Convert your NGN to DZD
NGN to DZD Comparison Table
| Feature | NGN (Nigerian Naira) | DZD (Algerian Dinar) |
|---|---|---|
| Currency Code | NGN | DZD |
| Symbol | ₦ | د.ج |
| Issuing Authority | Central Bank of Nigeria | Bank of Algeria |
| Economic Strength | Developing, resource-based economy | Developing, resource-based economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic 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, various sectors |
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to ZAR NGN to SDG NGN to SZL NGN to TND | NGN to NPR NGN to NZD NGN to OMR NGN to PHP |
| European Currencies | North America Currencies |
| NGN to CHF NGN to CZK NGN to DKK NGN to EUR | NGN to GTQ NGN to GYD NGN to HNL NGN to JMD |
7 Facts About The Algerian Dinar
| Facts About The Algerian Dinar |
|---|
| Currency Control: Algeria maintains strict currency control. This limits the amount of dinars that can be exchanged, bought, or sold outside the country. The aim is to stabilize the currency and prevent capital flight. |
| Black Market: Due to currency restrictions, a black market for dinars often exists. This informal market offers higher exchange rates but carries risks like fraud and illegal activities. |
| Pegged to the Dollar: The Algerian Dinar is officially pegged to the US Dollar. This means its value is fixed relative to the dollar, providing some stability but also limiting the government’s control over monetary policy. |
| Subsidized Economy: Algeria’s economy heavily relies on hydrocarbon exports (oil and gas). The government often subsidizes essential goods and services, which can put pressure on the dinar and contribute to inflation. |
| Inflation Concerns: While efforts are made to control inflation, it remains a challenge for Algeria. Factors like government spending, subsidies, and import dependency contribute to price increases. |
| Coinage and Banknotes: The Dinar is divided into 100 centimes. Both coins and banknotes are in circulation, with higher denominations catering to the country’s economy and purchasing power. |
| Currency Symbol: The official symbol for the Algerian Dinar is د.ج, which helps distinguish it from other currencies and provides a standardized representation. |
Trusted Banks in Nigeria and Algeria To Convert Your Naira to Algerian Dinar
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Algeria | Banque Nationale d’Algérie (BNA) | Algiers |
| Algeria | Crédit Populaire d’Algérie (CPA) | Algiers |
| Algeria | BACICI | Algiers |