Convert your Serbia Currency to Naira
Comparison of Economic Indicators Between Nigeria and Serbia
| Category | Nigeria | Serbia |
|---|---|---|
| Interest Rates | 26.25% (May 2024) | 6% (Aug 2024) |
| Exchange Rates | 1490 NGN/$ | 105 (Aug 2024) |
| Inflation Rate | 33.95 (May 2024) | 4.3% (Jul 2024) |
| Unemployment Rate | 5% | 9.4% (Mar 2024) |
| GDP Growth Rate | 2.85% (Dec 2023) | 0.8% (Mar 2024) |
| Savings Rate | 20.6.28 (March 2024) | 12.00% xxxx |
Notes:
- Interest Rates & Inflation: Nigeria has a significantly higher interest rate.
- Exchange Rates: The Nigerian Naira (NGN) is weaker than the Serbian Dinar (RSD) against the Dollar. This means it takes more Nigerian Naira to buy one dollar.
- Inflation: Inflation is much higher in Nigeria than in Serbia. This means that the prices of goods and services are rising much faster in Nigeria.
- Unemployment: Unemployment is lower in Nigeria compared to Serbia.
- GDP Growth Rate: Serbia has a higher GDP growth rate than Nigeria (based on estimates).
- Savings Rate: Savings rates are similar in both countries.
Sources:
https://www.cbn.gov.ng/rates/mnymktind.asp?year=2024
https://tradingeconomics.com/nigeria/inflation-cpi
https://www.cbn.gov.ng/rates/mnymktind.asp?year=2024
https://www.statista.com/statistics/382360/gross-domestic-product-gdp-growth-rate-in-nigeria/
Related Currency Pairings
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Asian Currencies
European Currencies
The Evolution of the Serbian Dinar (RSD)
The Serbian Dinar (RSD) has been the national currency of Serbia since 1994, following the country’s independence from Yugoslavia. Its history reflects the nation’s complex political and economic landscape.
Early Years: Upon independence, Serbia introduced the Dinar as a replacement for the Yugoslav dinar. The early years were marked by economic instability and a weak Dinar, particularly during the hyperinflation that plagued the former Yugoslavia.
Economic Reforms and Stabilization: In the 1990s, Serbia 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 Dinar’s stability, Serbia established a currency board arrangement in 1994. This system pegged the Dinar 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, Serbia has made significant strides in economic development and integration with the European Union. The country has promoted tourism, agriculture, and manufacturing as key sectors of growth. However, Serbia still faces challenges such as income inequality, corruption, and the legacy of the Yugoslav wars.
Sources:
World Bank
Central Bank of Nigeria
Trading Economics
NBS