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NGN to MKD Comparison Table
| Feature | NGN (Nigerian Naira) | MKD (Macedonian Denar) |
|---|---|---|
| Currency Code | NGN | MKD |
| Symbol | ₦ | ден |
| Issuing Authority | Central Bank of Nigeria | National Bank of the Republic of Macedonia |
| Economic Strength | Developing, resource-based economy | Developing, transitioning 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, various sectors |
Key Observations:
The Nigerian Naira operates within a developing economy characterized by currency fluctuations, while the Macedonian Denar exists in a transitioning economy with comparatively stable economic conditions. Macedonia’s digital payment systems are less advanced than Nigeria’s, and there’s a substantial disparity in interest rates between the two nations.
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 | Oceania Currencies |
| NGN to BAM NGN to BGN NGN to BYN NGN to CAD | NGN to AUD NGN to FJD NGN to NZD NGN to PGK |
7 Facts About the Macedonian Denar
The Macedonian Denar is the official currency of North Macedonia.
- Post-Soviet Currency: Introduced in 1992, the Denar replaced the Yugoslav Dinar, marking North Macedonia’s independence.
- Floating Exchange Rate: The Macedonian Denar operates on a floating exchange rate system, meaning its value fluctuates based on market forces.
- Economic Challenges: North Macedonia is a developing country with economic challenges, including unemployment and dependence on agriculture, which can impact the Denar’s stability.
- Inflation: The country has faced periods of inflation, affecting the purchasing power of the Denar.
- Remittances: Remittances from Macedonians working abroad contribute to the foreign exchange market and influence the Denar’s value.
- Euro Adoption Goal: North Macedonia aims to adopt the Euro as its currency, which could significantly impact the Denar’s future.
- Subdivisions: The Denar is divided into 100 deni, but these are no longer used in circulation.
Top Nigerian and Macedonian Banks For Naira to Macedonian Denar Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Macedonia | Komercijalna banka Skopje (Komercijalna Bank) | Skopje |
| Macedonia | Stopanska Banka AD Skopje (Stopanska Banka) | Skopje |
| Macedonia | NLB Tutunska Banka Skopje AD (NLB Tutunska) | Skopje |