Convert your NGN to IDR in few clicks
NGN to IDR Comparison Table
| Feature | NGN (Nigerian Naira) | IDR (Indonesian Rupiah) |
|---|---|---|
| Currency Code | NGN | IDR |
| Symbol | ₦ | Rp |
| Issuing Authority | Central Bank of Nigeria | Bank Indonesia |
| Economic Strength | Developing, resource-based economy | Developing, emerging market |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic transactions, trade |
| Digital Payment Adoption | Growing adoption, mobile money prominent | Increasing adoption |
| Inflation Rate | Historically high | Relatively low |
| Interest Rates | High | Lower than Nigeria |
| Foreign Exchange Reserves | Moderate | Adequate |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Increasing, manufacturing and other sectors |
Key Observations:
- The NGN is a currency of a developing economy with high volatility, while the IDR is from a developing, emerging market with relative stability.
- Indonesia has a more advanced digital payment infrastructure compared to Nigeria.
- The interest rate differential between the two countries is significant.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to DZD NGN to BIF NGN to CDF NGN to GNF | NGN to CNY NGN to HKD NGN to IDR NGN to ILS |
| European Currencies | South America Currencies |
| NGN to GBP NGN to GEL NGN to GHS NGN to HRK | NGN to ARS NGN to BOB NGN to BRL NGN to CLP |
7 Facts About Indonesian Rupiah
- Post-Colonial Currency: Introduced in 1946 after Indonesia’s independence, replacing the Dutch Indies Gulden, symbolizing national sovereignty.
- Large Denominations: Due to high inflation over the years, the Indonesian Rupiah has relatively large denominations compared to many other currencies.
- Central Bank Control: Bank Indonesia is responsible for issuing and managing the Rupiah, implementing monetary policies.
- Archipelagic Economy: Indonesia’s vast archipelago and diverse economy influence the Rupiah’s value, impacted by factors like commodity prices and tourism.
- Subdivision: Divided into 100 sen, but these smaller units are no longer in practical use due to inflation.
- Cash-Based Society: While digital payments are increasing, Indonesia remains largely a cash-based society, especially in rural areas.
- Currency Code: IDR is the official currency code for the Indonesian Rupiah, used in international financial transactions.
Trusted Banks in Nigeria in Nigeria and Indonesia for Naira to Rupiah Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Globus Bank | Lagos |
| Nigeria | Guarantee Trust Bank | Lagos |
| Nigeria | Keystone Bank | Lagos |
| Indonesia | Bank Rakyat Indonesia (BRI) | Jakarta |
| Indonesia | Bank Mandiri | Jakarta |
| Indonesia | Bank Central Asia (BCA) | Jakarta |