NGN to YER Comparison Table
Disclaimer: Due to the economic conditions and limited data availability for both Nigeria and Yemen, a direct comparison between the NGN and YER might be limited. This table provides a general overview based on available information.
| Feature | NGN (Nigerian Naira) | YER (Yemeni Rial) |
|---|---|---|
| Currency Code | NGN | YER |
| Symbol | ₦ | ر.ي |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Yemen |
| Economic Strength | Developing, resource-rich economy | Developing, war-torn economy |
| Exchange Rate Volatility | High | Extremely volatile |
| Popular Use Cases | Domestic transactions, remittances | Domestic transactions, limited trade |
| Digital Payment Adoption | Growing adoption, mobile money prominent | Limited digital payment infrastructure |
| Inflation Rate | Historically high | Hyperinflation |
| Interest Rates | High | N/A (due to economic instability) |
| Foreign Exchange Reserves | Moderate | Very low |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Limited |
Key Observations:
- Both Nigeria and Yemen are developing economies facing significant economic challenges.
- The NGN is relatively stable compared to the extremely volatile YER.
- Both countries have limited digital payment infrastructure, but Nigeria is more advanced.
- Hyperinflation in Yemen has severely eroded the purchasing power of the YER.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to ZAR NGN to SDG NGN to SZL NGN to TND | NGN to SGD NGN to SEK NGN to SYP NGN to THB |
| European Currencies | South America Currencies |
| NGN to RON NGN to RSD NGN to SEK NGN to TRY | NGN to ARS NGN to BOB NGN to BRL NGN to CLP |
Key Characteristics of the Yemeni Rial:
- Rapid Depreciation: The Yemeni Rial has suffered from hyperinflation, leading to a dramatic loss of purchasing power.
- Political Instability: The Yemeni Civil War has had a devastating impact on the economy, leading to a collapse in the value of the Rial.
- Black Market: A thriving black market for foreign currencies has emerged as people seek to protect their savings from the rapidly depreciating Rial.
- Limited Functionality: The Rial’s value has become so low that it has limited practical use in everyday transactions.
- Subdivisions: The Rial is divided into 100 fils.
- Humanitarian Crisis: The ongoing humanitarian crisis in Yemen has exacerbated the economic situation and put further pressure on the Rial.
- Dollarization: Due to the severe depreciation of the Rial, many Yemenis have turned to the US Dollar as a store of value, leading to dollarization of the economy.
Top Banks in Nigeria and Yemen to Convert Naira to Yemeni Rial
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Yemen | National Bank of Yemen (NBY) | Sanaa |
| Yemen | Islamic International Bank of Yemen (Islamic Bank) | Sanaa |
| Yemen | Yemen Bank for Reconstruction and Development (YBRD) | Sanaa |