- Savings Rate: Both countries have populations with a reported propensity to save.
Related Currency Pairings
African Currencies
North American Currencies
The Evolution of the Dominican Peso (DOP)
The Dominican Peso (DOP) has been the national currency of the Dominican Republic since 1947. Its history reflects the country’s economic development and its transition from a traditional agricultural economy to a modern, diversified one.
Early Years and Currency Board: Prior to independence, the Dominican Republic used the Dominican peso, which was introduced in 1844. After independence, the country continued to use the peso and established a currency board arrangement with the United States in 1912. This arrangement pegged the DOP to the US dollar, providing stability and facilitating trade.
Economic Reforms and Growth: The Dominican Republic has implemented a series of economic reforms aimed at promoting growth and diversification. These reforms have included liberalization of the economy, privatization of state-owned enterprises, and investment in tourism and infrastructure.
Recent Developments and Challenges: In recent years, the Dominican Republic has experienced economic growth, driven by tourism, remittances, and free trade agreements. However, the country has also faced challenges such as income inequality, political instability, and natural disasters.
Key Reforms and Policies:
- Currency Board Arrangement: The establishment of the currency board in 1912 provided stability and facilitated trade with the United States.
- Economic Diversification: The Dominican Republic has made efforts to diversify its economy and reduce its dependence on tourism.
- Free Trade Agreements: The country has signed several free trade agreements, including with the United States and the European Union.
Overall, the Dominican Peso has been a relatively stable currency, reflecting the country’s economic progress and its commitment to market-oriented reforms. However, the Dominican Republic continues to face challenges, and the future of the Peso will depend on its ability to maintain stability and promote sustainable development.
Sources:
Central Bank of Nigeria
World Bank
Central Bank of the Dominican Republic
Sources:
World Bank
Central Bank of Nigeria
Trading Economics
Central Bank of