Convert your Republic of the Congo Currency to Naira
Nigeria vs Republic of the Congo Economic Indicators
| Category | Nigeria | Republic of the Congo |
|---|---|---|
| Interest Rates | 26.25% (May 2024) | 5% (Jul 2024) |
| Exchange Rates | 1490 NGN/$ | 592 (Aug 2024) |
| Inflation Rate | 33.95 (May 2024) | 5.6 (Dec 2023) |
| Unemployment Rate | 5% | 21.8% (Dec 2022) |
| GDP Growth Rate | 2.85% (Dec 2023) | Negative Growth |
| Savings Rate | 20.06.28 (March 2024) | Data not available |
Notes:
- Interest Rates & Inflation: The interest rates in both Nigeria and Congo are almost equal.
- Exchange Rates: The Nigerian Naira (NGN) is stronger than the Congolese Franc (CDF) against the USD. This means it takes less Nigerian Naira to buy one dollar. However, exchange rate fluctuations and multiple exchange rate systems in the Democratic Republic of the Congo can make comparisons imprecise.
- Unemployment: Unemployment is lower in Nigeria compared to the Republic of the Congo.
- GDP Growth Rate: The Republic of the Congo’s GDP is experiencing negative growth, while Nigeria has a positive growth rate, although modest.
- Savings Rate: Data on savings rates for the Republic of the Congo is not available.
Related Currency Pairings
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Asian Currencies
The Evolution of the Central African CFA Franc in the Republic of the Congo
Note: The Republic of the Congo, also known as Congo-Brazzaville, uses the Central African CFA franc (XAF) as its national currency. The CFA franc is a pegged currency, fixed at a rate of 655.957 CFA francs to 1 euro.
Historical Context:
- Colonial Era: The CFA franc was established in 1945 as a colonial currency, linked to the French franc.
- Independence: After decolonization, the Republic of the Congo continued to use the CFA franc.
Currency Union and Stability: The CFA franc is issued by the Central African States Economic Community (CEMAC), a regional central bank that also serves five other Central African countries. Membership in the CFA franc zone provides the Republic of the Congo with several benefits, including monetary stability, reduced transaction costs, and access to a larger pool of financial resources.
Economic Reforms and Integration: The Republic of the Congo has implemented various economic reforms to promote growth and development. These reforms have included privatization, liberalization, and diversification of the economy. The country has also been actively involved in regional integration efforts, such as the Central African Economic and Monetary Community (CEMAC).
Challenges and Prospects: Despite the benefits of the CFA franc, the Republic of the Congo has faced economic challenges, including dependence on oil, poverty, and political instability. The country has been working to diversify its economy and reduce its vulnerability to external shocks.
Specific Reforms and Policies:
2020s: Response to the COVID-19 pandemic, including monetary policy measures to support the economy.
1990s: Implementation of structural adjustment programs with the International Monetary Fund (IMF).
2000s: Introduction of economic reforms, including privatization and liberalization.
2010s: Diversification of the economy, including promotion of agriculture and tourism.