Convert your Afghanistan Currency to Naira
Economic Indicators Comparison: Nigeria vs. Afghanistan
| Indicator | Nigeria | Afghanistan |
|---|---|---|
| Interest Rates (Lending) | Approx. 26.25% | 1-2% |
| Exchange Rates (Local Currency per USD) | ₦ (Nigerian Naira) 1,490 | AFN (Afghan Afghani) 100 |
| Inflation Rate | 33.95% | -7.5% (May 2024) |
| Unemployment Rate | 5% | 15.4% (Dec 2023) |
| GDP Growth Rate | 2.85% | 2-3% |
| Savings Rate | 6.28% | No reliable data available |
Discussion:
- Interest Rates: Nigeria has significantly higher interest rates due to factors like inflation control and encouraging investment.
- Exchange Rates: The Nigerian Naira is weaker compared to the Afghan Afghani against the USD.
- Inflation Rate: Both countries experience inflation, but Nigeria’s rate is considerably higher.
- Unemployment Rate: Unemployment is a severe issue in both countries, with Afghanistan having a potentially higher rate.
- GDP Growth Rate: Both economies are projected to grow modestly.
- Savings Rate: Nigerians have a higher reported savings rate compared to Afghanistan, where data is scarce.
Related Currency Pairings
African Currencies
Asian Currencies
South American Currencies
The Evolution of the Afghan Afghani
The Afghan Afghani (AFN) has been the national currency of Afghanistan since 1928. Its history reflects the country’s turbulent political and economic landscape.
Early Years: Prior to the introduction of the Afghani, Afghanistan used the Afghan rupee. The Afghani was introduced as a symbol of national independence and economic sovereignty.
Economic Challenges: Afghanistan has faced numerous economic challenges throughout its history, including political instability, conflict, and poverty. These factors have put pressure on the Afghani and contributed to its volatility.
Devaluation and Inflation: The Afghani has experienced periods of significant devaluation and inflation, particularly during times of war and economic crisis. These fluctuations have made it difficult for businesses and individuals to plan for the future.
Recent Developments: In recent years, Afghanistan has made efforts to stabilize its economy and strengthen its currency. These efforts have included promoting economic growth, reducing corruption, and improving governance. However, the ongoing conflict and political instability in Afghanistan continue to pose significant challenges to the country’s economic development and the stability of the Afghani.
Sources:
World Bank
Central Bank of Nigeria
Trading Economics
Central Bank of