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NGN to MAD Comparison Table
| Feature | NGN (Nigerian Naira) | MAD (Moroccan Dirham) |
|---|---|---|
| Currency Code | NGN | MAD |
| Symbol | ₦ | د.م. |
| Issuing Authority | Central Bank of Nigeria | Bank Al-Maghrib |
| Economic Strength | Developing, resource-based economy | Developing, export-oriented economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic and international 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, various sectors |
Key Observations:
- The NGN is a currency of a developing economy with high volatility, while the MAD is from a developing, export-oriented economy with relative stability.
- Morocco 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 MWK NGN to MZN NGN to NAD NGN to RWF | NGN to JPY NGN to JOD NGN to KGS NGN to KHR |
| European Currencies | Oceania Currencies |
| NGN to HUF NGN to MDL NGN to MKD NGN to PLN | NGN to GTQ NGN to GYD NGN to HNL NGN to JMD |
7 Facts About the Moroccan Dirham
The Moroccan Dirham is the official currency of Morocco.
- Stable Currency: The Moroccan Dirham is known for its relative stability compared to other currencies in the region. This stability is attributed to sound economic policies and prudent financial management.
- Currency Peg: The Moroccan Dirham is pegged to the Euro, which contributes to its stability and predictability. This means its value is closely linked to the Euro’s exchange rate.
- Tourism Impact: Morocco’s tourism industry is a significant contributor to the economy, and the influx of foreign currencies, primarily Euros, influences the Dirham’s value.
- Economic Diversification: Morocco has been working on diversifying its economy beyond agriculture and tourism, which can impact the Dirham’s long-term stability.
- Remittances: Remittances from Moroccans living abroad contribute to the foreign exchange market and influence the Dirham’s value.
- Cash-Based Economy: While Morocco is increasingly adopting digital payments, it remains predominantly a cash-based society.
- Subdivisions: The Dirham is divided into 100 centimes, but these are rarely used in everyday transactions.
Top Banks in Morocco and Nigeria for Naira to Moroccan Dirham Exchange
| Country | Bank Names | City |
|---|---|---|
| Morocco | Attijariwafa Bank | Casablanca |
| Morocco | Banque Centrale Populaire (BCP) | Casablanca |
| Morocco | Bank of Africa (BMCE Group) | Casablanca |
| Nigeria | Providus Bank | Lagos |
| Nigeria | Premium Trust Bank | Lagos |
| Nigeria | Fidelity Bank Plc | Lagos |