Convert NGN to ISK
NGN to ISK Comparison Table
| Feature | NGN (Nigerian Naira) | ISK (Icelandic Króna) |
|---|---|---|
| Currency Code | NGN | ISK |
| Symbol | ₦ | kr |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Iceland |
| Economic Strength | Developing, resource-based economy | Developed, high-income economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic and international transactions |
| Digital Payment Adoption | Growing adoption, mobile money prominent | High adoption, advanced infrastructure |
| Inflation Rate | Historically high | Low inflation |
| Interest Rates | High | Lower than Nigeria |
| Foreign Exchange Reserves | Moderate | Substantial |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Significant, various sectors |
Key Observations:
- The NGN is a currency of a developing economy with high volatility, while the ISK is from a developed, high-income economy with relative stability.
- Iceland has a significantly more advanced digital payment infrastructure compared to Nigeria.
- The interest rate differential between the two countries is substantial.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to MWK NGN to MZN NGN to NAD NGN to RWF | NGN to JPY NGN to JOD NGN to KGS NGN to KHR |
| European Currencies | Oceania Currencies |
| NGN to HUF NGN to MDL NGN to MKD NGN to PLN | NGN to GTQ NGN to GYD NGN to HNL NGN to JMD |
7 Facts About Icelandic Króna
- Nordic Currency: The Icelandic Króna shares its name and historical roots with other Nordic currencies, reflecting the region’s cultural ties.
- Floating Exchange Rate: The Króna operates on a floating exchange rate, subject to market forces and economic conditions.
- Central Bank Control: The Central Bank of Iceland (Sedlabanki Íslands) oversees the issuance and management of the Króna.
- Economic Volatility: Iceland’s economy has experienced significant fluctuations, impacting the Króna’s value.
- Subdivision: Divided into 100 aurar, but these smaller units are rarely used in practice.
- Cashless Society: Iceland is known for its high rate of cashless transactions, with credit and debit cards widely accepted.
- Currency Code: ISK is the official currency code for the Icelandic Króna.
Top Banks in Nigeria and Iceland for Naira to Króna Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Globus Bank | Lagos |
| Nigeria | Fidelity Bank Plc | Lagos |
| Nigeria | Ecobank Plc | Lagos |
| Iceland | Landsbankinn | Reykjavík |
| Iceland | Íslandsbanki | Reykjavík |
| Iceland | Arion Bank | Reykjavík |