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Economic Indicators Comparison: Nigeria vs. Bhutan
| Indicator | Nigeria | Bhutan |
|---|---|---|
| Interest Rates (Lending) | 26.25% | 6.91% (Jul 2024) |
| Exchange Rates (Local Currency per USD) | ₦ (Nigerian Naira) 1,480 | 83.93 (Aug 2024) |
| Inflation Rate | 33.95% | 6.91% (Jul 2024) |
| Unemployment Rate | 5% | 5.9% (Dec 2022) |
Source: CBN,
Discussion:
- Interest Rates: Nigeria has significantly higher interest rates to address inflation and potentially attract investment.
- Exchange Rates: The Nigerian Naira is slightly weaker compared to the Bhutanese Ngultrum against the USD.
- Inflation Rate: Nigeria experiences considerably higher inflation compared to Bhutan’s more stable rate.
- Unemployment Rate: Unemployment is a serious challenge in Nigeria, whereas Bhutan enjoys a very low unemployment rate (data might be outdated).
- GDP Growth Rate: Bhutan’s economy is projected to grow slightly faster than Nigeria’s.
- Savings Rate: Nigerians have a reported savings rate, while data for Bhutan is scarce.
Related Currency Pairings
Asian Currencies
Oceanian Currencies
The Evolution of the Bhutanese Ngultrum
The Bhutanese Ngultrum (BTN) has been the national currency of Bhutan since 1974. Its history reflects the country’s unique political and economic landscape, shaped by its isolation from the outside world and its focus on sustainable development.
Early Years: Prior to the introduction of the Ngultrum, Bhutan used the Indian rupee. The Ngultrum was introduced at a fixed exchange rate to the rupee, reflecting Bhutan’s close economic ties with India.
Currency Board and Pegging: In 1974, Bhutan established a currency board, pegging the Ngultrum to the Indian rupee at a fixed exchange rate. This move aimed to provide currency stability and facilitate trade with India.
Economic Growth and Development: Bhutan has pursued a unique development path, focusing on sustainable development and environmental conservation. The country’s tourism industry, hydropower generation, and agriculture have been key drivers of economic growth.
Currency Stability and Pegging: The Ngultrum has remained relatively stable, reflecting Bhutan’s strong economic fundamentals and its close relationship with India. The fixed exchange rate has also helped to maintain price stability and attract foreign investment.
Recent Developments: In recent years, Bhutan has faced challenges such as climate change and the COVID-19 pandemic. The government has implemented measures to address these challenges and promote sustainable development.
Specific Reforms and Policies:
- 1974: Introduction of the Bhutanese Ngultrum, replacing the Indian rupee.
- 1974: Establishment of a currency board, pegging the Ngultrum to the Indian rupee.
- 1990s: Implementation of economic reforms, including privatization and liberalization.
- 2000s: Introduction of monetary policy measures to address inflation and economic growth.
- 2010s: Response to global economic events and natural disasters.
Sources:
World Bank
Central Bank of Nigeria
Trading Economics
Central Bank of