• 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 Opinions Blurb

Here Is What Happened When Angola Devalued

Nairametrics by Nairametrics
January 4, 2016
in Blurb
Here Is What Happened When Angola Devalued

Logo of Angolan Central Bank Nairametrics File

Share on FacebookShare on TwitterShare on Linkedin

Angola devalued its official currency the Kwanza at the end of 2015 in a bid to bridge the gap between the official rate and parallel market rate. By January 4th, the Kwanza had lost as much as 17% representing its biggest drop since September 2011 according to Bloomberg. The currency traded at 134.573 Kwanza to the dollar on Dec. 31 compared to 154.835 Kwanza against the dollar as at January 4th 2016. The exchange rate had actually dropped to as low as 158.7380 Kwanza to the dollar before clawing back.  The currency is now officially down 50% since January 2015.

Despite the devaluation, the disparity between the parallel market rate and the official rate was as clear as night and day. The currency was trading at between 270 and 280 per dollar at the black market. The country just like Nigeria, is facing a currency crisis following the 65% drop in the price of crude and the threat of Iran coming back to the crude market.

The Central Bank of Nigeria has also come under pressure from economist seeking that it devalues the currency in response to the widening disparity between the black market and the interbank rates. This is despite the CBN devaluing twice within a space of 12 months by about 21%. Some have also called for the CBN to float the currency instead opining that it better serves the economy and gives the naira an opportunity to discover its real price.

RelatedStories

List of 18 mobile money operators in Nigeria insured by NDIC

World Bank: Mobile money fuels record financial inclusion in Nigeria, other developing economies in 2024 

July 16, 2025
Billionaire and Oracle co-founder, Larry Ellison

Larry Ellison, Jensen Huang are $11.6 billion richer in 24 hours 

July 16, 2025

The situation in Angola is perhaps an indication of how brutal devaluation can be on one hand and how it is not in any way a solution to any country’s currency crisis. The country night now have to devalue by another 26% if it is to be at par with the black market rate. Just like Nigeria, African countries face a dollar scarcity due to the drop in oil revenue and have adopted several policies aimed at controlling demand. Nigeria’s CBN has made it clear that it will not be devaluing its currency and will continue with its demand side management policies of restricting dollar purchases.

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

List of 18 mobile money operators in Nigeria insured by NDIC
Financial Services

World Bank: Mobile money fuels record financial inclusion in Nigeria, other developing economies in 2024 

July 16, 2025
Billionaire and Oracle co-founder, Larry Ellison
Billionaire Watch

Larry Ellison, Jensen Huang are $11.6 billion richer in 24 hours 

July 16, 2025
FCT High Court, Benjamin Joseph, zinox
Breaking News

Appeal Court reverses N579bn Stamp Duty payment to Kasmal Services in CBN’s favor 

July 16, 2025
Federal High Court, REA
Legal & Regulations

NDPC urges Court to dismiss Meta’s suit over $32.8 million data privacy sanction 

July 16, 2025
Naira , dollar, exchange rate
Currencies

Naira depreciates to N1,555/$1 ahead of 301st MPC meeting 

July 16, 2025
GTCO to write off Aiteo loan and switch to aggressive recovery plan
Breaking News

GTCO becomes first banking stock to cross N100 on NGX 

July 16, 2025
Next Post
Three Plausible Reasons Why The CBN Is Pumping Trillions Into The Economy

Implication Of Devaluing, Floating The Naira Or Sticking With The Status Quo

Leave a Reply Cancel reply

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

Emple
nlng
first bank








DUNS

Recent News

  • World Bank: Mobile money fuels record financial inclusion in Nigeria, other developing economies in 2024 
  • Larry Ellison, Jensen Huang are $11.6 billion richer in 24 hours 
  • Appeal Court reverses N579bn Stamp Duty payment to Kasmal Services in CBN’s favor 

Follow us on social media:

Recent News

List of 18 mobile money operators in Nigeria insured by NDIC

World Bank: Mobile money fuels record financial inclusion in Nigeria, other developing economies in 2024 

July 16, 2025
Billionaire and Oracle co-founder, Larry Ellison

Larry Ellison, Jensen Huang are $11.6 billion richer in 24 hours 

July 16, 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