Convert your NGN to CDF
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| African Currencies | Asian Currencies |
| NGN to ZAR NGN to SDG NGN to SZL NGN to TND | NGN to JPY NGN to JOD NGN to KGS NGN to KHR |
| 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 |
7 Facts About the Congolese Franc
1. Two Congos, Two Francs
It’s essential to distinguish between the Democratic Republic of the Congo (DRC) and the Republic of the Congo (Congo-Brazzaville). Both countries use the Congolese franc as their currency, but they are separate currencies with different exchange rates and managed by different central banks.
2. Rapid Depreciation
The Congolese franc, particularly in the DRC, has a history of rapid depreciation. This means its value compared to other currencies, such as the US dollar, has significantly decreased over time. This hyperinflation is a major economic challenge for the country.
3. Informal Dollarization
Due to the instability of the Congolese franc, many economic transactions in the DRC are conducted in US dollars. This phenomenon is known as dollarization and it often occurs in countries with high inflation or currency instability.
4. Centimes are Obsolete
While technically divided into 100 centimes, the centime unit of the Congolese franc has virtually no practical value and is not used in everyday transactions. Inflation has eroded its worth to a negligible level.
5. High Denomination Notes
To combat the effects of hyperinflation, the Congolese government has issued banknotes with increasingly high denominations. This makes carrying large sums of money cumbersome for everyday transactions.
6. Economic Challenges and Counterfeiting
The weak Congolese franc is a symptom of broader economic challenges in the DRC, including political instability, corruption, and a reliance on natural resources. These factors contribute to a thriving counterfeit currency market, which further destabilizes the economy.
7. Remittances and Economic Lifeline
Despite its challenges, the Congolese franc plays a vital role in the economy. Remittances from Congolese citizens living abroad are a significant source of foreign exchange, supporting families and businesses within the country.
Top Banks in Nigeria to Convert Your NGN to CDF
| Country | City |
|---|---|
| Nigeria | Lagos |
| Nigeria | Lagos |
| Nigeria | Lagos |
| United Arab Emirates | Abu Dhabi |