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NGN to NPR Comparison Table
| Feature | NGN (Nigerian Naira) | NPR (Nepalese Rupee) |
|---|---|---|
| Currency Code | NGN | NPR |
| Symbol | ₦ | ₨ |
| Issuing Authority | Central Bank of Nigeria | Nepal Rastra Bank |
| 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 | 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 |
Nigeria and Nepal: Economic Comparison Analysis
Nigeria and Nepal, both classified as developing nations, exhibit distinct economic characteristics. Nigeria’s economy, heavily reliant on the oil sector, is subject to significant volatility, reflected in the fluctuations of its currency, the Naira (NGN). In contrast, Nepal, primarily agrarian, demonstrates relative currency stability with the Nepalese Rupee (NPR). Despite being classified as a developing nation, Nepal’s digital payment infrastructure lags behind Nigeria’s, highlighting a key difference in financial development. Moreover, the substantial interest rate differential between the two nations underscores the divergent monetary policies employed 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 Nepalese Rupee
The Nepalese Rupee is the official currency of Nepal.
- Pegged to Indian Rupee: One of the most distinctive features of the Nepalese Rupee is its fixed exchange rate with the Indian Rupee. This peg has been in place since 1994.
- Close Economic Ties: The strong economic and cultural ties between Nepal and India are reflected in the currency peg. It facilitates trade and remittance flows between the two countries.
- Remittances: Remittances from Nepalese workers in India and other countries are a significant source of foreign exchange for Nepal and influence the Rupee’s stability.
- Tourism: Nepal’s tourism industry is a vital source of income, and the influx of foreign currencies impacts the Rupee’s value.
- Economic Challenges: Nepal faces economic challenges, including poverty, infrastructure development, and dependence on agriculture, which can impact the Rupee’s stability.
- Cash-Based Economy: Nepal is predominantly a cash-based society, although there’s a growing trend towards digital payments.
- Subdivisions: The Nepalese Rupee is divided into 100 paisa.
Top Banks in Nigeria and Nepal for Naira to Nepalese Rupee Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Nepal | Nabil Bank Ltd. (NABIL) | Kathmandu |
| Nepal | Global IME Bank (GBIME) | Kathmandu |
| Nepal | Nepal Investment Bank Ltd. (NIBL) | Kathmandu |