Convert your NGN to CUP
NGN to CUP Comparison Table
| Feature | NGN (Nigerian Naira) | CUP (Cuban Peso) |
|---|---|---|
| Currency Code | NGN | CUP |
| Symbol | ₦ | CUP$ |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Cuba |
| Economic Strength | Developing, resource-based economy | Developing, socialist economy |
| Exchange Rate Volatility | High | Multiple exchange rates (official and unofficial) |
| Popular Use Cases | Domestic transactions, remittances | Domestic transactions |
| Digital Payment Adoption | Growing adoption, mobile money prominent | Limited digital payment infrastructure |
| Inflation Rate | Historically high | High inflation |
| Interest Rates | High | Regulated by the government |
| Foreign Exchange Reserves | Moderate | Limited |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Limited |
Key Observations:
- Both NGN and CUP are currencies of developing economies facing economic challenges.
- High inflation rates are a common issue for both countries.
- Cuba’s dual currency system and economic restrictions significantly differentiate it from 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 | South America Currencies |
| NGN to GBP NGN to GEL NGN to GHS NGN to HRK | NGN to ARS NGN to BOB NGN to BRL NGN to CLP |
Cuban Peso Facts
- Dual Currency System: Cuba operates with two currencies: the Cuban Peso (CUP) for locals and previously the Cuban Convertible Peso (CUC) for tourists and foreign businesses.
- Local Currency: The Cuban Peso (CUP) is the official currency for domestic transactions.
- Former Tourist Currency: The Cuban Convertible Peso (CUC) was used by tourists and foreign businesses until its phase-out began in 2021
- Currency Transition: Cuba is transitioning from a dual currency system to a single currency, the CUP, as the CUC is being phased out.
- Economic Challenges: Cuba faces economic difficulties, including US embargoes and inefficiencies, impacting the CUP’s value and stability.
- Remittances and Informal Economy: Remittances from Cubans abroad and a significant informal economy influence the Cuban peso.
- Currency Control: The Cuban government strictly controls currency exchange to manage foreign exchange flow and protect the CUP’s value.
Top Banks in Nigeria and Cuba
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Fidelity Bank Plc | Lagos |
| Nigeria | StanbicIBTC Bank | Lagos |
| Nigeria | Providus Bank | Lagos |
| Cuba | Banco Nacional de Cuba | |
| Cuba | Santiago de Cuba | |
| Cuba | Banco Exterior de Cuba |