DEPRECIATION OF THE NIGERIAN NAIRA IN THE FORIEGN EXCHANGE MARKET

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DEPRECIATION OF THE NIGERIAN NAIRA IN THE FORIEGN EXCHANGE MARKET 

Written By: Otitonaiye Damilare Femi. 

It's no doubt the Nigerian Naira has experienced massive depreciation in the international currency benchmark in recent time, as economist and foreign exchange experts gave analysis on it.

The international business operators are seen experiencing great difficulty doing business through Nigeria Naira due to high foreign exchange rates. 

The Nigeria’s ones powerful currency has overtime experience depreciation in the foreign exchange markets around Africa, as investors seek alternative currencies to do business in Africa and round the globe. 

Otiscornerblogspot, through some foreign exchange researchers made a list of some African Countries Currency and how the Nigerian Naira is fairing against them in the international exchange market.

Here is the list:

South Africa: Rand 1= ₦79 

Angola: 1Kwanza = ₦12 

Botswana: 1Pula = ₦28

Cape Verde: 1Escudo = ₦8

Algeria: 1Dinar = ₦12

Egypt: 1Pound = ₦35

Eritrea: 1Nakata = ₦18

Ethiopia: 1Birr = ₦19

Ghana: 1Cedi = ₦56

Gambia 1 Dalasi = ₦9

Kenya: 1Shilling = ₦6

Liberia: 1Dinar = ₦8

Lesotho: 1Loti = ₦19

Libya: 1Dinar = ₦156

Morocco: 1Dirham = ₦176 

Madagascar: 1Ariary = ₦14

Mauritius: 1Rupee = ₦16 

Malawi: 1Kwacha = ₦21

Mozambique: 1Metical = ₦24

Namibia: 1Dollar = ₦32

Seychelles: 1Rupee = ₦22 

Sudan: 1Pound = ₦42

Swaziland: 1Lilangeri = ₦19

Tunisia: 1Dinar = ₦150 

Zambia: 1Kwacha = ₦28

Even the worst economies in Africa are seen  having more valuable currencies than the Naira In the exchange rates market. 

In the global economy today, the top 3 most valuable currencies in the world are seen  exchanged at very high prices in the market to the Naira. 

 $1 = ₦480?

€1 = ₦560?

£1 = ₦660?

₦1,000,000.00 today, is less than $2,100.00..... which has called for great concern to business investors and Nigerians who makes transactions through foreign exchange.




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