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Economic Indicators Comparison: Nigeria vs. India
| Indicator | Nigeria | India |
|---|---|---|
| Interest Rates (Lending) | 26.25% | Around 6.5% (Aug 2024) |
| Exchange Rates (Local Currency per USD) | ₦ (Nigerian Naira) 1490 | ₹ (Indian Rupee) 83.88 |
| Inflation Rate | 33.95% | 3.54% (Jul 2024) |
| Unemployment Rate | 5% | 9.2% (Jun 2024) CMIE |
| GDP Growth Rate | 2.85% (Dec 2023) | 1.9% (Mar 2024) |
Discussion:
- Interest Rates: Nigeria has significantly higher interest rates to address much higher inflation.
- Exchange Rates: The Nigerian Naira is weaker compared to the Indian Rupee.
- Inflation Rate: Nigeria experiences considerably higher inflation compared to India.
- Unemployment Rate: Unemployment is a serious challenge in India, but Nigeria’s low.
- GDP Growth Rate: India’s economy is projected to grow at a faster pace than Nigeria’s in 2024.
Related Currency Pairings
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North American Currencies
The Evolution of the Indian Rupee
The Indian rupee (INR) has been the national currency of India since 1835, replacing the Mughal mohur. Its history reflects the country’s rich cultural heritage, colonial past, and economic development.
Early Years and British Colonial Rule: During the British colonial era, India used the rupee, which was pegged to the British pound sterling. This fixed exchange rate provided stability, but it also limited India’s ability to pursue independent monetary policies.
Independence and Economic Challenges: After gaining independence in 1947, India faced numerous economic challenges, including poverty, inequality, and a lack of infrastructure. These factors put pressure on the rupee and contributed to its volatility.
Currency Reforms and Devaluation: In 1991, India implemented a series of economic reforms, known as the “economic liberalization,” aimed at opening up the economy to foreign investment and reducing government control. These reforms included the devaluation of the rupee, which was intended to make Indian exports more competitive.
Recent Developments: In recent years, India has experienced rapid economic growth, driven by increased investment, trade liberalization, and technological advancements. The rupee has appreciated against the US dollar, reflecting the country’s strong economic performance. However, India remains vulnerable to external shocks, such as fluctuations in commodity prices and political instability.
Sources:
World Bank
Central Bank of Nigeria
Trading Economics
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