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This is an index of currency values produced by Rand Merchant Bank based on the cost of a litre of milk in various countries in Africa. It is similar to the Economist magazine's "Big Mac Index" which compares the cost of a Big Mac in various countries around the world to determine which country has the most expensive Big Mac and to rank the value of the currencies accordingly. In August 2021 the milk index showed that Nigeria's niara was the most over-valued currency at 258% of fair value. We have found it difficult to obtain information on the milk index after 2021.