When we see the volume of banknotes that Nigerians use to shop, Cameroonians are tempted to say that the naira is decidedly not much …
Cameroonians have generally fed many superiority complex on Made in Nigeria products, just as their money. Indeed, many Cameroonians believe the naira has low value compared to the CFA franc. A legend has even built that Nigerians are going to shop with bank notes in wheelbarrows, so the naira worth almost nothing. Therefore, users must carry them around in large amounts. This is however not true.
The fact is that many Cameroonians do not know that one naira is equivalent to 1.9 Franc. Or in exchange, 1 euro equals 335.6 naira while 1 euro equals 655 FCFA 9570.
In reality, the difference between the Cameroonian and Nigerian currencies is more at the level of the mass of cuts. Thus, there are 1 Naira banknotes but the CFA franc used in Cameroon and even in the CEMAC sub-region (Economic and Monetary Community of Central Africa) has cut as from 500 Francs.
Under a more obtuse angle, the presumption of the low value of “Made in Nigeria” is more general. Like China, Nigeria has become the boss of low cost manufactured goods. Only that this mass production is the strength of this country to the point that, even if it has just been dethroned, it became in 2015 the first economic power in Africa.
To recall, in 2015 the GDP of Nigeria expressed in dollars for 2016 is $ 296 billion, while for South Africa (returned to first African economic power ahead of Nigeria) is $ 301 billion, i.e 5 billion more.