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Economic Indicators Comparison: Nigeria vs. Albania
| Indicator | Nigeria | Albania |
|---|---|---|
| Interest Rates (Lending) | Approx. 26.25% | 3% (Aug 2024) |
| Exchange Rates (Local Currency per USD) | ₦ (Nigerian Naira) 1490/$ | 89.72(Aug 2024) |
| Inflation Rate | 33.95% | 2.1% (Jul 2024) |
| Unemployment Rate | 5% | 10.7% (Dec 2023) |
| GDP Growth Rate | 2.85% | 1% (Mar 2024) |
| Savings Rate | 6.28% | No recent data available |
Discussion:
- Interest Rates: Nigeria has significantly higher interest rates to combat inflation and attract investment.
- Exchange Rates: The Nigerian Naira is weaker compared to the Albanian Lek against the USD.
- Inflation Rate: Nigeria experiences considerably higher inflation compared to Albania’s relatively stable rate.
- Unemployment Rate: Both countries have high unemployment, but Nigeria’s rate appears to be slightly higher.
- GDP Growth Rate: Both economies have experienced modest growth in recent years.
- Savings Rate: While Nigerians have a reported savings rate, recent data is unavailable for Albania.
Related Currency Pairings
African Currencies
Asian Currencies
North American Currencies
The Evolution of the Albanian Lek
The Albanian Lek (ALL) has been the national currency of Albania since 1946. Its history reflects the country’s complex political and economic landscape.
Early Years: Prior to the introduction of the Lek, Albania used the Albanian franc. The Lek was introduced as a symbol of national independence and economic sovereignty.
Economic Challenges: Albania has faced numerous economic challenges throughout its history, including political instability, poverty, and a lack of infrastructure. These factors have put pressure on the Lek and contributed to its volatility.
Devaluation and Inflation: The Lek has experienced periods of significant devaluation and inflation, particularly during times of political unrest and economic crisis. These fluctuations have made it difficult for businesses and individuals to plan for the future.
Recent Developments: In recent years, Albania has made efforts to stabilize its economy and strengthen its currency. These efforts have included promoting economic growth, reducing corruption, and improving governance. While progress has been made, Albania still faces significant challenges in achieving sustainable economic development.
Sources:
World Bank
Central Bank of Nigeria
Bank of Albania