Convert your NGN to KGS in few clicks
NGN to KGS Comparison Table
| Feature | NGN (Nigerian Naira) | KGS (Kyrgyzstani Som) |
|---|---|---|
| Currency Code | NGN | KGS |
| Symbol | ₦ | сом |
| Issuing Authority | Central Bank of Nigeria | National Bank of the Kyrgyz Republic |
| Economic Strength | Developing, resource-based economy | Developing, export-oriented economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic transactions |
| 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, various sectors |
Key Observations:
- The NGN is a currency of a developing economy with high volatility, while the KGS is from a developing, export-oriented economy with relative stability.
- Kyrgyzstan has a less developed 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 AZN NGN to BHD NGN to BND NGN to BTN |
| European Currencies | North America Currencies |
| NGN to BAM NGN to BGN NGN to BYN NGN to CAD | NGN to BSD NGN to CAD NGN to CUP NGN to DOP |
7 Facts About the Kyrgyzstani Som
The Kyrgyzstani Som is the official currency of Kyrgyzstan. Here are seven key facts about it:
- Post-Soviet Currency: Introduced in 1993, the Som replaced the Russian ruble, marking Kyrgyzstan’s transition from a Soviet republic to an independent nation.
- Floating Exchange Rate: The Kyrgyzstani Som operates on a floating exchange rate system, meaning its value fluctuates freely against other currencies based on market forces.
- Economic Challenges: Kyrgyzstan is a developing country with a relatively small economy, and the Som has faced challenges maintaining stability due to factors like remittance flows, commodity prices, and geopolitical events.
- Remittances: Remittances from Kyrgyzstani workers abroad, primarily in Russia and Kazakhstan, have a significant impact on the Som’s exchange rate. These inflows can provide support to the currency.
- Cash-Based Economy: Kyrgyzstan is predominantly a cash-based society, with credit and debit card usage relatively limited. This reliance on cash can influence monetary policies and financial inclusion efforts.
- Inflation: Like many emerging economies, Kyrgyzstan has experienced periods of inflation, which can erode the purchasing power of the Som. The country’s central bank has implemented measures to control inflation.
- Digital Currency Exploration: Kyrgyzstan, like many other nations, is exploring the potential of digital currencies and blockchain technology. While the Som remains the primary currency, the country is monitoring developments in this area.
Top Banks in Nigeria and Kyrgyzstan for NGN to KGS Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Kyrgyzstan | Commercial Bank Kyrgyzkommertsbank (CJSC) | Bishkek |
| Kyrgyzstan | RSK Bank (OJSC) | Bishkek |
| Kyrgyzstan | Demir Kyrgyz International Bank (OJSC) | Bishkek |