Convert NGN to COP
NGN to COP Comparison Table
| Feature | NGN (Nigerian Naira) | COP (Colombian Peso) |
|---|---|---|
| Currency Code | NGN | COP |
| Symbol | ₦ | $ |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Colombia |
| Economic Strength | Developing, resource-based economy | Developing, export-oriented economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic transactions, trade |
| Digital Payment Adoption | Growing adoption, mobile money prominent | Increasing adoption |
| Inflation Rate | Historically high | Relatively high |
| Interest Rates | High | Higher than Nigeria |
| Foreign Exchange Reserves | Moderate | Adequate |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Increasing, various sectors |
Key Observations:
- Both NGN and COP are currencies of developing economies facing economic challenges.
- High inflation rates are a common issue for both countries.
- Colombia generally has a more stable economy compared to Nigeria.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to DZD NGN to BIF NGN to CDF NGN to GNF | NGN to CNY NGN to HKD NGN to IDR NGN to ILS |
| European Currencies | North America Currencies |
| NGN to HUF NGN to MDL NGN to MKD NGN to PLN | NGN to BSD NGN to CAD NGN to CUP NGN to DOP |
7 Facts About the Colombian Peso
- Historical Currency: The Colombian Peso has been the country’s official currency since 1880, although there have been several currency reforms over the years.
- Floating Exchange Rate: The Colombian Peso operates on a floating exchange rate, meaning its value fluctuates based on market forces and economic conditions.
- Central Bank Control: The Banco de la República is responsible for issuing and managing the Peso, implementing monetary policies to maintain stability.
- Economic Challenges: Colombia has faced economic challenges, including periods of high inflation, which have impacted the Peso’s value over time.
- Subdivision: The Peso is divided into 100 centavos, although these smaller units are no longer in circulation due to inflation.
- Cash and Digital Payments: While cash remains prevalent, Colombia is increasingly adopting digital payment methods for convenience and efficiency.
- Currency Symbol: The Colombian Peso is often represented by a dollar sign ($) similar to the US Dollar, but it’s usually clarified as COP to avoid confusion
Top Banks in Nigeria and Colombia for Naira to Colombian Peso Conversion
| Country | Bank Name | City |
|---|---|---|
| Nigeria | First Bank of Nigeria Plc | Lagos |
| Nigeria | Providus Bank | Lagos |
| Nigeria | Sterling Bank Plc | Lagos |
| Colombia | Bancolombia | Medellín |
| Colombia | Banco de Bogotá | Medellín |
| Colombia | Banco Davivienda | Medellín |