Convert Mexico currency to Naira
Nigeria vs Mexico Economic Indicators
| Category | Nigeria | Mexico |
|---|---|---|
| Interest Rates | 26.25% | 10.75% (Jul 2024) |
| Exchange Rates | NGN1490/$ | 18.95 MXN/EUR (Aug 2024) |
| Inflation Rate | 33.95% | 5.57% (Jul 2024) |
| Unemployment Rate | 5% | 2.8% (Mar 2024) |
| GDP Growth Rate | 2.85% | 0.2% (Mar 2024) |
| Savings Rate | 6.28% | 12.00% |
Notes:
- Interest Rates: Interest rates are significantly higher in Nigeria compared to Mexico. This is likely because Nigeria has a higher inflation rate. Central banks typically raise interest rates to combat inflation.
- Exchange Rates: The Mexican Peso (MXN) is stronger than the Nigerian Naira (NGN) against the Euro (EUR). This means it takes fewer Mexican Pesos to buy one Euro.
- Inflation Rate: Inflation is much higher in Nigeria than in Mexico. This means that the prices of goods and services are rising faster in Nigeria.
- Unemployment Rate: Unemployment is lower in Mexico compared to Nigeria.
- GDP Growth Rate: Mexico has a slightly higher GDP growth rate than Nigeria. However, Nigeria’s population growth rate is also higher, so economic growth may not be translating into as much improvement in average standards of living.
- Savings Rate: Savings rates are higher in Nigeria than in Mexico. This may be due to the higher interest rates offered in Nigeria..
Related Currency Pairings
South American Currencies
Asian Currencies
European Currencies
The Evolution of the Mexican Peso
The Mexican peso (MXN) has been the national currency of Mexico since 1861. Its history reflects the country’s complex political and economic landscape.
Early Years: The peso was initially pegged to the silver standard, reflecting Mexico’s role as a major producer of silver. This system provided stability, but it also made the peso vulnerable to fluctuations in the price of silver.
Devaluation and Inflation: Mexico has experienced periods of significant devaluation and inflation, particularly during times of economic crisis and political instability. These fluctuations have made it difficult for businesses and individuals to plan for the future.
Economic Reforms and Stabilization: In the 1980s, Mexico implemented a series of economic reforms aimed at stabilizing the peso and promoting economic growth. These reforms included privatization of state-owned enterprises, liberalization of trade, and reduction of government spending.
Recent Developments: In recent years, Mexico has continued to focus on economic growth and development. The country has promoted tourism, manufacturing, and renewable energy as key sectors of growth. These efforts have helped to strengthen the Mexican peso and improve the country’s overall economic performance.