NGN to CNY conversion made easy!
NGN to CNY Comparison Table
| Feature | NGN (Nigerian Naira) | CNY (Chinese Yuan Renminbi) |
|---|---|---|
| Currency Code | NGN | CNY |
| Symbol | ₦ | ¥ |
| Issuing Authority | Central Bank of Nigeria | People’s Bank of China |
| Economic Strength | Developing, resource-based economy | Emerging, manufacturing powerhouse |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic and international transactions, trade |
| Digital Payment Adoption | Growing adoption, mobile money prominent | High adoption, advanced infrastructure |
| Inflation Rate | Historically high | Relatively low |
| Interest Rates | High | Lower than Nigeria |
| Foreign Exchange Reserves | Moderate | Substantial |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Significant, manufacturing and technology |
Key Observations:
- The NGN is a currency of a developing economy with high volatility, while the CNY is from a rapidly developing, manufacturing powerhouse with relative stability.
- China 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 UGX NGN to XAF NGN to XOF NGN to ZMW | NGN to AZN NGN to BHD NGN to BND NGN to BTN |
| European Currencies | South America Currencies |
| NGN to GBP NGN to GEL NGN to GHS NGN to HRK | NGN to COP NGN to CRC NGN to PEN NGN to PYG |
7 Facts About the Chinese Yuan (Renminbi)
- Yuan and Renminbi: While often used interchangeably, “yuan” is the basic unit of currency, while “renminbi” is the official name of the Chinese currency, meaning “people’s currency.”
- Controlled Exchange Rate: Unlike many major currencies, the Chinese Yuan operates under a managed floating exchange rate system, influenced by the government’s policies.
- Central Bank Control: The People’s Bank of China (PBOC) is the central bank responsible for issuing and managing the Yuan, implementing monetary policy.
- Global Economic Powerhouse: As the world’s second-largest economy, China’s economic growth and policies significantly impact the Yuan’s value and influence in the global financial system.
- Capital Controls: China has historically maintained capital controls to manage the flow of foreign currency in and out of the country, influencing the Yuan’s exchange rate.
- Rising International Influence: The Yuan has been gaining international recognition, becoming a reserve currency for some countries and playing a more significant role in global trade.
- Digital Currency Exploration: China has been at the forefront of developing a digital currency, aiming to modernize its payment system and potentially increase the Yuan’s global influence.
Top Banks in Nigeria and China
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| China | Industrial and Commercial Bank of China (ICBC) | Beijing |
| China | China Construction Bank (CCB) | Beijing |
| China | Agricultural Bank of China (ABC) | Beijing |