Convert your NGN to RUB without stress
NGN to RUB Comparison Table
| Feature | NGN (Nigerian Naira) | RUB (Russian Ruble) |
|---|---|---|
| Currency Code | NGN | RUB |
| Symbol | ₦ | ₽ |
| Issuing Authority | Central Bank of Nigeria | Central Bank of the Russian Federation |
| Economic Strength | Developing, resource-based economy | Emerging, resource-based economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic and international transactions |
| Digital Payment Adoption | Growing adoption, mobile money prominent | Increasing adoption |
| Inflation Rate | Historically high | Relatively high |
| Interest Rates | High | lower than Nigeria |
| Foreign Exchange Reserves | Moderate | Adequate |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Increasing, various sectors |
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to UGX NGN to XAF NGN to XOF NGN to ZMW | NGN to JPY NGN to JOD NGN to KGS NGN to KHR |
| European Currencies | North America Currencies |
| NGN to RON NGN to RSD NGN to SEK NGN to TRY | NGN to BSD NGN to CAD NGN to CUP NGN to DOP |
Nigeria and Russia: A Comparative Economic Analysis
Both Nigeria and Russia are resource-rich economies grappling with economic challenges. High inflation rates are a shared issue, though Russia’s inflation has been exacerbated by recent geopolitical events. Despite their shared challenges, Russia has made significant strides in developing its digital payment infrastructure compared to Nigeria. Furthermore, Russia’s monetary policy, as reflected in higher interest rates, differs markedly from Nigeria’s approach to managing its economy.
Key Differences
- Economic Structure: Both resource-dependent but with different levels of economic diversification.
- Inflation: Shared challenge, but Russia’s inflation has been more volatile due to geopolitical factors.
- Digital Infrastructure: Russia has a more advanced digital payment ecosystem.
- Monetary Policy: Russia maintains lower interest rates compared to Nigeria.
7 Facts About the Russian Ruble
The Russian Ruble is the official currency of Russia.
Subdivisions: The Ruble is divided into 100 kopecks.Top Nigerian and Russian Banks to Convert Your Naira to Ruble
Historical Currency: The Ruble has a long history, dating back to the 15th century, making it one of the oldest currencies still in use.
Soviet Era: The Ruble was the currency of the Soviet Union before its collapse in 1991.
Volatility: The Ruble has experienced significant volatility over the years, influenced by factors such as oil prices, geopolitical events, and economic sanctions.
Economic Sanctions: Western sanctions imposed on Russia have had a significant impact on the Ruble and the overall economy.
Oil-Dependent Economy: Russia’s economy is heavily reliant on oil and gas exports, which directly affect the Ruble’s value.
Capital Controls: In response to economic challenges, Russia has implemented capital controls to stabilize the Ruble.
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Standard Chartered Bank | Lagos |
| Nigeria | Fidelity Bank Plc | Lagos |
| Nigeria | Guarantee Trust Bank Plc | Lagos |
| Russia | Sberbank of Russia (SBER) | Moscow |
| Russia | VTB Bank (VTBR) | Moscow |
| Russia | Gazprom bank (GAZP) | Moscow |