Convert your NGN to LAK
NGN to LAK Comparison Table
| Feature | NGN (Nigerian Naira) | LAK (Lao Kip) |
|---|---|---|
| Currency Code | NGN | LAK |
| Symbol | ₦ | ₭ |
| Issuing Authority | Central Bank of Nigeria | Bank for the Lao PDR |
| Economic Strength | Developing, resource-based economy | Developing, agriculture-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 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 LAK is from a developing, agriculture-based economy with relative stability.
- Laos has a less developed 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 ZAR NGN to SDG NGN to SZL NGN to TND | NGN to JPY NGN to JOD NGN to KGS NGN to KHR |
| European Currencies | North America Currencies |
| NGN to BAM NGN to BGN NGN to BYN NGN to CAD | NGN to BSD NGN to CAD NGN to CUP NGN to DOP |
7 Facts About the Lao Kip
The Lao Kip is the official currency of Laos. Here are seven key facts about it:
- Low Value Currency: The Lao Kip is one of the world’s lowest-valued currencies. This means that large denominations are common for everyday transactions.
- Historical Background: Introduced in 1952, the Kip replaced the French Indochinese Piastre, reflecting Laos’ move towards independence.
- Floating Exchange Rate: The Lao Kip operates on a floating exchange rate system, meaning its value fluctuates based on market forces.
- Economic Challenges: Laos is a developing country with a relatively small economy, and the Kip has faced challenges maintaining stability due to factors like trade imbalances and inflation.
- Tourism Impact: Tourism plays a significant role in Laos’ economy, and the exchange of foreign currencies, primarily US dollars, can influence the Kip’s value.
- Cash-Based Economy: Like many developing countries, Laos is predominantly a cash-based society, with limited use of credit and debit cards.
- Digital Currency Exploration: While the Kip is the primary currency, Laos is exploring the potential of digital currencies and blockchain technology to modernize its financial system.
Top Banks in Nigeria and Laos to Convert Your Naira to Kip
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Laos | Banque Internationale Lao (BIL) | Vientiane |
| Laos | BCEL (Foreign Trade Bank of Lao PDR) | Vientiane |
| Laos | JDB Bank (Joint Development Bank) | Vientiane |