Convert East Timor(Timor-Leste) Currency to Naira
Nigeria vs. East Timor Economic Indicators
| Indicator | Nigeria | East Timor |
|---|---|---|
| Interest Rates | 26.25% (May 2024) | Not Available (NA) |
| Exchange Rates | NGN 1490/$ | USD 1.00/$ (East Timor uses US Dollar) |
| Inflation Rate | 33.95% (May 2024) | NA |
| Unemployment Rate | 5% | NA |
| GDP Growth Rate | 2.85%(Dec 2023) | 4.0% (2022) |
| Savings Rate | 6.28% | NA |
Discussion:
- Interest Rates: Data on interest rates in East Timor is unavailable for direct comparison. Nigeria’s high interest rates could be due to factors like inflation control or attracting foreign investment.
- Exchange Rates: Since East Timor uses the US Dollar, its exchange rate is pegged to the dollar (USD 1.00/$). The Nigerian Naira (NGN) is significantly weaker, making Nigerian exports potentially cheaper for East Timor but imports from East Timor more expensive for Nigeria.
- Inflation Rate & Unemployment Rate & Savings Rate: Data on these metrics for East Timor is unavailable for a direct comparison. However, Nigeria’s high inflation rate and unemployment rate suggest a more challenging economic climate.
- GDP Growth Rate: East Timor has had a higher GDP growth rate in recent years. However, Nigeria’s economy is much larger.
Related Currency Pairings
African Currencies
North American Currencies
The Evolution of the East Timor Leu
The East Timor leu was introduced in 2002, marking a significant milestone for the newly independent nation. Prior to independence, East Timor used the Indonesian rupiah, which was unstable and contributed to economic challenges.
The introduction of the leu aimed to establish monetary stability and independence. The Central Bank of Timor-Leste was established to manage the currency and monetary policy.
East Timor’s economy has grown, driven by sectors such as oil and gas, agriculture, and tourism. This economic growth has led to the leu appreciating against the US dollar and other major currencies.
However, East Timor has faced challenges with inflation, particularly during periods of economic growth. The country is working to diversify its economy and reduce its dependence on oil and gas to mitigate risks associated with currency fluctuations.
In summary, the East Timor leu has played a crucial role in the country’s economic development since independence. While it has faced challenges, the leu’s appreciation and the country’s economic progress indicate a positive outlook for the future.
Sources:
World Bank
Central Bank of Nigeria
Trading Economics
Central Bank of