Input the right figure to convert your NGN to ILS
NGN to ILS Comparison Table
| Feature | NGN (Nigerian Naira) | ILS (Israeli New Shekel) |
|---|---|---|
| Currency Code | NGN | ILS |
| Symbol | ₦ | ₪ |
| Issuing Authority | Central Bank of Nigeria | Bank of Israel |
| Economic Strength | Developing, resource-rich economy | Developed, innovation-driven economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic transactions, international trade, tourism |
| Digital Payment Adoption | Growing adoption, mobile money prominent | High adoption, advanced infrastructure |
| Inflation Rate | Historically high | Relatively low |
| Interest Rates | High | Relatively low |
| Foreign Exchange Reserves | Moderate | Substantial |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Significant, technology and innovation focused |
Key Observations:
- The NGN is a currency of a developing economy with high volatility, while the ILS is a currency of a developed, innovation-driven economy.
- The ILS, Israeli currency is generally more stable compared to the NGN.
- Israel 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 DZD NGN to BIF NGN to CDF NGN to GNF | NGN to PKR NGN to QAR NGN to RUB NGN to SAR |
| European Currencies | Oceania Currencies |
| NGN to BAM NGN to BGN NGN to BYN NGN to CAD | NGN to AUD NGN to FJD NGN to NZD NGN to PGK |
7 Facts About Israeli New Shekel
- Replacement Currency: Introduced in 1985 to combat hyperinflation, the New Shekel replaced the Old Shekel, marking a significant economic reform.
- Stable Currency: The New Shekel has demonstrated relative stability compared to many other currencies in the region, enhancing investor confidence.
- Central Bank Control: The Bank of Israel oversees the issuance and management of the New Shekel, implementing monetary policies.
- Technological Innovation: Israel is a hub for technological advancements, and the country has been at the forefront of adopting digital payment systems.
- Subdivision: The New Shekel is divided into 100 agora, though these smaller units are rarely used in practice.
- Strong Economy: Israel’s robust economy, driven by technology and innovation, contributes to the New Shekel’s strength.
- Currency Code: ILS is the official currency code for the Israeli New Shekel, used in international financial transactions.
Top Banks in Nigeria and Israel to Convert Naira to New Shekel
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Israel | Bank Hapoalim | Tel Aviv |
| Israel | Bank Leumi | Tel Aviv |
| Israel | Mizrahi Tefahot Bank | Tel Aviv |