Convert Israel Currency to Naira
Nigeria vs. Israel Economic Indicators
| Indicator | Nigeria | Israel |
|---|---|---|
| Interest Rates | 26.25% (May 2024) | 4.5% (July 2023) |
| Exchange Rates | NGN 1490/$ | ILS 3.66/$ (Israeli Shekel) |
| Inflation Rate | 33.95% (May 2024) | 3.2% (Jul 2024) |
| Unemployment Rate | 5% | 3.322 (Jul 2023) |
| GDP Growth Rate | 2.85% (Dec 2023) | 3.43% (Mar 2024) |
| Savings Rate | 6.28% | 17.2% (2021) |
Discussion:
- Interest Rates: Nigeria has a significantly higher interest rate, likely due to factors like controlling inflation or attracting foreign investment. Israel’s rate is much lower.
- Exchange Rates: The Nigerian Naira (NGN) is much weaker than the Israeli Shekel (ILS). This makes Nigerian exports cheaper but imports from Israel more expensive.
- Inflation Rate: Nigeria has a much higher inflation rate, indicating a less stable price environment.
- Unemployment Rate: Israel has a significantly lower unemployment rate.
- GDP Growth Rate: Israel has had a higher GDP growth rate in recent years. However, Nigeria’s economy is much larger.
- Savings Rate: Israelis have a slightly higher savings rate than Nigerians.
The Evolution of the Israeli Shekel
The Israeli shekel has a rich history dating back to ancient times. The modern Israeli shekel (ILS) was introduced in 1986 to combat hyperinflation, replacing the previous shekel at a staggering ratio of 1,000 to 1. Despite its relatively young history, the name “shekel” itself carries ancient biblical significance, tracing its roots back to the times of Abraham.
Today, the Israeli shekel is a stable and widely used currency in Israel and the Palestinian territories. Its free convertibility since 2003 has contributed to its global recognition. The shekel’s banknotes and coins undergo regular updates to incorporate modern security features and reflect the nation’s cultural heritage.
Sources:
https://www.nigerianstat.gov.ng/
https://tradingeconomics.com/israel/indicators
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The Evolution of the Israeli Shekel
The Israeli shekel (ILS) has been the national currency of Israel since 1980, replacing the Israeli lira. Its history reflects the country’s economic development, political challenges, and geopolitical conflicts.
Early Years and Currency Union: Before independence, Israel used the Palestinian pound, which was pegged to the British pound sterling. After gaining independence in 1948, Israel introduced its own currency, the Israeli lira.
Economic Challenges and Hyperinflation: During the early years of independence, Israel faced a number of economic challenges, including wars, political instability, and high inflation. These factors contributed to a significant devaluation of the lira.
Currency Reforms and Devaluation: To address the economic challenges, the Israeli government implemented a series of reforms, including monetary tightening, fiscal discipline, and the introduction of a floating exchange rate. In 1980, Israel introduced a new currency, the shekel, which was devalued by 100%.
Recent Developments: In recent years, Israel has experienced strong economic growth, driven by technological innovation, increased exports, and foreign investment. The shekel has appreciated against the US dollar, reflecting the country’s strong economic performance. However, Israel remains vulnerable to external shocks, such as geopolitical conflicts and fluctuations in commodity prices.
Sources:
World Bank
Central Bank of Nigeria
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