Convert your NGN to RWF free
NGN to RWF Comparison Table
| Feature | NGN (Nigerian Naira) | RWF (Rwandan Franc) |
|---|---|---|
| Currency Code | NGN | RWF |
| Symbol | ₦ | Frw |
| Issuing Authority | Central Bank of Nigeria | National Bank of Rwanda |
| Economic Strength | Developing, resource-based economy | Developing, service-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, various sectors |
Key Observations:
Nigeria and Rwanda, both categorized as developing economies, exhibit stark contrasts in economic performance and structure. Nigeria, heavily reliant on the oil sector, experiences significant currency volatility with the Naira (NGN) as its medium of exchange. In contrast, Rwanda, with a service-oriented economy, demonstrates relative currency stability through the Rwandan Franc (RWF). This stability is underpinned by Rwanda’s more advanced digital payment infrastructure compared to Nigeria’s. The substantial interest rate differential between the two nations highlights the divergent monetary policies employed to manage their respective economies.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to MWK NGN to MZN NGN to NAD NGN to RWF | NGN to KWD NGN to KZT NGN to LAK NGN to LBP |
| European Currencies | South America Currencies |
| NGN to HUF NGN to MDL NGN to MKD NGN to PLN | NGN to ARS NGN to BOB NGN to BRL NGN to CLP |
7 Facts About the Rwandan Franc
The Rwandan Franc is the official currency of Rwanda.
- Colonial Origins: The Rwandan Franc has its roots in the colonial era, when Rwanda was under Belgian rule.
- Stable Currency: The Rwandan Franc has shown relative stability compared to many other African currencies. This stability is attributed to sound economic policies and prudent financial management.
- Economic Growth: Rwanda has achieved significant economic growth in recent years, which has positively impacted the Franc’s value.
- Focus on Development: The Rwandan government has prioritized development and poverty reduction, which can indirectly influence the Franc’s stability.
- Subdivisions: The Rwandan Franc is divided into 100 centimes.
- Cash-Based Economy: While Rwanda is gradually adopting digital payments, it remains predominantly a cash-based society.
- Regional Integration: Rwanda is part of the East African Community (EAC), which aims to foster economic integration in the region. This could potentially lead to a common currency in the future.
Top Nigerian and Rwandan Banks to Convert Your Naira to Rwandan Franc
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Rwanda | Bank of Kigali (BK) | Kigali |
| Rwanda | Access Bank Plc Rwanda | Kigali |
| Rwanda | Commercial Bank of Rwanda (برىمة كوميرشيا ل رواندا) (BCR) | Kigali |