Convert your NGN to PGK free
NGN to PGK Comparison Table
| Feature | NGN (Nigerian Naira) | PGK (Papua New Guinean Kina) |
|---|---|---|
| Currency Code | NGN | PGK |
| Symbol | ₦ | K |
| Issuing Authority | Central Bank of Nigeria | Bank of Papua New Guinea |
| Economic Strength | Developing, resource-based economy | Developing, resource-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, mining and other sectors |
Key Observations:
- Both NGN and PGK are currencies of developing, resource-based economies.
- The NGN is more volatile compared to the PGK.
- Papua New Guinea 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 CNY NGN to HKD NGN to IDR NGN to ILS |
| European Currencies | Oceania Currencies |
| NGN to CHF NGN to CZK NGN to DKK NGN to EUR | NGN to AUD NGN to FJD NGN to NZD NGN to PGK |
7 Facts About the Papua New Guinean Kina
The Papua New Guinean Kina is the official currency of Papua New Guinea.
- Historical Background: Introduced in 1975, the Kina replaced the Australian Dollar. The name “Kina” comes from a type of shell used as currency in the past.
- Floating Currency: The Kina operates on a floating exchange rate system, meaning its value fluctuates based on market forces.
- Economic Challenges: Papua New Guinea is a developing country with economic challenges, including reliance on natural resources and susceptibility to natural disasters, which can impact the Kina’s stability.
- Cash-Based Economy: Papua New Guinea is predominantly a cash-based society, although there’s a growing trend towards digital payments.
- Subdivisions: The Kina is divided into 100 toea.
- Challenges in Remoteness: Papua New Guinea’s geographic challenges, with many remote areas, can impact the distribution and management of the Kina.
- Economic Diversification: Efforts to diversify the economy away from reliance on natural resources are underway, which could impact the Kina’s future stability.
Top Banks in Nigeria and Papua New Guinea for Naira to Kina Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Papua New Guinea | Bank South Pacific (BSP) | Port Moresby |
| Papua New Guinea | ANZ Bank PNG | Port Moresby |
| Papua New Guinea | Kina Bank Limited | Port Moresby |