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Economic Indicators Comparison: Nigeria vs. Fiji
| Indicator | Nigeria | Fiji |
|---|---|---|
| Interest Rates (Lending) | 26.26% (May 2024) | 0.25% Trading Economics |
| Exchange Rates (Local Currency per USD) | ₦ (Nigerian Naira) 1490 | FJD (Fijian Dollar) 2.24 |
| Inflation Rate | 33.95% (may 2024) | 6.8% (Ju 2024) Reserve Bank of Fiji |
| Unemployment Rate | 5% | Around 4.3% (Dec 2023) |
| GDP Growth Rate | 3.4% (Dec 2023) | N/A |
Discussion:
- Interest Rates: Nigeria has significantly higher interest rates to address inflation.
- Exchange Rates: The Nigerian Naira is weaker compared to the Fijian Dollar against the USD.
- Inflation Rate: Nigeria experiences considerably higher inflation compared to Fiji.
- Unemployment Rate: Unemployment is a serious challenge in Nigeria, while Fiji enjoys a much lower rate. Fiji’s data may be outdated.
- GDP Growth Rate: Both economies are projected to grow at similar rates in 2024.
- Savings Rate: Nigerians have a reported savings rate, while data for Fiji is scarce.
Related Currency Pairings
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North American Currencies
The Evolution of the Fijian Dollar
The Fijian dollar (FJD) has been the national currency of Fiji since 1965, replacing the Fiji pound. Its history reflects the country’s economic development and political stability.
Early Years and Currency Union: Before independence, Fiji used the Fiji pound, which was pegged to the British pound sterling. After gaining independence, Fiji continued to use the Fiji pound until 1965, when it was replaced by the Fijian dollar.
Economic Challenges and Currency Volatility: Fiji’s economy has faced a number of challenges throughout its history, including natural disasters, political instability, and fluctuations in the tourism industry. These factors have put pressure on the Fijian dollar and contributed to its volatility.
Currency Reforms and Floating Exchange Rate: In 1973, Fiji abandoned the fixed exchange rate with the British pound and allowed the Fijian dollar to float freely on the foreign exchange market. This move gave Fiji greater flexibility in managing its monetary policy.
Recent Developments: In recent years, Fiji has made significant progress in economic development, driven by tourism, agriculture, and mining. The Fijian dollar has appreciated against the US dollar, reflecting the country’s strong economic performance. However, Fiji remains vulnerable to external shocks, such as natural disasters and fluctuations in the global economy.
Sources:
CBN
World Bank
Sources:
World Bank
Central Bank of Nigeria
Trading Economics
Central Bank of