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NGN to MMK Comparison Table
| Feature | NGN (Nigerian Naira) | MMK (Myanmar Kyat) |
|---|---|---|
| Currency Code | NGN | MMK |
| Symbol | ₦ | K |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Myanmar |
| Economic Strength | Developing, resource-based economy | Developing, agriculture-based economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic transactions |
| Digital Payment Adoption | Growing adoption, mobile money prominent | Limited digital payment infrastructure |
| 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 Nigerian Naira, operating within a volatile developing economy, contrasts sharply with the Myanmar Kyat, which is rooted in a relatively stable, agriculture-centric developing nation. Myanmar’s digital payment infrastructure is less mature compared to Nigeria’s, while interest rates between the two countries exhibit a substantial gap
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 the Burmese Kyat
The Burmese Kyat is the official currency of Myanmar (formerly Burma).
- Historical Currency: The Kyat has a long history, dating back to the 19th century when it was used as a silver coin. It has undergone various changes and reforms over the years.
- Floating Exchange Rate: The Burmese Kyat operates on a floating exchange rate system, meaning its value fluctuates based on market forces.
- Economic Challenges: Myanmar’s economy faces challenges, including poverty, infrastructure limitations, and political instability, which impact the Kyat’s stability.
- Inflation: The country has experienced periods of high inflation, eroding the purchasing power of the Kyat.
- Cash-Based Economy: Myanmar is predominantly a cash-based society, with limited use of electronic payment systems.
- Remittances: Remittances from Burmese workers abroad contribute to the foreign exchange market and influence the Kyat’s value.
- Subdivisions: The Kyat is divided into 100 pyas, but these are rarely used in everyday transactions.
Top Nigerian and Myanmar Banks for Naira to Kyat Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Myanmar | Myanmar Economic Bank (MEB) | Naypyidaw |
| Myanmar | Kanbawza Bank | Yangon |
| Myanmar | Yoma Bank | Yangon |