Convert your NGN to ZMW swiftly
NGN to ZMW Comparison Table
| Feature | NGN (Nigerian Naira) | ZMW (Zambian Kwacha) |
|---|---|---|
| Currency Code | NGN | ZMW |
| Symbol | ₦ | ZMW |
| Issuing Authority | Central Bank of Nigeria | Bank of Zambia |
| Economic Strength | Developing, resource-based economy | Developing, resource-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 high |
| Interest Rates | High | High |
| Foreign Exchange Reserves | Moderate | Low |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Increasing, mining and other sectors |
Key Observations:
Nigeria and Zambia share a common struggle as developing nations heavily reliant on natural resources. Both countries are grappling with high inflation rates, which have eroded the purchasing power of their currencies, the Naira (NGN) and the Zambian Kwacha (ZMW), respectively. However, when it comes to financial technology, Nigeria has pulled ahead. Zambia’s digital payment infrastructure lags behind Nigeria’s, indicating a disparity in technological adoption.
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 | Oceania Currencies |
| NGN to HUF NGN to MDL NGN to MKD NGN to PLN | NGN to AUD NGN to FJD NGN to NZD NGN to PGK |
Key Characteristics:
- Hyperinflation: The Zimbabwean Dollar faced unprecedented hyperinflation, rendering it virtually worthless. This led to the introduction of increasingly large denominations, with the highest reaching trillions of dollars.
- Dollarization: Due to the hyperinflation, the Zimbabwean dollar was effectively abandoned, and the country adopted a multi-currency system, primarily using the US Dollar.
- Economic Collapse: The hyperinflation was a symptom of a broader economic collapse, characterized by political instability, corruption, and mismanagement.
- Humanitarian Crisis: The economic collapse contributed to a severe humanitarian crisis, with widespread poverty and shortages of basic goods.
- Reintroduction: In recent years, there have been attempts to reintroduce the Zimbabwean Dollar, but it has faced significant challenges in regaining stability.
7 Facts About the Zambian Kwacha
The Zambian Kwacha is the official currency of Zambia.
- Post-Independence Currency: Introduced in 1965, the Kwacha replaced the British Pound, marking Zambia’s economic independence.
- Floating Exchange Rate: The Zambian Kwacha operates on a floating exchange rate system, meaning its value fluctuates based on market forces.
- Economic Challenges: Zambia faces economic challenges, including dependence on copper exports, poverty, and debt, which impact the Kwacha’s stability.
- Inflation: The country has experienced periods of inflation, affecting the purchasing power of the Kwacha.
- Subdivisions: The Kwacha is divided into 100 ngwee. Currency History – Bank of Zambia
- Cash-Based Economy: Zambia is predominantly a cash-based society, although there’s a growing trend towards digital payments.
- Copper Dependence: Zambia’s economy is heavily reliant on copper exports, and the Kwacha’s value is influenced by copper prices.
Top Banks in Nigeria and Zambia for Naira/Currency Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | First Bank of Nigeria Plc | Lagos |
| Nigeria | Citibank Nigeria Ltd | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Zambia | Zambia National Commercial Bank (ZNCB) | Lusaka |
| Zambia | Standard Chartered Bank Zambia | Lusaka |
| Zambia | Barclays Bank Zambia | Lusaka |