Convert your NGN to HUF in few clicks
NGN to HUF Comparison Table
| Feature | NGN (Nigerian Naira) | HUF (Hungarian Forint) |
|---|---|---|
| Currency Code | NGN | HUF |
| Symbol | ₦ | Ft |
| Issuing Authority | Central Bank of Nigeria | Magyar Nemzeti Bank |
| Economic Strength | Developing, resource-based economy | Developed, transitioning 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 | 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 | Increasing, various sectors |
Key Observations:
- The NGN is a currency of a developing economy with high volatility, while the HUF is from a developed, transitioning economy with relative stability.
- Hungary 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 MWK NGN to MZN NGN to NAD NGN to RWF | 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 |
7 Facts About Hungarian Forint
- Post-War Currency: Introduced in 1946, the Forint replaced the Pengő, a currency rendered virtually worthless by hyperinflation.
- Floating Exchange Rate: The Forint operates on a floating exchange rate, allowing its value to fluctuate based on market forces.
- Central Bank Control: The Magyar Nemzeti Bank (MNB) is responsible for issuing and managing the Forint.
- EU Membership: Despite being a member of the European Union, Hungary has retained its own currency, unlike many other member states.
- Economic Transition: Hungary’s transition from a centrally planned to a market economy impacted the Forint’s stability.
- Subdivision: Divided into 100 fillér, but these smaller units are no longer in circulation.
- Currency Code: HUF is the official currency code for the Hungarian Forint.
Credible Banks in Nigeria and Hungary for Naira and Forint Conversion
| Country | Bank Name | City |
|---|---|---|
| Nigeria | First Bank of Nigeria Plc | Lagos |
| Nigeria | First City Monument Bank | Lagos |
| Nigeria | Fidelity Bank Plc | Lagos |
| Hungary | OTP Bank Plc. | Budapest |
| Hungary | Magyar Bankholding Ltd. (formerly MKB Bank) | Budapest |
| Hungary | UniCredit Bank Hungary Plc. | Budapest |