Convert your NGN to IQD without hitches.
NGN to IQD Comparison Table
| Feature | NGN (Nigerian Naira) | IQD (Iraqi Dinar) |
|---|---|---|
| Currency Code | NGN | IQD |
| Symbol | ₦ | ع.د |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Iraq |
| Economic Strength | Developing, resource-based economy | Developing, oil-based economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic transactions |
| Digital Payment Adoption | Growing adoption, mobile money prominent | Limited digital payment infrastructure |
| Inflation Rate | Historically high | Relatively high |
| Interest Rates | High | High |
| Foreign Exchange Reserves | Moderate | Low |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Limited |
Key Observations:
- Both NGN and IQD are currencies of developing economies facing economic challenges.
- High inflation rates are a common issue for both countries.
- Iraq has a less developed digital payment infrastructure compared to Nigeria.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to KES NGN to LYD NGN to MAD NGN to MGA | NGN to INR NGN to IQD NGN to IRR NGN to ISK |
| European Currencies | Oceania Currencies |
| NGN to HUF NGN to MDL NGN to MKD NGN to PLN | NGN to AUD NGN to FJD NGN to NZD NGN to PGK |
Iraqi Dinar
- Historical Currency: The Iraqi Dinar has a long history, dating back to the early 20th century, reflecting Iraq’s rich cultural and economic heritage.
- High Denomination: Due to hyperinflation experienced in the past, the Iraqi Dinar has very high denominations compared to most currencies, requiring large numbers for everyday transactions.
- Central Bank Control: The Central Bank of Iraq oversees the issuance and management of the Dinar, implementing monetary policies. instability and conflict, impacting the Dinar’s stability.
- Subdivision: The Dinar is divided into 1000 fils, but these smaller units are no longer in practical use due to inflation.
- Cash-Based Economy: Iraq remains largely a cash-based society, with limited access to banking services in some areas.
- Currency Code: IQD is the official currency code for the Iraqi Dinar, used in international financial transactions
Top Banks in Nigeria and Iraq
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Iraq | Rafidain Bank | Baghdad |
| Iraq | Rasheed Bank | Baghdad |
| Iraq | Trade Bank of Iraq (TBI) | Baghdad |