Convert your NGN to TZS in minutes
NGN to TZS Comparison Table
| Feature | NGN (Nigerian Naira) | TZS (Tanzanian Shilling) |
|---|---|---|
| Currency Code | NGN | TZS |
| Symbol | ₦ | Tsh |
| Issuing Authority | Central Bank of Nigeria | Bank of Tanzania |
| Economic Strength | Developing, resource-based economy | Developing, agriculture-based economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic transactions |
| Digital Payment Adoption | Growing adoption, mobile money prominent | Growing adoption, mobile money prominent |
| Inflation Rate | Historically high | Relatively high |
| Interest Rates | High | High |
| Foreign Exchange Reserves | Moderate | Adequate |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Increasing, various sectors |
Key Observations:
Nigeria and Tanzania share commonalities as developing economies grappling with significant economic challenges. Both countries experience high inflation rates, which erode the purchasing power of their respective currencies, the Naira (NGN) and the Tanzanian Shilling (TZS). Despite these challenges, both nations have witnessed substantial growth in mobile money adoption, indicating a shift towards digital financial services.
Key Similarities
- Developing economies with economic challenges
- High inflation rates
- Significant growth in mobile money adoption
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to ZAR NGN to SDG NGN to SZL NGN to TND | NGN to KWD NGN to KZT NGN to LAK NGN to LBP |
| European Currencies | North America 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 |
7 Facts About the Tanzanian Shilling
The Tanzanian Shilling is the official currency of Tanzania.
- Post-Independence Currency: Introduced in 1966, the Shilling replaced the East African Shilling, marking Tanzania’s economic independence.
- Floating Exchange Rate: The Tanzanian Shilling operates on a floating exchange rate system, meaning its value fluctuates based on market forces.
- Economic Challenges: Tanzania faces economic challenges, including poverty, infrastructure development, and dependence on agriculture, which can impact the Shilling’s stability.
- Tourism: Tourism is a growing sector in Tanzania, and the influx of foreign currencies can influence the Shilling’s value.
- Subdivisions: The Shilling is divided into 100 cents.
- Cash-Based Economy: Tanzania is predominantly a cash-based society, although there’s a growing trend towards digital payments.
- East African Community: Tanzania is a member of the East African Community (EAC), which aims to foster regional economic integration. This could potentially lead to a common currency in the future. EAC History – East African Community
Top Banks in Nigeria and Tanzania For Your Naira/Currency Conversion
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Guarantee Trust Bank | Lagos |
| Nigeria | Ecobank Plc | Lagos |
| Nigeria | StanbicIBTC Bank | Lagos |
| Tanzania | National Bank of Commerce (NBC) | Dar es Salaam |
| Tanzania | CRDB Bank | Dar es Salaam |
| Tanzania | NMB Bank | Dar es Salaam |