Covert your Thailand currency to Naira
Economic Indicators: Nigeria vs. Thailand
| Indicator | Nigeria | Thailand |
|---|---|---|
| Interest Rates (Lending) | 26.25% (May 2024) | 2.5% (Jul 2024) |
| Exchange Rate (Local Currency per USD) | 1490 NGN/$ | 34.19 (Aug 2024) |
| Inflation Rate (YoY) | 33.95 (May 2024) | 0.83% (Jul 2024) |
| Unemployment Rate | 5% | 1.01% (Mar 2024) |
| GDP Growth Rate | 2.85% (Dec 2023) | 0.8% (Jun 2024) |
| Savings Rate | 6.28 (March 2024) | 32.4% (2021) |
Discussion:
- Interest Rates: Nigeria has a higher lending rate due to its significantly higher inflation and perceived risk.
- Exchange Rates: The Nigerian Naira (₦) is weaker against the US dollar compared to the Thai Baht (THB).
- Inflation Rate: Nigeria faces a much higher inflation rate, impacting economic stability and consumer spending. Thailand enjoys relatively low inflation.
- Unemployment Rate: Thailand boasts a considerably lower unemployment rate compared to Nigeria’s high level.
- GDP Growth Rate: Both countries experience positive growth, with Thailand’s being slightly higher.
- Savings Rate: Thailand has a higher savings rate, potentially due to a more developed financial system and cultural factors.
Related Currency Pairings
African Currencies
Asian Currencies
European Currencies
The Evolution of the Thai Baht (THB)
The Thai Baht (THB) has been the national currency of Thailand since 1925. Its history reflects the country’s economic development and its transition from a traditional agricultural economy to a modern, diversified one.
Early Years: Prior to the introduction of the Baht, Thailand used the Siamese tical, which was the national currency from 1861 to 1925. The Baht was introduced as a means to modernize the country’s currency and facilitate trade.
Economic Challenges and Devaluation: Thailand has faced a number of economic challenges throughout its history, including political instability, natural disasters, and economic crises. These factors have put pressure on the Baht and contributed to its volatility. The Baht has experienced periods of significant devaluation, especially during times of economic crisis.
Currency Board Arrangement: In 1997, Thailand established a currency board arrangement, pegging the Baht to the US dollar. This system provided stability and facilitated trade with the United States and other Western countries. However, the currency board was abandoned during the Asian financial crisis of 1997-1998.
Recent Developments: In recent years, Thailand has made efforts to diversify its economy and reduce its dependence on agriculture and exports. The country has promoted tourism, manufacturing, and services as key sectors of growth. Despite facing challenges such as income inequality and political instability, Thailand has maintained a relatively stable economy and a strong currency.