Convert your NGN to NIO
NGN to NIO Comparison Table
| Feature | NGN (Nigerian Naira) | NIO (Nicaraguan Córdoba) |
|---|---|---|
| Currency Code | NGN | NIO |
| Symbol | ₦ | C$ |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Nicaragua |
| 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 | Low |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Limited |
Nigeria and Nicaragua: Economic Contrast
Nigeria and Nicaragua represent divergent paths in economic development. Nigeria, as a significant oil exporter, experiences high currency volatility with the Naira (NGN). Conversely, Nicaragua, predominantly agrarian, exhibits relative currency stability with the Córdoba Oro (NIO). This stability is partially attributed to Nicaragua’s less developed digital payment infrastructure compared to Nigeria’s. The substantial interest rate differential between the two nations reflects their varying economic conditions and monetary policies.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to KES NGN to LYD NGN to MAD NGN to MGA | NGN to AZN NGN to BHD NGN to BND NGN to BTN |
| European Currencies | North America Currencies |
| NGN to GBP NGN to GEL NGN to GHS NGN to HRK | NGN to GTQ NGN to GYD NGN to HNL NGN to JMD |
7 Facts About the Nicaraguan Córdoba
The Nicaraguan Córdoba is the official currency of Nicaragua.
- Historical Currency: Introduced in 1912, the Córdoba has a long history, but has faced challenges due to political instability and economic difficulties.
- Inflationary Pressures: The Córdoba has historically struggled with inflation, leading to economic challenges for the population.
- Floating Exchange Rate: The Nicaraguan Córdoba operates on a floating exchange rate system, meaning its value fluctuates based on market forces.
- Economic Dependence: Nicaragua’s economy is heavily reliant on agriculture and exports, making it vulnerable to global market fluctuations and affecting the Córdoba’s value.
- Remittances: Remittances from Nicaraguans living abroad contribute to the foreign exchange market and influence the Córdoba’s stability.
- Cash-Based Economy: Nicaragua is predominantly a cash-based society, although there’s a growing trend towards digital payments.
- Subdivisions: The Córdoba is divided into 100 centavos.
Top Banks in Nigeria and Nicaragua for Naira to Córdoba Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Nicaragua | Banco Nacional de Nicaragua (Bancentro) | Managua |
| Nicaragua | Banco Lafise | Managua |
| Nicaragua | BAC Credomatic Nicaragua | Managua |