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NGN to MNT Comparison Table
| Feature | NGN (Nigerian Naira) | MNT (Mongolian Tugrik) |
|---|---|---|
| Currency Code | NGN | MNT |
| Symbol | ₦ | ₮ |
| Issuing Authority | Central Bank of Nigeria | Bank of Mongolia |
| 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 | 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, mining and other sectors |
Key Observations
he Nigerian Naira and Mongolian Tugrik are both tied to resource-rich but developing economies. However, the Naira experiences greater currency fluctuations than the Tugrik. Mongolia’s digital payment systems are less advanced than Nigeria’s, and there’s a substantial difference in interest rates between the two nations.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to MWK NGN to MZN NGN to NAD NGN to RWF | NGN to PKR NGN to QAR NGN to RUB NGN to SAR |
| European Currencies | North America Currencies |
| NGN to GBP NGN to GEL NGN to GHS NGN to HRK | NGN to BSD NGN to CAD NGN to CUP NGN to DOP |
7 Facts About the Mongolian Tugrik
The Mongolian Tugrik is the official currency of Mongolia.
- Historical Roots: Introduced in 1925, the Tugrik replaced the Mongolian Dollar and other currencies. It was initially pegged to the Soviet Ruble.
- Floating Exchange Rate: The Tugrik operates on a floating exchange rate system, meaning its value fluctuates based on market forces.
- Economic Challenges: Mongolia’s economy is heavily reliant on mining, particularly copper and gold, making it susceptible to fluctuations in commodity prices. This impacts the Tugrik’s value.
- Inflation: Like many developing countries, Mongolia has experienced periods of inflation, affecting the purchasing power of the Tugrik.
- Cash-Based Economy: Mongolia is predominantly a cash-based society, although there’s a growing trend towards digital payments.
- Remittances: Remittances from Mongolians working abroad contribute to the foreign exchange market and influence the Tugrik’s value.
- Development Challenges: Mongolia faces development challenges such as infrastructure, education, and healthcare, which can impact the overall economy and the Tugrik’s stability.
Top Nigerian and Mongolian Banks for Naira to Tugrik Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Sterling Bank | Lagos |
| Nigeria | Union Bank Plc | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Mongolia | Khan Bank | Mongolia |
| Mongolia | Trade and Development Bank (TDB) | Mongolia |
| Mongolia | Golomt Bank | Mongolia |