Convert NGN to DOP in few clicks
NGN to DOP Comparison Table
| Feature | NGN (Nigerian Naira) | DOP (Dominican Peso) |
|---|---|---|
| Currency Code | NGN | DOP |
| Symbol | ₦ | RD$ |
| Issuing Authority | Central Bank of Nigeria | Central Bank of the Dominican Republic |
| 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 |
| Digital Payment Adoption | Growing adoption, mobile money prominent | Increasing adoption |
| Inflation Rate | Historically high | Relatively low |
| Interest Rates | High | Lower than Nigeria |
| Foreign Exchange Reserves | Moderate | Adequate |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Increasing, tourism and related sectors |
Key Observations:
- The NGN is a currency of a developing economy with high volatility, while the DOP is from a developing, tourism-based economy with relative stability.
- The Dominican Republic 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 Dominican Peso
- Historical Currency: The Dominican Peso has been the official currency of the Dominican Republic since its independence from Haiti in 1844.
- Floating Exchange Rate: The Dominican Peso operates on a floating exchange rate, meaning its value fluctuates based on market forces.
- Central Bank Control: The Central Bank of the Dominican Republic is responsible for issuing and managing the Peso, implementing monetary policies to maintain stability.
- Tourism-Driven Economy: As a major tourist destination, the Dominican Republic’s economy relies heavily on tourism, which significantly influences the Peso’s value.
- Subdivision: The Peso is divided into 100 centavos, although these smaller units are rarely used in everyday transactions.
- US Dollar Influence: While the Dominican Peso is the official currency, the US Dollar is widely accepted, especially in tourist areas and for larger transactions.
- Economic Growth: The Dominican Republic’s economic growth has positively impacted the Peso’s value and stability over the years.
Credible Banks in Nigeria and Dominican Republic for Currency Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Dominican Republic | Banco Popular Dominicano | Santo Domingo |
| Dominican Republic | Banco de Reservas de la República Dominicana (Banreservas) | Santo Domingo |
| Dominican Republic | Banco BHD León | Santo Domingo |