Convert your NGN to KES
NGN to KES Comparison Table
| Feature | NGN (Nigerian Naira) | KES (Kenyan Shilling) |
|---|---|---|
| Currency Code | NGN | KES |
| Symbol | ₦ | KSh |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Kenya |
| Economic Strength | Developing, resource-based economy | Developing, service-based economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic transactions, trade |
| Digital Payment Adoption | Growing adoption, mobile money prominent | Growing adoption, mobile money prominent |
| Inflation Rate | Historically high | Relatively high |
| Interest Rates | High | High |
| Foreign Exchange Reserves | Moderate | Adequate |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Increasing, various sectors |
Key Observations:
- Both NGN and KES are currencies of developing economies facing economic challenges.
- High inflation rates are a common issue for both countries.
- Both Nigeria and Kenya have seen significant growth in mobile money adoption.
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 | Oceania Currencies |
| NGN to BAM NGN to BGN NGN to BYN NGN to CAD | NGN to AUD NGN to FJD NGN to NZD NGN to PGK |
7 Facts About the Kenyan Shilling
The Kenyan Shilling is the official currency of the Republic of Kenya. Here are seven key facts about it:
- Historical Background: Introduced in 1966, the Kenyan Shilling replaced the East African Shilling, marking Kenya’s monetary independence. This transition was a significant step in the country’s economic development.
- Floating Exchange Rate: The Kenyan Shilling operates on a floating exchange rate system, meaning its value fluctuates freely against other currencies. This system is influenced by various economic factors, including trade, interest rates, and investor confidence.
- Stability and Resilience: Despite its floating exchange rate, the Kenyan Shilling has demonstrated relative stability compared to other currencies in the region. This stability has been attributed to factors such as a diversified economy, remittances from Kenyans abroad, and tourism revenue.
- Central Bank Oversight: The Central Bank of Kenya is responsible for monetary policy and ensuring the stability of the Kenyan Shilling. The bank employs various tools, such as interest rate adjustments and foreign exchange interventions, to manage the currency’s value.
- Challenges and Opportunities: Like many emerging economies, Kenya faces challenges in maintaining currency stability, including inflation and external shocks. However, the country’s growing economy and increasing foreign investment present opportunities for strengthening the Shilling.
- Digital Transformation: Kenya has been at the forefront of mobile money and digital financial services. The integration of technology into the financial sector has the potential to enhance efficiency and financial inclusion, which can indirectly impact the Kenyan Shilling.
- Economic Indicator: The performance of the Kenyan Shilling is often seen as a barometer of the country’s overall economic health. A strong and stable Shilling can boost investor confidence, attract foreign direct investment, and contribute to overall economic growth.
Top Banks in Nigeria and Kenya to Convert Your NGN to KES
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Kenya | Bank of Baroda Kenya Limited | Nairobi |
| Kenya | KCB Bank Kenya Limited | Nairobi |
| Kenya | I&M Bank Limited | Nairobi |