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FACT-CHECK: Is Angolan currency stronger than naira, dollar as claimed by a Twitter user?

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Naira depreciates to N362.30 despite CBN’s $210m forex intervention

CLAIM: A Twitter user, in an attempt to disparage Nigeria, claimed that the Angolan currency, ‘Kwanza’ is stronger than the dollar.

VERDICT: False

FULL TEXT

The Tweep, @Spotlight_Abby, in a recent post, made a number of claims while comparing Nigeria to other countries. She claimed that the Angolan currency, Kwanza, is stronger than the US Dollar.

She wrote:

“Saudi Arabia is now so rich from the global oil boom that she is planning a new futuristic city.

“Angola is doing so well that her currency is stronger than the USD and Angolans are now investing in Portugal, their former coloniser.

“But Nigeria has not even met her OPEC quota!”

The tweet has over 3000 likes and about 2,000 retweets.

VERIFICATION

Ripples Nigeria found that the Angolan currency is almost as strong as Nigeria’s tumbling Naira.

Read also: FACT-CHECK: Is this viral image from wedding of footballer, Sadio Mane?

According to the website of the Angola National Bank, and other reliable currency exchange websites, one Angolan Kwanza (AOA) equals 0.0023341 US Dollars, that is 1 USD equals 428.393 AOA

OTHER CLAIMS

Other claims made in the tweet were found to be largely correct.

Truly Nigeria doesn’t reach her OPEC quota. OPEC allocated 1.826 million barrels per day to Nigeria as the country’s oil production quota for August 2022, but Nigeria was able to achieve 972 thousand barrels per day. Nigeria’s oil production continues to witness a worrisome decline due to daily oil theft and pipeline vandalism. This has denied Nigeria, supposedly Africa’s largest oil-producing country, the dividends of the current rise in global oil prices.

Truly, Saudi Arabia is planning to build a zero carbon mega-city, named ‘The Line’. Saudi authorities say the utopian city will be powered by 100% clean energy, and will gulp between 100 to 200 million US Dollars.

Presenting the plan, Saudi Crown Prince Mohammed bin Salman noted that “this design will challenge the traditional flat, horizontal cities and create a model for nature preservation and enhanced human livability. The Line will tackle the challenges facing humanity in urban life today and will shine a light on alternative ways to live.”

By Oluwatobi Odeyinka..

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