Convert your Sudan Currency to Naira
Economic Indicators: Nigeria vs. Sudan
| Indicator | Nigeria | Sudan |
|---|---|---|
| Interest Rates (Lending) | 26.25% (May 2024) | 25.0% (Dec 2023) |
| Exchange Rate (Local Currency per USD) | 1490 NGN/$ | SDG 575.00 (June 2024 |
| Inflation Rate (YoY) | 33.95 (May 2024) | 84.5% (April 2024) |
| Unemployment Rate | 5% | 20.8% (Dec 2023) |
| GDP Growth Rate | 2.85% | 0.7% (2022) |
| Savings Rate | 6.28% | No Data Available |
Discussion:
- Interest Rates: Sudan has significantly higher lending rates due to its much higher inflation and perceived risk.
- Exchange Rates: The Nigerian Naira (₦) is stronger against the US dollar compared to the Sudanese Pound (SDG).
- Inflation Rate: Sudan experiences hyperinflation, severely impacting purchasing power and economic stability.
- Unemployment Rate: While Nigeria faces high unemployment, Sudan’s official rate might underestimate the true challenge.
- GDP Growth Rate: Nigeria’s GDP growth is more positive compared to Sudan’s recent stagnation.
- Savings Rate: Data on savings rates in Sudan is unavailable. Nigeria’s rate is lower than some developing countries.
Related Currency Pairings
African Currencies
Asian Currencies
European Currencies
The Evolution of the Sudanese Pound (SDG)
The Sudanese Pound (SDG) has been the national currency of Sudan since 1956, following the country’s independence from Great Britain and Egypt. Its history reflects the nation’s complex political and economic landscape.
Early Years: Prior to the introduction of the Pound, Sudan used the Sudanese pound, which was the national currency from 1956 to 1962. The Pound was introduced as a means to assert economic independence and to better manage the country’s monetary affairs.
Economic Challenges and Devaluation: Sudan has faced a number of economic challenges throughout its history, including civil war, political instability, and natural disasters. These factors have put pressure on the Pound and contributed to its volatility. The Pound has experienced periods of significant devaluation, especially during times of economic crisis.
Currency Board Arrangement: In 1992, Sudan established a currency board arrangement, pegging the Pound to the US dollar. This system provided stability and facilitated trade with the United States and other Western countries.
Recent Developments: In recent years, Sudan has faced significant economic challenges, including hyperinflation, political instability, and international sanctions. These factors have had a negative impact on the value of the Pound. The Sudanese government has implemented various economic reforms aimed at stabilizing the currency and improving the economy, but the challenges remain significant.