Convert your NGN to NAD
NGN to NAD Comparison Table
| Feature | NGN (Nigerian Naira) | NAD (Namibian Dollar) |
|---|---|---|
| Currency Code | NGN | NAD |
| Symbol | ₦ | N$ |
| Issuing Authority | Central Bank of Nigeria | Bank of Namibia |
| 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 | 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, mining and other sectors |
Key Observations:
Both Nigeria and Namibia are developing economies with significant reliance on natural resources. However, Nigeria’s economy exhibits greater volatility, reflected in the fluctuations of its currency, the Naira (NGN). Namibia, on the other hand, has managed to maintain relative stability in its currency, the Namibian Dollar (NAD). This stability is partly attributed to Namibia’s more advanced digital payment infrastructure compared to Nigeria’s. The substantial interest rate differential between the two nations highlights the contrasting monetary policies adopted to manage their respective economies.
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 Namibian Dollar
The Namibian Dollar is the official currency of Namibia.
- Pegged to the South African Rand: One of the most distinctive features of the Namibian Dollar is its direct link to the South African Rand. The two currencies are pegged at a one-to-one exchange rate.
- Common Monetary Area: Namibia is part of the Common Monetary Area (CMA) along with South Africa, Lesotho, and Eswatini. This shared monetary policy contributes to regional economic integration
- Stability: Due to its peg to the South African Rand, the Namibian Dollar enjoys relative stability compared to many other African currencies.
- Currency Board System: Namibia operates a currency board system, which requires the Central Bank of Namibia to maintain sufficient foreign exchange reserves to fully back the Namibian Dollars in circulation.
- Economic Growth: Namibia has experienced economic growth, driven by mining and tourism, which has positively impacted the stability of the Namibian Dollar.
- Cash-Based Economy: While Namibia is gradually adopting digital payment methods, it remains predominantly a cash-based society.
- Subdivisions: The Namibian Dollar is divided into 100 cents.
Top Banks in Nigeria and Namibia for Naira to Namibian Dollar Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Namibia | First National Bank Namibia Limited | Windhoek |
| Namibia | Standard Bank Namibia Limited | Windhoek |
| Namibia | Bank Windhoek Limited | Windhoek |