What is the Nigerian Naira (NGN)?
Credit Ratings & Outlook
In the latest credit ratings from December 1970, Fitch has a stable outlook with a BB- rating. Finally, S&P last issued a B+ rating, with a stable outlook.
Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.
Central Bank Rate
The current central bank interest rate is 12.00%. This is the same as 2011, which was 12.00%.
In 2010 the total GDP was $202,522,959,166 in US Dollars, while the per capita GDP was $1,278. It grew by 8.70% over the previous year.
The latest unemployment rate for 2009 is 9.99%.
Consumer Price Index
The latest consumer price index for 2010 is 161.43.
The current head of the government is President Goodluck Jonathan, who is also the head of state (in an executive role).
The Naira, denoted by NGN, is the official currency used in Nigeria. The Naira is divided into 100 Kobo. Notes are in denominations of N500, 200, 100, 50, 20, 10 and 5; coins are in denominations of N1 kobo 50, 25, 10 and 1.
Import of local currency is limited to N20 in notes and must be declared on arrival; export of local currency is restricted to N20 in notes. Import of foreign currency is unlimited, but it must be declared on arrival; export is limited to the amount declared. Penalties for black market transactions are severe.
Sovereign Ratings for Nigeria
What does it look like?
The government of Nigeria is a republic comprised of executive, legislative and judicial branches. The executive branch is made up of the President (who serves as both chief of state and head of government) and the Cabinet, also known as the Federal Executive Council. The president is elected by popular vote for no more than two four-year terms. The legislative branch is a bicameral National Assembly, consisting of the Senate and the House of Representatives. The Senate has 109 seats, three from each state and one from the Federal Capital Territory; members are elected by popular vote to serve four-year terms. The House of Representatives has 260 seats, and members are also elected by popular vote to serve four-year terms. The judicial branch is made up by the Supreme Court, whose judges are appointed by the Provisional Ruling Council. Additionally, the branch contains the Federal Court of Appeal; judges are appointed by the federal government on the advice of the Advisory Judicial Committee.
Chief of State President Umaru Musa YAR’ADUA (since 29 May 2007); note – the president is both the chief of state and head of government; Vice President Goodluck JONATHAN was declared Acting President on 9 February 2010 by the National Assembly in the absence of President Umaru Yar’Adua, who has been incapacitated by illness since late November 2009
Head of Government President Umaru Musa YAR’ADUA (since 29 May 2007)
Cabinet Federal Executive Council
Elections president is elected by popular vote for a four-year term (eligible for a second term); election last held on 21 April 2007 (next to be held in April 2011)
Election Results Umaru Musa YAR’ADUA elected president; percent of vote – Umaru Musa YAR’ADUA 69.8%, Muhammadu BUHARI 18.7%, Atiku ABUBAKAR 7.5%, Orji Uzor KALU 1.7%, other 2.3%
Key Economic Factors
Nigeria is an extremely oil-rich country, largely characterized by political instability, corruption, inadequate infrastructure, and poor macroeconomic management. The nation’s former military rulers failed to diversify the economy away from its large dependence on its oil sector, which accounted for a fifth of GDP, 95% of foreign exchange earnings and more than half of budgetary revenues. The agricultural sector has not been able to keep up with Nigeria’s rapid population growth, as the country is the most populous in all of Africa. For this reason, though the country was once a large net exporter of food, must import it. After the August 2000 signing of an IMF stand-by agreement, Nigeria received a debt restructuring deal from the Paris Club, as well as a $1B credit from the IMF; both were contingent on economic reforms. Nigeria failed to meet spending and exchange rate targets and thus pulled out of the IMF program in April of 2002. In 2004, the government has finally begun to show the political determination to implement market-oriented reforms urged by the IMF, such as modernization of the banking system, curbing inflation, and resolving regional disputes over the distribution of earnings from the oil industry. During 2003, the government began deregulating fuel prices, announced the privatization of the country’s oil refineries, and instituted the National Economic Empowerment Development Strategy. GDP rose strongly in 2004.
Crude oil, coal, tin, columbite, palm oil, peanuts, cotton, rubber, wood, hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel and small commercial ship construction and repair.
Cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs, timber and fish.
Petroleum and petroleum products, cocoa and rubber.
Machinery, chemicals, transport equipment, manufactured goods, food and live animals.
1 Nigerian Naira to:
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- Other Currencies Accepted: United States Dollar
- Currency Peg:No
- Black Market for Currency:Probable
- Currency Volatility:unknown
- Estimated GDP Per Capita:7.2 billion (2009 est.) 0.2 billion (2008 est.) 3.1 billion (2007 est.) note: data are in 2009 US dollars
- Languages Spoken:English (official), Hausa, Yoruba, Igbo (Ibo), Fulani