Convert your NGN to INR
NGN to INR Comparison Table
| Feature | NGN (Nigerian Naira) | INR (Indian Rupee) |
|---|---|---|
| Currency Code | NGN | INR |
| Symbol | ₦ | ₹ |
| Issuing Authority | Central Bank of Nigeria | Reserve Bank of India |
| Economic Strength | Developing, resource-based | Developing, service-based |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic transactions, remittances |
| Digital Payment Adoption | Growing adoption, mobile money prominent | High adoption, digital payments widespread |
| 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, services and manufacturing |
Key Observations:
- India has a more diversified economy and is further along in its development trajectory.
- The Indian Rupee is generally more stable than the Nigerian Naira.
- India has a more advanced digital payment ecosystem.
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 | North America Currencies |
| NGN to GBP NGN to GEL NGN to GHS NGN to HRK | NGN to BSD NGN to CAD NGN to CUP NGN to DOP |
Facts about the Indian Rupee
| Numeric | Fact and Explanation |
|---|---|
| 1. | Origin The rupee traces its roots back to the ancient Indian coin, the ‘rupia,’ introduced by Sher Shah Suri in the 16th century. This historical lineage underscores its deep-seated significance in Indian culture and economy. |
| 2. | Issuance Authority The Reserve Bank of India (RBI) is the sole authority responsible for issuing and regulating the Indian rupee. This centralized control ensures monetary stability and efficient currency management. |
| 3. | Subunit The rupee is divided into 100 paise, reflecting a decimal system similar to many global currencies. While paise are technically still a unit, their practical usage is minimal due to inflation. |
| 4. | Symbol The Indian rupee symbol, ₹, was adopted in 2010. Its design incorporates elements from the Devanagari script and Roman alphabet, representing India’s blend of tradition and modernity. |
| 5. | Exchange Rate The Indian rupee is a floating currency, meaning its value fluctuates relative to other currencies based on market forces like trade, investment, and geopolitical events. |
| 6. | Demonetization<br>India has experienced multiple instances of demonetization, the most recent being in 2016. This drastic measure aims to curb black money, promote digital transactions, and modernize the economy. |
| 7. | Global Acceptance While the Indian rupee is primarily used domestically, its growing economy and increasing international trade have led to wider acceptance in certain regions, especially those with significant Indian diaspora. |
Top Banks in Nigeria and India for NGN to INR Conversion
| Country | Bank Name | Location |
|---|---|---|
| Nigeria | Access Bank PLC | Lagos |
| Nigeria | StanbicIBTC Bank | Lagos |
| Nigeria | Keystone Bank | Lagos |
| India | State Bank of India (SBI) | Mumbai |
| India | HDFC Bank | Mumbai |
| India | ICICI Bank | Mumbai |