Nigeria’s Exchange Rate to Decide Africa’s Biggest Economy: Chart

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    By Paul Wallace

    Deciding which African economy will be the biggest at the end of this year will depend on which exchange rate you use. While the International Monetary Fund reckons Nigeria will come out on top with $395 billion of output, it uses an average official exchange rate of 304 naira per dollar, which few companies or individuals get access to. Using the market-determined price for the naira, known as Nafex and around 20 percent weaker than the official one, means Nigeria’s gross domestic product will be smaller than South Africa’s $344 billion, according to Renaissance Capital.

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    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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