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NGN to MRU Comparison Table
| Feature | NGN (Nigerian Naira) | MRU (Mauritanian Ouguiya) |
|---|---|---|
| Currency Code | NGN | MRU |
| Symbol | ₦ | UM |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Mauritania |
| Economic Strength | Developing, resource-based economy | Developing, resource-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 | Low |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Limited |
Key Observations
Both Nigeria and Mauritania are developing economies heavily reliant on natural resources. These resource-dependent structures often contribute to economic instability. A shared challenge for both nations is high inflation, which erodes the purchasing power of their respective currencies, the Naira (NGN) and the Ouguiya (MRU). In terms of financial infrastructure, Nigeria has made strides in digital payments compared to Mauritania, which still relies heavily on traditional methods.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to AUD NGN to FJD NGN to NZD NGN to PGK | NGN to SGD NGN to SEK NGN to SYP NGN to THB |
| European Currencies | South America Currencies |
| NGN to BAM NGN to BGN NGN to BYN NGN to CAD | NGN to ARS NGN to BOB NGN to BRL NGN to CLP |
7 Facts About the Mauritanian Ouguiya
The Mauritanian Ouguiya is the official currency of Mauritania.
- Recent Revaluation: In 2018, the Mauritanian Ouguiya underwent a significant revaluation, with the new Ouguiya replacing the old one at a rate of 1 new Ouguiya to 10 old Ouguiyas. This was done to address inflation and economic challenges.
- Currency Board System: Mauritania operates a currency board system, meaning the Central Bank of Mauritania must hold foreign exchange reserves to fully back the Ouguiya in circulation. This system aims to maintain currency stability.
- Economic Challenges: Despite the currency board system, Mauritania faces economic challenges such as poverty, dependence on agriculture and mining, and vulnerability to climate change, which can impact the Ouguiya’s value.
- Cash-Based Economy: Like many developing countries, Mauritania is predominantly a cash-based society, with limited use of electronic payment systems.
- Exchange Rate Stability: The Ouguiya has shown relative stability compared to some other African currencies, benefiting from the currency board system.
- Limited International Use: The Mauritanian Ouguiya is primarily used within Mauritania, with limited acceptance in other countries.
- Subdivisions: The Ouguiya is divided into five khoums, although these are rarely used in practice.
Top Nigerian and Mauritanian Banks for Naira to Ouguiya Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Citibank Nigeria Ltd | Lagos |
| Nigeria | StanbicIBTC Bank | Lagos |
| Nigeria | Fidelity Bank Plc | Lagos |
| Mauritania | Banque Nationale de Mauritanie (BNM) | Nouakchott |
| Mauritania | Société Générale Mauritanie (SGM) | Nouakchott |
| Mauritania | Chinguitty Bank | Nouakchott |