We compared Nigerian Naira to other African currencies, the result is shocking
I felt only a few African countries could have stronger currencies than the naira but I was shocked and ashamed with what I found out.
As usual, after calculating the exchange rate, what I wanted to get was on the high side. I just became humble and cancelled the transaction.
I started thinking if the disparity between dollar and naira is so insane, what will be the exchange rate of the naira to the currencies of other African countries. I picked 25 random African countries and compared their currencies with the naira.
Before I started my findings, I felt only a few African countries could have stronger currencies than the naira but boy I was shocked and ashamed with what I came up with.
Check out the latest exchange rate of the Nigerian naira compared to some random African countries' currencies.
1. South Africa - 1 Rand = 26.28 Naira
2. Ethiopia - 1 Birr = 13.30 Naira
3. Ghana - 1 Cedi = 81.96 Naira
4. Gambia - 1 Dalasi = 7.60 Naira
5. Kenya - 1 Shilling = 3.48 Naira
6. Liberia - 1 Dinar = 3.05 Naira
7. Swaziland - 1 Lilangeni = 26.55 Naira
8. Tunisia - 1 Dinar = 145.90 Naira
9. Zambia - 1 kwacha = 36.7 Naira
10. Angola - 1 kwanza = 2.17 Naira
11. Lesotho - 1 Loti = 26.55 Naira
12. Libya - 1 Dinar = 262.77 Naira
13. Morrocco - 1 Dirham = 38.32 Naira
14. Madagascar - 1 Ariary = 0.12 Naira
15. Mauritius - 1 Rupee = 10.5 Naira
16. Malawi - 1 kwacha = 0.50 Naira
17. Mozambique - 1 Metical = 5.8 Naira
18. Namibia - 1 Dollar = 26.55 Naira
19. Seychelles - 1 Rupee = 26.38 Naira
20. Sudan - 1 pound = 53.89 Naira
21. Botswana - 1 Pula = 34.60 Naira
22. Cape Verde - 1 Escudo = 3.82 Naira
23. Algeria - 1 Dinar = 3.18 Naira
24. Egypt - 1 Pound = 20.45 Naira
25. Eritrea - 1 Nakata = 23.52 Naira
The currencies of some worse economies in Africa have better value than the naira.
So the question is - Do you think Nigeria's naira is the weakest currency in Africa and the world at large and what is the way forward to strengthen the naira.
Share your thoughts and comments.
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