Convert Mongolia Currency to Naira
Nigeria vs Mongolia Economic Indicators
| Category | Nigeria | Mongolia |
|---|---|---|
| Interest Rates | 26.25% | 11% (Jul 2024) |
| Exchange Rates | NGN1,490/$ | 2420 MNT/USD |
| Inflation Rate | 33.95% | 5.5% (Jul 2024) |
| Unemployment Rate | 5% | 5.8% (Jun 2024) |
| GDP Growth Rate | 2.85% | 4.50% |
| Savings Rate | 6.28% | 12.00% |
Notes:
- Interest Rates: Both Nigeria and Mongolia have relatively high interest rates compared to developed economies. However, Nigeria’s rates are slightly higher, likely due to its marginally higher inflation rate.
- Exchange Rates: The Nigerian Naira (NGN) is weaker than the Mongolian Tögrög (MNT) against the Euro (EUR). This means it takes more Nigerian Naira to buy one Euro.
- Inflation: Inflation is slightly higher in Nigeria than in Mongolia. This means that the prices of goods and services are rising faster in Nigeria.
- Unemployment: Unemployment is slightly lower in Nigeria compared to Mongolia.
- GDP Growth Rate: Mongolia has a higher GDP growth rate than Nigeria. This suggests that Mongolia’s economy is expanding faster.
- Savings Rate: Savings rates are higher in Nigeria than in Mongolia. This may be due to the higher interest rates offered in Nigeria.
Related Currency Pairings
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North American Currencies
The Evolution of the Mongolian Tugrik
The Mongolian Tugrik (₮) has been the national currency of Mongolia since 1921, following the country’s independence from China. Its history reflects the nation’s economic transformation and challenges.
Early Years: Upon independence, Mongolia introduced the Mongolian Tugrik as a replacement for the Chinese yuan. The early years were marked by economic instability and a weak Tugrik.
Economic Reforms and Stabilization: In the 1990s, Mongolia implemented a series of economic reforms aimed at promoting growth and stability. These reforms included privatization of state-owned enterprises, liberalization of trade, and reduction of government spending.
Currency Board Arrangement: To enhance the Tugrik’s stability, Mongolia established a currency board arrangement in 1995. This system pegged the Tugrik to the US dollar, providing a fixed exchange rate and limiting the central bank’s ability to pursue independent monetary policies.
Recent Developments: In recent years, Mongolia has continued to focus on economic development and diversification. The country has promoted mining, agriculture, and tourism as key sectors of growth. However, Mongolia remains vulnerable to economic fluctuations due to its reliance on commodities exports, particularly copper and coal.
Sources:
World Bank
Central Bank of Nigeria
Central Bank of Mongolia