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NGN to MVR Comparison Table
| Feature | NGN (Nigerian Naira) | MVR (Maldivian Rufiyaa) |
|---|---|---|
| Currency Code | NGN | MVR |
| Symbol | ₦ | ރ |
| Issuing Authority | Central Bank of Nigeria | Maldives Monetary Authority |
| Economic Strength | Developing, resource-based economy | Developed, tourism-based economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic and international transactions, tourism |
| Digital Payment Adoption | Growing adoption, mobile money prominent | High adoption, advanced infrastructure |
| Inflation Rate | Historically high | Low inflation |
| Interest Rates | High | Lower than Nigeria |
| Foreign Exchange Reserves | Moderate | Adequate |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Significant, tourism and related sectors |
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 |
Economic Comparison Analysis
Nigeria and the Maldives present a stark economic contrast. Nigeria, as a developing nation, experiences significant currency volatility with the Naira (NGN) as its medium of exchange. Conversely, the Maldives, a developed tourism-centric economy, enjoys relative currency stability through the Maldivian Rufiyaa (MVR). This economic disparity is further highlighted by Maldives’ advanced digital payment ecosystem compared to Nigeria’s. The interest rate differential between the two countries underscores the varying economic environment.
7 Facts About the Maldivian Rufiyaa
The Maldivian Rufiyaa is the official currency of the Maldives.
- Historical Background: Introduced in 1947, the Rufiyaa replaced the Indian Rupee, reflecting the Maldives’ historical ties to India.
- Subdivisions: The Rufiyaa is divided into 100 laari.
- Tourism Dependence: The Maldivian economy is heavily reliant on tourism, and the Rufiyaa’s value is influenced by the flow of foreign currency into the country.
- Exchange Rate Management: The Maldivian government manages the Rufiyaa’s exchange rate to ensure stability and support the tourism industry.
- Cash-Based Economy: While the Maldives is increasingly adopting electronic payments, it remains predominantly a cash-based society.
- Challenges: The Maldivian economy faces challenges such as dependence on tourism, climate change, and import-heavy consumption patterns, which can impact the Rufiyaa’s stability.
- Limited International Use: The Maldivian Rufiyaa is primarily used within the Maldives, with limited acceptance in other countries.
Top Banks in Nigeria and Maldives for your Naira to Rufiyaa Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Maldives | Bank of Maldives (BML) | Malé |
| Maldives | Habib Bank Maldives Plc | Malé |
| Maldives | Mauritius Commercial Bank (MCB) Islamicpen_spark | Malé |