Convert Mozambique Currency to Naira
Nigeria vs Mozambique Economic Indicators
| Category | Nigeria | Mozambique |
|---|---|---|
| Interest Rates | 26.25% | 14.25% (Jul 2024) |
| Exchange Rates | NGN1,490/$ | 79.98 MZN/EUR |
| Inflation Rate | 33.95% | 2.97% (Jul 2024) |
| Unemployment Rate | 5% | 12.20% |
| GDP Growth Rate | 2.85% | 4.20% |
| Savings Rate | 6.25% | 11.00% |
Notes:
- Interest Rates: Both Nigeria and Mozambique have relatively high interest rates compared to developed economies, with Nigeria’s rates being slightly higher. This could be due to a few factors including Nigeria’s marginally higher inflation rate.
- Exchange Rates: The Nigerian Naira (NGN) is weaker than the Mozambican Metical (MZN) against the Euro (EUR). This means it takes more Nigerian Naira to buy one Euro.
- Inflation: Inflation is higher in Nigeria than in Mozambique. This means that the prices of goods and services are rising faster in Nigeria.
- Unemployment: Unemployment is significantly lower in Nigeria compared to Mozambique.
- GDP Growth Rate: Mozambique has a higher GDP growth rate than Nigeria. This suggests that Mozambique’s economy is expanding faster.
- Savings Rate: Savings rates are higher in Nigeria than in Mozambique. This may be due to the higher interest rates offered in Nigeria.
Related Currency Pairings
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Asian Currencies
European Currencies
The Evolution of the Mozambican Metical
The Mozambican Metical (MT) has been the national currency of Mozambique since 1980. Its history reflects the country’s complex political and economic landscape.
Early Years: Prior to the introduction of the Metical, Mozambique used the Portuguese escudo. The Metical was initially pegged to the South African rand, reflecting the close economic ties between the two countries.
Economic Challenges: Mozambique has faced a number of economic challenges throughout its history, including civil war, poverty, and natural disasters. These factors have put pressure on the Metical and contributed to its volatility.
Hyperinflation and Currency Reform: In the early 1980s, Mozambique experienced a period of hyperinflation, leading to a significant devaluation of the Metical. To address this crisis, the government introduced a new Metical in 1998, which was backed by foreign exchange reserves.
Recent Developments: In recent years, Mozambique has made efforts to diversify its economy and reduce its dependence on agriculture and natural resources. These efforts have included promoting tourism, mining, and renewable energy. While progress has been made, Mozambique still faces significant economic challenges.