Convert Rwanda Currency to Naira
Comparison of Economic Indicators Between Nigeria and Rwanda
| Category | Nigeria | Rwanda |
|---|---|---|
| Interest Rates | 26.25% (May 2024) | 7% (Jul 2024) |
| Exchange Rates | 1490 NGN/$ | 1328% (Aug 2024) |
| Inflation Rate | 33.95 (May 2024) | 1.5% (Jul 2024) |
| Unemployment Rate | 5% | 16.8% ( May 2024) |
| GDP Growth Rate | 2.85% (Dec 2023) | -0.8% (Mar 2024) |
| Savings Rate | 6.28 (March 2024) | Data not available |
Notes:
- Interest Rates & Inflation: Nigeria has a significantly higher interest rate 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 Rwandan Franc (RWF) against the Euro (EUR). This means it takes more Nigerian Naira to buy one Euro.
- Inflation: Inflation is much higher in Nigeria than in Rwanda. This means that the prices of goods and services are rising much faster in Nigeria.
- Unemployment: Data for unemployment in Rwanda is unavailable.
- GDP Growth Rate: Rwanda has a higher GDP growth rate than Nigeria (based on estimates). However, Nigeria’s population growth rate is also likely higher, so economic growth may not translate into as much improvement in average standards of living.
- Savings Rate: Data on savings rates for Rwanda is not available.
Related Currency Pairings
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The Evolution of the Rwandan Franc (RWF)
The Rwandan Franc (RWF) has been the national currency of Rwanda since 1964, following the country’s independence from Belgium. Its history reflects the nation’s complex political and economic landscape.
Early Years: Upon independence, Rwanda adopted the Belgian franc as its currency. However, the country later introduced the Rwandan Franc to assert its economic independence.
Economic Challenges and Devaluation: Rwanda has faced a number of economic challenges throughout its history, including civil war, genocide, and poverty. These factors have put pressure on the Franc and contributed to its volatility. The Franc has experienced periods of significant devaluation, especially during times of economic crisis.
Currency Board Arrangement: In 1994, Rwanda established a currency board arrangement, pegging the Franc to the French franc (and later the euro). This system provided stability and facilitated trade with France and other European countries.
Recent Developments: In recent years, Rwanda has made significant strides in economic development and poverty reduction. The country has promoted tourism, agriculture, and mining as key sectors of growth. Rwanda has also implemented a number of reforms aimed at improving governance and attracting foreign investment. These efforts have helped to strengthen the Rwandan Franc and improve the country’s overall economic performance.