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NGN to OMR Comparison Table
| Feature | NGN (Nigerian Naira) | OMR (Omani Rial) |
|---|---|---|
| Currency Code | NGN | OMR |
| Symbol | ₦ | ر.ع |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Oman |
| Economic Strength | Developing, resource-based economy | Developed, oil-rich economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic and international transactions, trade, investment |
| Digital Payment Adoption | Growing adoption, mobile money prominent | High adoption, advanced infrastructure |
| Inflation Rate | Historically high | Low inflation |
| Interest Rates | High | Lower than Nigeria |
| Foreign Exchange Reserves | Moderate | Substantial |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Significant, oil and gas sector |
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 |
Nigeria and Oman: A Comparative Economic Analysis
Nigeria and Oman, while both oil-dependent, present stark contrasts in economic development. Nigeria, a developing nation, grapples with significant economic volatility, reflected in the fluctuations of its currency, the Naira (NGN). In contrast, Oman, an oil-rich developed economy, enjoys relative currency stability with the Omani Rial (OMR). This disparity is accentuated by Oman’s significantly more advanced digital payment infrastructure compared to Nigeria’s. The substantial interest rate differential between the two nations underscores the divergent monetary policies adopted to manage their respective economies.
7 Facts About the Omani Rial
The Omani Rial is the official currency of Oman.
- Strong and Stable Currency: The Omani Rial is widely considered one of the strongest and most stable currencies globally.
- Pegged to the US Dollar: To maintain its stability, the Omani Rial is pegged to the US Dollar. This means its value is directly linked to the US Dollar’s exchange rate.
- Oil-Rich Economy: Oman’s economy is heavily reliant on oil and gas, and the Rial’s strength is closely tied to oil prices.
- Currency Board System: Oman operates a currency board system, which requires the Central Bank of Oman to maintain sufficient foreign exchange reserves to fully back the Rial in circulation.
- High Value: The Omani Rial is a high-value currency compared to many others, reflecting Oman’s economic strength.
- Subdivisions: The Rial is divided into 1000 baisa.
- Limited International Use: While the Omani Rial is stable, its use outside of Oman is limited due to the prevalence of the US Dollar in international transactions.
Top Banks in Nigeria and Oman to Convert Naira to Omani Rial
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Providus Bank | Lagos |
| Nigeria | Citibank Nigeria Ltd | Lagos |
| Nigeria | First City Monument Bank | Lagos |
| Oman | Bank Muscat | Muscat |
| Oman | National Bank of Oman | Muscat |
| Oman | Bank Dhofar | Muscat |