NGN to XOF

Convert your NGN to XOF free

Currency.Wiki

Top Banks in Nigeria for Naira/Currency Exchange

Country	Bank Name	City
Nigeria	Access Bank Plc	Lagos
Nigeria	United Bank for Africa (UBA)	Lagos
Nigeria	Zenith Bank Plc	Lagos

NGN to XOF Comparison Table

Feature	NGN (Nigerian Naira)	XOF (West African CFA Franc)	Key Difference
Currency Code	NGN	XOF	Unique identifier for the currency
Symbol	₦	FCFA	Commonly used representation
Issuing Authority	Central Bank of Nigeria	Central Bank of West African States (BCEAO)	Monetary authority responsible for issuing the currency
Economic Strength	Developing, resource-based economy	Developing, resource-based economies	Overall economic health and potential
Exchange Rate Volatility	High	Relatively stable (pegged to Euro)	Fluctuation of the currency’s value compared to other currencies
Popular Use Cases	Domestic transactions, remittances	Domestic and regional transactions	Primary purposes of the currency
Digital Payment Adoption	Growing adoption, mobile money prominent	Increasing adoption	Usage of digital payment methods
Inflation Rate	Historically high	Relatively low	Rate at which the general level of prices for goods and services is rising
Interest Rates	High	Lower than Nigeria	Cost of borrowing money
Foreign Exchange Reserves	Moderate	Adequate	Amount of foreign currency held by the central bank
Foreign Direct Investment (FDI)	Increasing, resource-focused	Increasing, various sectors	Investment from foreign entities

Key Observations:

• The NGN is a more volatile currency compared to the XOF, which is pegged to the Euro.
• Both currencies operate in economies with significant reliance on resources.
• The XOF zone generally has a lower inflation rate compared to Nigeria.

Related Currency Pairings