Convert your NGN to MZN
NGN to MZN Comparison Table
| Feature | NGN (Nigerian Naira) | MZN (Mozambican Metical) |
|---|---|---|
| Currency Code | NGN | MZN |
| Symbol | ₦ | MT |
| Issuing Authority | Central Bank of Nigeria | Bank of Mozambique |
| 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 high |
| Interest Rates | High | High |
| Foreign Exchange Reserves | Moderate | Low |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Limited |
Key Observations:
Nigeria and Mozambique share economic similarities as developing nations heavily reliant on natural resources. Both countries confront significant economic challenges, primarily manifested in high inflation rates, which erode the purchasing power of their respective currencies, the Naira (NGN) and the Metical (MZN). In terms of financial infrastructure, Nigeria has made strides in digital payments compared to Mozambique, which still relies heavily on cash-based transactions.
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 | South America Currencies |
| NGN to GBP NGN to GEL NGN to GHS NGN to HRK | NGN to ARS NGN to BOB NGN to BRL NGN to CLP |
7 Facts About the Mozambican Metical
The Mozambican Metical is the official currency of Mozambique.
- Revaluation: The Metical underwent a significant revaluation in 2006 due to hyperinflation. The new Metical replaced the old one at a rate of 1,000 to 1.
- Floating Exchange Rate: The Metical operates on a floating exchange rate system, meaning its value fluctuates based on market forces.
- Economic Challenges: Mozambique is a developing country with economic challenges, including poverty, dependence on agriculture, and vulnerability to natural disasters, which impact the Metical’s stability.
- Inflation: While the revaluation helped to curb hyperinflation, the Metical still faces inflationary pressures.
- Remittances: Remittances from Mozambicans working abroad contribute to the foreign exchange market and influence the Metical’s value.
- Cash-Based Economy: Mozambique is predominantly a cash-based society, although there’s a growing trend towards digital payments.
- Development Challenges: The country faces significant development challenges, including infrastructure, education, and healthcare, which impact the overall economy and the Metical’s stability.
Top Banks in Nigeria and Mozambique for Naira and Metical Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Mozambique | Banco Comercial e de Investimentos (BCI) | Maputo |
| Mozambique | Millennium BIM | Maputo |
| Mozambique | Standard Bank Mozambique | Maputo |