Convert your NGN to KZT
NGN to KZT Comparison Table
| Feature | NGN (Nigerian Naira) | KZT (Kazakhstani Tenge) |
|---|---|---|
| Currency Code | NGN | KZT |
| Symbol | ₦ | ₸ |
| Issuing Authority | Central Bank of Nigeria | National Bank of Kazakhstan |
| Economic Strength | Developing, resource-based economy | Developing, resource-rich 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, mining and other sectors |
Key Observations:
- Both NGN and KZT are currencies of developing, resource-based economies.
- The NGN is more volatile compared to the KZT.
- Kazakhstan 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 AZN NGN to BHD NGN to BND NGN to BTN |
| European Currencies | North America Currencies |
| NGN to BAM NGN to BGN NGN to BYN NGN to CAD | NGN to GTQ NGN to GYD NGN to HNL NGN to JMD |
7 Facts About the Kazakhstani Tenge
1. A Relatively Young Currency
The Kazakhstani Tenge is a relatively young currency. Introduced in 1993, it replaced the Russian ruble, which had been used after the collapse of the Soviet Union. This transition marked a significant step towards Kazakhstan’s economic independence.
2. A Strong Link to British Expertise
Interestingly, the design and implementation of the Tenge were heavily influenced by British expertise. A UK-based company played a pivotal role in creating the currency, from the initial concept to the production of banknotes and coins.
3. Unique Design Elements
The Tenge boasts distinctive design elements that reflect Kazakhstan’s rich cultural heritage. From intricate patterns inspired by traditional Kazakh art to symbols representing the country’s natural beauty, the currency is visually appealing and carries a strong national identity.
4. A Managed Float Currency Regime
Kazakhstan operates a managed float exchange rate regime for the Tenge. This means that the government intervenes in the foreign exchange market to influence the Tenge’s value, aiming to maintain stability and support economic growth.
5. Challenges of Currency Stability
Like many emerging economies, Kazakhstan has faced challenges in maintaining Tenge stability. Factors such as fluctuations in commodity prices, particularly oil (a major export), and global economic conditions can impact the currency’s value.
6. Role in Kazakhstan’s Economic Development
The Tenge plays a crucial role in Kazakhstan’s economic development. A stable currency is essential for attracting foreign investment, promoting trade, and controlling inflation. The government has implemented various policies to strengthen the Tenge and foster economic growth.
7. Digital Transformation
Kazakhstan is increasingly embracing digital currencies and financial technologies. While the Tenge remains the primary currency, the country is exploring the potential of digital assets and blockchain technology to modernize its financial system and enhance efficiency.
Top in Nigeria and Kazakhstan
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Kazakhstan | Halyk Savings Bank of Kazakhstan (Halyk Bank) | Almaty |
| Kazakhstan | Kaspi Bank JSC | Almaty |
| Kazakhstan | Bank CenterCredit (BKC) | Almaty |