Rand Helps South Africa Overtake Nigeria
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Currency movement helps South Africa overtake Nigeria as the largest economy in Africa
South Africa is now Africa’s largest economy again by gross domestic product (GDP) measured in US dollars, overtaking Nigeria.
South Africa’s GDP at the end of 2015 is $301bn at the rand’s current exchange rate whereas Nigeria’s is $296bn (source: International Monetary Fund). The South African rand recently gained over 16% against the dollar and Nigeria’s naira has weakened by over a third of its value.
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