Convert yore South Africa currency to Naira
Economic Indicators: Nigeria vs. South Africa
| Indicator | Nigeria | South Africa |
|---|---|---|
| Interest Rates (Lending) | 26.25% (May 2024) | 8.25% (Jul 2024) |
| Exchange Rate (Local Currency per USD) | 1490 NGN/$ | 17.87 (Aug 2024) |
| Inflation Rate (YoY) | 33.95 (May 2024) | 5.1% (Jun 2024) |
| Unemployment Rate | 5% | 33.5% (Jun 2024) |
| GDP Growth Rate | 2.85% (Dec 2023) | -0.1% (Mar 2024) |
| Savings Rate | 6.28 (March 2024) | 16.8% (2021) |
Discussion:
- Interest Rates: Nigeria has significantly higher lending rates due to its higher inflation and perceived risk.
- Exchange Rates: The Nigerian Naira (₦) is weaker against the US dollar compared to the South African Rand (ZAR).
- Inflation Rate: Nigeria struggles with much higher inflation, impacting purchasing power and investment.
- Unemployment Rate: Both countries face high unemployment rates, posing significant challenges.
- GDP Growth Rate: While Nigeria’s GDP is larger, South Africa’s recent growth has been stronger.
- Savings Rate: South Africa enjoys a slightly higher savings rate, potentially due to greater financial stability.
Additional Points:
- South Africa boasts a more diversified economy compared to Nigeria’s oil dependence.
- Nigeria has a larger and younger population, potentially offering future growth prospects
Sources:
https://www.cbn.gov.ng/rates/mnymktind.asp?year=2024
https://tradingeconomics.com/nigeria/inflation-cpi
https://www.cbn.gov.ng/rates/mnymktind.asp?year=2024
https://www.statista.com/statistics/382360/gross-domestic-product-gdp-growth-rate-in-nigeria/
Related Currency Pairings
African Currencies
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The Evolution of the South African Rand (ZAR)
The South African Rand (ZAR) has been the national currency of South Africa since 1961, following the country’s independence from Great Britain. Its history reflects the nation’s complex political and economic landscape.
Early Years: Prior to the introduction of the Rand, South Africa used the South African pound. The Rand was introduced as a means to assert economic independence and to better manage the country’s monetary affairs.
Apartheid and Economic Sanctions: The apartheid era in South Africa had a significant impact on the economy and the value of the Rand. International sanctions imposed on South Africa due to its apartheid policies led to economic isolation and a decline in the Rand’s value.
Economic Reforms and Growth: After the end of apartheid in 1994, South Africa implemented a series of economic reforms aimed at promoting growth and development. These reforms included liberalization of the economy, privatization of state-owned enterprises, and investment in infrastructure.
Recent Developments: In recent years, South Africa has faced economic challenges, including high unemployment, income inequality, and infrastructure deficiencies. However, the country has also made progress in promoting economic growth and development. The South African Rand remains a major currency in Africa and is used in several neighboring countries.