South Africa beats Nigeria, reclaims spot as Africa’s largest economy
Written by Taiwo Adediran on August 12, 2016
South Africa has regained the title of Africa’s largest economy, two years after Nigeria rebased its GDP to claim the spot, according to IMF data.
A recalculation using current exchange rates put South Africa on top because the rand has strengthened against the dollar.
Both economies face recession after contracting this year. But while the South African rand has gained more than sixteen per cent since the beginning of 2016, Nigeria’s naira has plunged by more than a third of its value.
Meanwhile, Nigeria’s naira hit an all-time low of three hundred and fifty naira, ninety-one kobo to the dollar today in one interbank market trade worth one million dollars. The currency began the day at three hundred and seventeen naira, fifty kobo to the dollar.