South Africa overtakes Nigeria as Africa's largest economy
Thu Aug 11, 2016 12:11:pm Business
2.4K By Buchi Obichie
Nigeria has lost its position of Africa's largest economy in dollar terms to South Africa.
This is based on gross domestic product at the end of 2015, published by the International Monetary Fund.
Based on the report, at the rand's current exchange rate, the size of South Africa's economy is $301 billion, while Nigeria's GDP is $296 billion.
South Africa regains the top position more than two years after losing it to Nigeria, as the value of the nations' currencies moved in opposite directions.
Since the start of 2016, the rand gained more than 16 percent against the dollar, while Nigeria's naira has lost more than a third of its value after the central bank removed a currency peg in June.
This is based on gross domestic product at the end of 2015, published by the International Monetary Fund.
Based on the report, at the rand's current exchange rate, the size of South Africa's economy is $301 billion, while Nigeria's GDP is $296 billion.
South Africa regains the top position more than two years after losing it to Nigeria, as the value of the nations' currencies moved in opposite directions.
Since the start of 2016, the rand gained more than 16 percent against the dollar, while Nigeria's naira has lost more than a third of its value after the central bank removed a currency peg in June.
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