Convert your Belarus Currency to Naira
Economic Indicators Comparison: Nigeria vs. Belarus
| Indicator | Nigeria | Belarus |
|---|---|---|
| Interest Rates (Lending) | 26.25% | 9.5% (Jul 2024) |
| Exchange Rates (Local Currency per USD) | ₦ (Nigerian Naira) 1,480 | 3.26 (Aug 2024) |
| Inflation Rate | 33.95% | 5.5% (Jul 2024) |
| Unemployment Rate | 5% | 0.1% (Dec 2022) |
| GDP Growth Rate | 2.85% | 4.1$ (July 2024) Trading Economics |
| Savings Rate | 6.28% | No reliable data available |
Discussion:
- Interest Rates: Both countries have high interest rates, but Nigeria’s are slightly higher to combat inflation.
- Exchange Rates: The Nigerian Naira is slightly weaker compared to the Belarusian Ruble against the USD.
- Inflation Rate: Nigeria experiences high inflation, while Belarus also faces inflation, but at a potentially lower rate.
- Unemployment Rate: Unemployment is a serious challenge in both countries, but Nigeria appears to have a significantly higher rate.
- GDP Growth Rate: Nigeria’s economy is projected to grow slightly faster than Belarus’s slow growth.
- Savings Rate: Nigerians have a reported savings rate, while data for Belarus is scarce.
Related Currency Pairings
Africans
Asians
The Evolution of the Belarusian Ruble
The Belarusian Ruble (BYN) has been the national currency of Belarus since 1994. Its history reflects the country’s complex political and economic landscape, shaped by the Soviet era, independence, and economic reforms.
Early Years: Prior to the introduction of the Ruble, Belarus used the Soviet ruble. The Belarusian Ruble was introduced at a fixed exchange rate to the Soviet ruble, reflecting the country’s recent history as a Soviet republic.
Economic Challenges and Hyperinflation: Following the collapse of the Soviet Union, Belarus faced significant economic challenges, including hyperinflation, political instability, and a lack of infrastructure. These factors put immense pressure on the Ruble, leading to rapid devaluation and price increases.
Economic Reforms and Stabilization: In the early 1990s, Belarus implemented a series of economic reforms, including privatization, liberalization, and fiscal consolidation. These measures aimed to stabilize the economy and reduce inflation. The government also introduced a currency board, pegging the Ruble to the US dollar.
Currency Board and Pegging: The currency board helped to stabilize the Ruble and attract foreign investment. However, the fixed exchange rate also limited the country’s ability to respond to economic shocks.
Recent Developments: In recent years, Belarus has experienced economic growth, driven by its industrial sector and agriculture. The Ruble has remained relatively stable, reflecting the country’s economic resilience.
Specific Reforms and Policies:
- 1994: Introduction of the Belarusian Ruble, replacing the Soviet ruble.
- 1995: Establishment of a currency board, pegging the Ruble to the US dollar.
- 2000: Introduction of a flexible exchange rate regime.
- 2011: Adoption of a floating exchange rate system.
- 2020: Response to the COVID-19 pandemic, including monetary policy measures to support the economy.
Sources:
World Bank
Central Bank of Nigeria
Trading Economics
Central Bank of