Convert your South Sudan Currency to Naira
Economic Indicators: Nigeria vs. South Sudan
| Indicator | Nigeria | South Sudan |
|---|---|---|
| Interest Rates (Lending) | 26.25% (May 2024) | 12.0% |
| Exchange Rate (Local Currency per USD) | 1490 NGN/$ | 2232 (Aug 2024) |
| Inflation Rate (YoY) | 33.95 (May 2024) | 22.5% (Mar 2024) |
| Unemployment Rate | 5% | 12 (Dec 2023) |
| GDP Growth Rate | 2.85% (Dec 2023) | -2.9% (2021/22 est.) |
| Savings Rate | 6.28 (March 2024) | No Data Available |
Discussion:
- Interest Rates: Nigeria h’s interest rate is higher compared to South Sudan.
- Exchange Rates: The Nigerian Naira (₦) and South Sudanese Pound (SSP) have similar exchange rates against the USD.
- Inflation Rate: Nigeria faces a significantly higher inflation rate, impacting economic stability.
- Unemployment Rate: Unemployment is a challenge in both countries, but data scarcity makes a direct comparison difficult.
- GDP Growth Rate: Nigeria’s GDP is larger and experiences some growth, while South Sudan’s is currently contracting due to oil sector issues.
- Savings Rate: Data on savings rates in South Sudan is unavailable. Nigeria’s rate is lower than some developing countries.
Related Currency Pairings
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The Evolution of the South Korean Won (KRW)
The South Korean Won (KRW) has been the national currency of South Korea since 1953, following the Korean War. Its history reflects the country’s rapid economic development and its transition from a war-torn nation to a global economic powerhouse.
Early Years: Upon the division of Korea in 1945, South Korea introduced the South Korean Won as its national currency. The early years were marked by economic instability and a weak Won, particularly during the Korean War.
Economic Reforms and Growth: In the 1960s, South Korea implemented a series of economic reforms known as the “Miracle on the Han River.” These reforms included export-led growth, industrialization, and investment in education and infrastructure. These policies led to rapid economic development and a significant appreciation of the Won.
Currency Board Arrangement: In 1997, South Korea established a currency board arrangement, pegging the Won to the US dollar. This system provided stability and facilitated trade with the United States and other Western countries.
Recent Developments: In recent years, South Korea has continued to focus on economic diversification and innovation. The country has promoted technology, manufacturing, and services as key sectors of growth. South Korea is now a major global economy and a leading exporter of goods and services. The South Korean Won is a strong and stable currency, reflecting the country’s economic success.