• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

Exchange rate rout slices $60b off Nigeria’s GDP, threatens “No 1 economy” in Africa status

Nairametrics by Nairametrics
February 22, 2015
in Currencies, Politics
Share on FacebookShare on TwitterShare on Linkedin

Nigerian President

Latest figures from the National Bureau of Statistics put Nigeria’s total real GDP  at the end of 2014 at about N67.9trillion or $339.8billion using an exchange rate of N200. This figure suggests if the naira continues to depreciate Nigeria will lose its enviable position as the giant of Africa.  Nigeria’s nominal GDP based on the report came to about N90.1trillion or $450b. Just under a year ago when Nigeria rebased its GDP numbers our economy shot up to a nominal value of N80tr or $509.9billion rivaling South Africa at about $350b. 9 Months down the line the economy is in a tail spin as oil prices tank and our exchange rate continues to depreciate by about 29% since last year (N155 to N200).

This new exchange rate is currently more of a threat for Nigeria as every Naira earned in 2014 is now worth nearly 30% less currently. Whilst South Africa has also been affected by the current economic crisis facing most emerging countries, ours has been worse. They also grew at a slower rate to Nigeria. The World Bank estimates South Africa’s GDP at $350b and currently suggest Nigeria is still  bigger economy on nominal terms. But with exchange rate getting out of hand, we may just lose that status by fiat and without any major effort by South Africa who has seen exchange rate drop by about 10% and GDP growth rate rose by just 1.4% in Q4 2014.

RelatedStories

CBN issues directive to curb mass sacking by banks

How companies determine who to fire in an economic crunch

November 29, 2022
shopping mall prices

Why A Drop In Inflation Does Not Necessarily Mean A Drop In Prices Of Commodities

July 17, 2019

The fear however, is if Nigeria devalues again and if that by some stroke of bad luck it sends the exchange rate plummeting to about N250 to a dollar. If that happens our GDP will be about $360b and dangerously close to losing our pride as “no 1 economy in Africa.

Tags: News Review
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Related Posts

CBN issues directive to curb mass sacking by banks
Small Business

How companies determine who to fire in an economic crunch

November 29, 2022
shopping mall prices
Blurb

Why A Drop In Inflation Does Not Necessarily Mean A Drop In Prices Of Commodities

July 17, 2019
Treasury Bills
Financial Literacy

20 Financial Terms You Need To Know In The Stock Market

August 5, 2018
MTN Nigeria Plc
Business News

30% equity of MTN’s shares could go to retail investors

June 13, 2018
[The Nigerian Economy Daily] FG has approved the closure of five foreign missions and embassies
Macros

THIS WEEK: Big Macros and a very important task for President Buhari.

June 10, 2018
internet subscriptions growth
Business News

Why Glo and 9mobile are losing their internet mobile subscribers

June 5, 2018
Next Post
How important is Buhari’s health?

How important is Buhari's health?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Gombe receives N60 billion from FG to establish 184-hectare Agro-Livestock Industrial Zone
  • IGP extends tinted glass permit enforcement grace period to August 12 
  • Top 10 export destinations for Nigeria in Q1 2025: India takes the lead

Follow us on social media:

Recent News

Gombe Govt approves N1.15 billion for solar street lights, infrastructure in 3 LGAs

Gombe receives N60 billion from FG to establish 184-hectare Agro-Livestock Industrial Zone

June 14, 2025
IGP to prosecute ex-personnel who ‘hijacked’ truck carrying 40,000 litres of petrol in Enugu 

IGP extends tinted glass permit enforcement grace period to August 12 

June 14, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics