Input the right figure to convert NGN to AZN
NGN to AZN Comparison Table
| Feature | NGN (Nigerian Naira) | AZN (Azerbaijani Manat) | Key Difference |
|---|---|---|---|
| Currency Code | NGN | AZN | Unique identifier for the currency |
| Symbol | ₦ | ₼ | Commonly used representation |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Azerbaijan | Monetary authority responsible for issuing the currency |
| Economic Strength | Developing, resource-based economy | Developing, oil and gas-rich economy | Overall economic health and potential |
| Exchange Rate Volatility | High | Relatively stable | Fluctuation of the currency’s value compared to other currencies |
| Popular Use Cases | Domestic transactions, remittances | Domestic transactions, trade | 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, oil and gas sector | Investment from foreign entities |
Key Observations:
- The NGN is a currency of a developing economy with high volatility, while the AZN is from a developing, oil-rich economy with relative stability. You can check the economic indicators for Azerbaijan and Nigeria here
- Azerbaijan has a more advanced digital payment infrastructure compared to Nigeria.
- The interest rate differential between the two countries is significant.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to KES NGN to LYD NGN to MAD NGN to MGA | NGN to CNY NGN to HKD NGN to IDR NGN to ILS |
| European Currencies | South America Currencies |
| NGN to CHF NGN to CZK NGN to DKK NGN to EUR | NGN to ARS NGN to BOB NGN to BRL NGN to CLP |
Seven Facts About the Azerbaijani Manat
Multiple Renominations: The Azerbaijani Manat has undergone several renominations due to high inflation experienced in the early years of independence. This process involved replacing old banknotes with new ones with a lower denomination value.
Oil-Rich Economy: Azerbaijan’s economy heavily relies on oil and gas exports, which significantly influences the Manat’s exchange rate. Fluctuations in global oil prices directly impact the currency’s value.
Central Bank Control: The Central Bank of Azerbaijan is responsible for issuing and regulating the Manat. It implements monetary policies to maintain currency stability and control inflation.
Relative Stability: Despite challenges, the Azerbaijani Manat has shown relative stability compared to other currencies in the region. This stability is attributed to prudent monetary policies and the country’s economic resilience.
Currency Code: The currency code for the Azerbaijani Manat is AZN. This standardized code facilitates international financial transactions involving the currency.
Cash and Digital Payments: While cash remains prevalent in Azerbaijan, there is a growing trend towards digital payments. This shift is aimed at improving financial inclusion and efficiency.
Coinage and Banknotes: The Azerbaijani Manat is represented by both coins and banknotes. Coin denominations are typically used for smaller transactions, while banknotes cater to larger payments.
Top Banks in Nigeria and Azerbaijan to Convert Naira to Azerbaijani Manat
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Azerbaijan | International Bank of Azerbaijan | Baku |
| Azerbaijan | Kapital Bank | Baku |
| Azerbaijan | PASHA Bank | Baku |