Convert Nicaragua Currency to Naira
Nigeria vs Nicaragua Economic Indicators
| Category | Nigeria | Nicaragua |
|---|---|---|
| Interest Rates | 26..25% | ———————– |
| Exchange Rates | 1490 NGN/USD | 36.66(Aug 2024) |
| Inflation Rate | 11.40% | 4.82%(Jun 2024) |
| Unemployment Rate | 6.30% | 3%(May 2024) |
| GDP Growth Rate | 2.30% | 4.00% |
| Savings Rate | 20.00% | 10.00% |
Notes:
- Interest Rates & Inflation: Nigeria has a significantly higher interest rate than Nicaragua, likely due to its much higher inflation rate. Central banks typically raise interest rates to combat inflation.
- Exchange Rates: The Nigerian Naira (NGN) is weaker than the Nicaraguan Córdoba (NIO) against the Dollar. This means it takes more Nigerian Naira to buy one Dollar.
- Inflation: Inflation is much higher in Nigeria than in Nicaragua. This means that the prices of goods and services are rising much faster in Nigeria.
- Unemployment: Unemployment is slightly higher in Nigeria compared to Nicaragua.
- GDP Growth Rate: Nicaragua has a higher GDP growth rate than Nigeria. This suggests that Nicaragua’s economy is expanding faster.
- Savings Rate: Savings rates are higher in Nigeria than in Nicaragua. This may be due to the higher interest rates offered in Nigeria.
Related Currency Pairings
North American Currencies
Asian Currencies
The Evolution of the Nicaraguan Córdoba (NIO)
The Nicaraguan Córdoba (NIO) has been the national currency of Nicaragua since 1988. Its history reflects the country’s complex political and economic landscape.
Early Years: Prior to the introduction of the Córdoba, Nicaragua used the córdoba, which was the national currency from 1912 to 1931. In 1931, Nicaragua adopted the gold standard, which pegged the córdoba to the US dollar.
Economic Challenges and Hyperinflation: Nicaragua has faced a number of economic challenges throughout its history, including civil war, poverty, and natural disasters. These factors have put pressure on the Córdoba and contributed to its volatility. In the 1980s, Nicaragua experienced a period of hyperinflation, leading to a significant devaluation of the Córdoba.
Currency Reform and Stabilization: To address the hyperinflation crisis, the government introduced a new Córdoba in 1988. The new Córdoba was backed by foreign exchange reserves, which helped to stabilize the currency.
Recent Developments: In recent years, Nicaragua has made efforts to diversify its economy and reduce its dependence on agriculture and exports. These efforts have included promoting tourism, mining, and renewable energy. While progress has been made, Nicaragua still faces significant economic challenges, including poverty and inequality.