Convert NGN to CRC
NGN to CRC Comparison Table
| Feature | NGN (Nigerian Naira) | CRC (Costa Rican Colón) |
|---|---|---|
| Currency Code | NGN | CRC |
| Symbol | ₦ | ₡ |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Costa Rica |
| Economic Strength | Developing, resource-based economy | Developing, tourism-based economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic and international transactions, tourism |
| 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 | Adequate |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Significant, tourism and related sectors |
Key Observations:
- The NGN is a currency of a developing economy with high volatility, while the CRC is from a developing, tourism-based economy with relative stability.
- Costa Rica 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 |
7 Facts About Costa Rican Colón
- Historical Currency: The Colón has been Costa Rica’s official currency since 1896, replacing the Peso.
- Floating Exchange Rate: The Colón operates on a floating exchange rate, meaning its value fluctuates based on market forces and economic conditions.
- Central Bank Control: The Central Bank of Costa Rica is responsible for issuing and managing the Colón, implementing monetary policies to maintain stability.
- Tourism-Driven Economy: Costa Rica’s tourism industry significantly influences the Colón’s value, as it’s a major source of foreign exchange.
- Inflation Management: The Central Bank has implemented measures to control inflation, positively impacting the Colón’s stability over time.
- Subdivision: The Colón is divided into 100 centimos, though these smaller units are rarely used in everyday transactions.
- US Dollar Acceptance: While the Colón is the official currency, US Dollars are widely accepted in many businesses, especially in tourist areas.
Top Banks in Nigeria and Costa Rica for Naira to Costa Rican Colón Conversion
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Fidelity Bank Plc | Lagos |
| Nigeria | Union Bank PLC | Lagos |
| Nigeria | Sterling Bank PLC | Lagos |
| Costa Rica | Banco Nacional de Costa Rica (BNCR) | San José |
| Costa Rica | Banco de Costa Rica (BCR) | San José |
| Costa Rica | Banco de Costa Rica (BCR) | San José |