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NGN to MGA Comparison Table
| Feature | NGN (Nigerian Naira) | MGA (Malagasy Ariary) |
|---|---|---|
| Currency Code | NGN | MGA |
| Symbol | ₦ | Ar |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Madagascar |
| 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 high |
| Interest Rates | High | High |
| Foreign Exchange Reserves | Moderate | Low |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Limited |
Key Observations:
- Both NGN and MGA are currencies of developing economies facing economic challenges.
- High inflation rates are a common issue for both countries.
- Madagascar has a less developed digital payment infrastructure compared to Nigeria.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to DZD NGN to BIF NGN to CDF NGN to GNF | NGN to MOP NGN to MNT NGN to MYR NGN to NOK |
| European Currencies | Oceania 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 Malagasy Ariary
The Malagasy Ariary is the official currency of Madagascar. Here are seven key facts about it:
- Historical Background: The Ariary was introduced in 2005, replacing the Malagasy Franc at a rate of 1 Ariary to 10 Malagasy Francs.
- Rapid Inflation: Madagascar has experienced relatively high inflation rates, which has impacted the purchasing power of the Ariary.
- Economic Challenges: The country faces economic challenges, including poverty, dependence on agriculture, and political instability, which contribute to currency fluctuations.
- Cash-Based Economy: Madagascar is predominantly a cash-based society, with limited use of electronic payment systems.
- Tourism Impact: Tourism is a significant contributor to Madagascar’s economy, and the exchange of foreign currencies can influence the Ariary’s value.
- Exchange Rate Volatility: The Ariary has experienced fluctuations in value due to various economic factors, including import levels and export earnings.
- Limited International Use: The Ariary is primarily used within Madagascar, with limited acceptance in other countries.
Top Banks in Nigeria and Madagascar for Naira to Ariary Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Madagascar | BNI Madagascar | Antananarivo |
| Madagascar | ank of Africa Madagascar (BOA Madagascar) | Antananarivo |