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South Africa topples Nigeria as Africa’s biggest economy over Naira value slide

By Abimbola Fashakin, Lagos with agency reports

South Africa has once again regained its prime position as Africa’s largest economy owing to the continuous slide of the Naira, Nigeria’s currency in the foreign exchange market.

According to the influential website, BLOOMBERG, the assessment of the two leading economies is based on Dollar terms and the upward swing of South African economy is coming more than two years after losing the position to Nigeria as the value of the two nations currencies moved in opposite directions.

Bloomberg based its assessment on gross domestic product of the two countries at the end of 2015 as published by the International Monetary Fund.

According to the Washington, USA based financian institution the size of South Africa’s economy is $301 billion at the Rand’s current exchange rate, while Nigeria’s GDP is $296 billion.

IMF stated that while the Rand gained more than 16 per cent against the Dollar since the start of 2016, Nigeria’s Naira lost more than a third of its value after the Central Bank removed a currency peg in June.

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