Convert your Solomon Islands Currency to Naira
Comparison of Economic Indicators Between Nigeria and Solomon Islands
| Category | Nigeria | Solomon Islands |
|---|---|---|
| Interest Rates | 26.25% (May 2024) | 5.0% (Mar 2024) |
| Exchange Rates | 1490 NGN/$ | SBD (Solomon Islands Dollar) |
| Inflation Rate | 33.95 (May 2024) | 3.6% (May 2024) |
| Unemployment Rate | 5% | Undetermined |
| GDP Growth Rate | 2.85% (Dec 2023) | Neg. Growth (estimated) |
| Savings Rate | 6.28 (March 2024) | Data not available |
Notes:
- Interest Rates & Inflation: Nigeria has a significantly higher interest rate compared to Solomon Islands.
- Exchange Rates: The Nigerian Naira (NGN) uses a different currency than the Solomon Islands Dollar (SBD). No direct exchange rate is provided.
- Inflation: Inflation in Nigeria is higher than in Solomon Islands.
- Unemployment: Data on unemployment rates in Solomon Islands is unavailable.
- GDP Growth Rate: Nigeria has a positive GDP growth rate, while Solomon Islands is experiencing negative growth (based on estimates).
- Savings Rate: Data on savings rates for Solomon Islands is not available.
Related Currency Pairings
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The Evolution of the Solomon Islands Dollar (SBD)
The Solomon Islands Dollar (SBD) has been the national currency of the Solomon Islands since 1975, following the country’s independence from Great Britain. Its history reflects the nation’s complex political and economic landscape.
Early Years: Prior to independence, the Solomon Islands used the Australian pound. The SBD was introduced as a means to assert economic independence and to better manage the country’s monetary affairs.
Economic Challenges and Devaluation: The Solomon Islands has faced a number of economic challenges throughout its history, including civil war, natural disasters, and dependence on foreign aid. These factors have put pressure on the SBD and contributed to its volatility. The SBD has experienced periods of significant devaluation, especially during times of economic crisis.
Currency Board Arrangement: In 1975, the Solomon Islands established a currency board arrangement, pegging the SBD to the Australian dollar. This system provided stability and facilitated trade with Australia.
Recent Developments: In recent years, the Solomon Islands has made efforts to diversify its economy and reduce its dependence on foreign aid. The country has promoted tourism, agriculture, and fishing as key sectors of growth. However, the Solomon Islands still faces significant economic challenges, including poverty and inequality.
Sources:
World Bank
Central Bank of Nigeria
Trading Economics
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