Convert North Macedonia Currency to Naira
Nigeria vs North Macedonia Economic Indicators
| Category | Nigeria | North Macedonia |
|---|---|---|
| Interest Rates | 26.25% (May 2024) | 6.00% |
| Exchange Rates | 1490 NGN/USD | 57.48 MKD/USD |
| Inflation Rate | 33.95% (May 2024) | 3.10% |
| Unemployment Rate | 5% | 16.00% |
| GDP Growth Rate | 2.85% (Dec 2023) | 4.20% |
| Savings Rate | 6.28% Mar 2024) | 12.00% |
Notes:
- Interest Rates & Inflation: Nigeria has significantly higher interest rates likely due to its much higher inflation rate. Central banks raise interest rates to combat inflation.
- Exchange Rates: The Nigerian Naira (NGN) is weaker than the Macedonian Denar (MKD) against the USD. This means it takes more Nigerian Naira to buy one USD.
- Inflation: Inflation is much higher in Nigeria than in North Macedonia. This means that the prices of goods and services are rising much faster in Nigeria.
- Unemployment: Unemployment is significantly lower in Nigeria compared to North Macedonia.
- GDP Growth Rate: North Macedonia has a higher GDP growth rate than Nigeria. This suggests that North Macedonia’s economy is expanding faster.
- Savings Rate: Savings rates are higher in Nigeria than in North Macedonia. This may be due to several factors including:
- Higher interest rates offered in Nigeria incentivize saving.
- Financial Inclusion: Nigeria may have a more developed financial system offering a wider range of savings products.
- Cultural Factors: There may be stronger cultural saving habits in Nigeria.
Related Currency Pairings
African Currencies
Asian Currencies
European Currencies
The Evolution of the North Macedonian Denar (MKD)
The North Macedonian Denar (MKD) has been the national currency of North Macedonia since 1992, following the country’s independence from Yugoslavia. Its history reflects the nation’s economic transformation and challenges.
Early Years: Upon independence, North Macedonia introduced the Denar as a replacement for the Yugoslav dinar. The early years were marked by economic instability and a weak Denar.
Economic Reforms and Stabilization: In the 1990s, North Macedonia implemented a series of economic reforms aimed at promoting growth and stability. These reforms included privatization of state-owned enterprises, liberalization of trade, and reduction of government spending.
Currency Board Arrangement: To enhance the Denar’s stability, North Macedonia established a currency board arrangement in 1995. This system pegged the Denar to the German mark (and later the euro), providing a fixed exchange rate and limiting the central bank’s ability to pursue independent monetary policies.
Recent Developments: In recent years, North Macedonia has continued to focus on economic development and diversification. The country has promoted tourism, agriculture, and manufacturing as key sectors of growth. However, North Macedonia still faces significant economic challenges, including poverty, inequality, and corruption.