According to Bloomberg, using the gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion.
Bloomberg noted that the rand has gained more than 16% against the US currency since the start of 2016, while in contrast, Nigeria’s naira has lost more than a third of its value.
In Afternoon trade on Wednesday, the rand firmed by more than a percent against the dollar, to R13.29.
South Africa has overtaken Nigeria to become the biggest economy on the African continent.
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