^
I liked the last pargraph. I don't know about the whole of Africa but i know that Nigeria is under going growth and so long may this continue. The last time i was there less than 6 months ago some people were celebrating that the Naira was nearly as strong as the dollar. The Naira might even be stronger than the dollar by now.
It is true through film and other forms of media some people do try and mimic some of the things that are going on and happening in the West.
I also have cousins and other family relatives though who refuse to live in anywhere but Nigeria.

are you 'aving a bubble, or what??

I am not quite sure what the problem is with that part of what I wrote.

The Naira used to be pretty weak years ago but it has gained in strength in more recent years. The rate of conversion of the Naira against the Dollar when i was in Nigeria last was pretty close. At one point the Naira even over took the dollar and some of my relations were very happy about this.

118-120 Naira to the Dollar is hardly strong.

Some statements are easily verifiable. For such an educated person, you rely a lot on hearsay....

The last time the Naira had any semblance of being strong to any Western Currency was before 1984, when it was 2pounds to 1naira and 75cents to the Naira. It has don nothing but slide down hill since then.

How close is close? When you went to Nigeria, did you exchange any currency? or you gave your relations your money and you took what they told you was the exchange rate?

hmmm, makes me wonder how much might have really been made off you..

I was in Nigeria from the end of November 07-Jan 08 and the rate of conversion against the Naira aganst the Dollar was pretty close. A little before that the Naira had even overtook the Dollar for a very short period of time.
I have had a look at what the current rate of conversion of the dollar against the Naira is and it is not 75 cents it is 85 cents maybe it has come down a bit from what it was some months ago but the rate of conversion was certainly very close and also the current rate of conversion being at 85 cents is not so terrible ether.

----
To answer your other question
I was changing pounds into Naira.

Rachie,
You didnt answer the question. Give us specifics. How much is close?

In places like Nigeria, the Naira is strongest during the festive periods (christmas etc) because you have a lot of pple traveling into nigeria and the forces of demand and supple tips in the favour of the naira. And Rachie, in December 07. The dollar at its worst exchanged for 115 naira. Your last response evenmakes me doubt you understood my post, talkless of even understanding what you are on about..

Like I said earlier. These are easily verifiable facts..

google is your friend.

FXHistory - Historical Currency Exchange Rates

You can plot it against any timeline you want.

I think you are mistaken in what some of what you have written. I will speak to my cousins about this to get what the exact rate of exchange was and get back to you.
My relatives and I had discussions about the rate of exchange when i was in Nigera. They informed me about the rate of exchange against the Naira/Dollar and what had been happening. They told me how close it was and it was quite close but i didn't keep note of the rate of exchange as converting dollars into Naira was not my concern.
If you asked me what the rate of exchange against the pound was that i would easily be able to recall.

Did you check the link i posted?

No i haven't checked that link yet i want to speak to some relatives about what i was told first. I did take what was said to me as being true but I will check all of this with my aunt or my cousins husband who will know for sure.
Btw, i checked the current rate of exchange on this website.
XE - Universal Currency Converter

@Rachie, it may be that you are referring to the Federal governments plan to make the Naira equal to the Dollar, like they had done in Ghana, the idea was scrapped in the end, at the last minute.

I know in December it was around 250 Naira to a pound, and the Naira was in the hundreds as against the Dollar.

I wasn't getting quite that out of my pound it was more like 240's-235ish i think on the actual exchange market.
The pound was a little stronger against the dollar then around that time although it is still doing very well at nearly double the dollar now.
Don't forget as well that i think it was late last year that the US went through quite a dip and then pulled things back up a little.