Convert your NGN to KRW
NGN to KRW Comparison Table
| Feature | NGN (Nigerian Naira) | KRW (South Korean Won) |
|---|---|---|
| Currency Code | NGN | KRW |
| Symbol | ₦ | ₩ |
| Issuing Authority | Central Bank of Nigeria | Bank of Korea |
| Economic Strength | Developing, resource-based economy | Developed, technology-driven economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic and international transactions, trade, investment |
| Digital Payment Adoption | Growing adoption, mobile money prominent | High adoption, advanced infrastructure |
| Inflation Rate | Historically high | Low inflation |
| Interest Rates | High | Low |
| Foreign Exchange Reserves | Moderate | Substantial |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Significant, technology and manufacturing |
Key Observations:
- The NGN is a currency of a developing economy with high volatility, while the KRW is from a developed, technology-driven economy with relative stability.
- South Korea 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 DZD NGN to BIF NGN to CDF NGN to GNF | NGN to AZN NGN to BHD NGN to BND NGN to BTN |
| European Currencies | South America Currencies |
| NGN to BAM NGN to BGN NGN to BYN NGN to CAD | NGN to COP NGN to CRC NGN to PEN NGN to PYG |
7 Facts About the South Korean Won
The South Korean Won is the official currency of South Korea. Here are seven key facts about it:
- Historical Background: The South Korean Won has undergone several reforms and redenominations since its inception. The current Won, introduced in 1962, replaced the Hwan due to hyperinflation.
- Managed Floating Exchange Rate: South Korea operates a managed floating exchange rate system for the Won. This means the government intervenes in the foreign exchange market to stabilize the currency’s value.
- Economic Growth and Stability: The South Korean Won has generally strengthened over time, reflecting the country’s economic growth and stability. It’s considered a relatively strong currency in the global market.
- Tech-Driven Economy: South Korea’s robust technology sector has significantly contributed to the Won’s strength. The country’s leading role in electronics, semiconductors, and automobiles has boosted exports and foreign exchange reserves.
- Global Influence: The South Korean Won is increasingly gaining international recognition due to the country’s growing economic influence. It’s traded on major currency exchanges worldwide.
- Low Inflation: South Korea has maintained relatively low inflation rates, contributing to the Won’s stability. This has been achieved through effective monetary policies implemented by the Bank of Korea.
- Digital Currency Exploration: Like many other countries, South Korea is exploring the potential of digital currencies and blockchain technology. While the Won remains the primary currency, the country is actively researching and developing digital payment systems.
Top Banks in Nigeria and South Korea for Naira to South Korean Won Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Citibank Nigeria Ltd | Lagos |
| Nigeria | StanbisIBTC Bank | Lagos |
| Nigeria | Sterling Bank Plc | Lagos |
| South Korea | Kookmin Bank | Seoul |
| South Korea | Shinhan Bank | Seoul |
| South Korea | Woori Bank | Seoul |