Convert your NGN to PAB
NGN to PAB Comparison Table
| Feature | NGN (Nigerian Naira) | PAB (Panamanian Balboa) |
|---|---|---|
| Currency Code | NGN | PAB |
| Symbol | ₦ | B/. |
| Issuing Authority | Central Bank of Nigeria | National Bank of Panama |
| Economic Strength | Developing, resource-based economy | Developed, service-based economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic and international transactions |
| 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, service sector |
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to UGX NGN to XAF NGN to XOF NGN to ZMW | NGN to AZN NGN to BHD NGN to BND NGN to BTN |
| European Currencies | North America Currencies |
| NGN to HUF NGN to MDL NGN to MKD NGN to PLN | NGN to BSD NGN to CAD NGN to CUP NGN to DOP |
Nigeria and Panama: A Comparative Economic Analysis
Nigeria and Panama represent distinct economic trajectories. Nigeria, as a developing nation, grapples with significant economic volatility, reflected in the fluctuations of its currency, the Naira (NGN). In contrast, Panama, a developed service-based economy, enjoys relative currency stability through the Panamanian Balboa (PAB). This disparity is accentuated by Panama’s significantly more advanced digital payment infrastructure compared to Nigeria’s. The substantial interest rate differential between the two nations underscores the contrasting monetary policies adopted to manage their respective economies.
7 Facts About the Panamanian Balboa
The Panamanian Balboa is a unique currency in the world of finance.
- Pegged to the US Dollar: The Balboa is pegged at a fixed exchange rate of 1:1 with the US Dollar. This means one Balboa is equal to one US Dollar.
- Coin-Only Currency: Unlike most currencies, the Panamanian Balboa exists only in coin form. There are no Balboa banknotes.
- US Dollars as Legal Tender: Due to the 1:1 peg, US Dollars are legal tender in Panama and circulate alongside Balboa coins.
- No Central Bank: As a result of the unique currency system, Panama does not have a central bank. Monetary policy decisions are effectively made by the Federal Reserve of the United States.
- Economic Stability: The peg to the US Dollar provides Panama with a degree of economic stability, as the Balboa’s value is linked to a strong and globally accepted currency.
- Tourism and Trade: The use of US Dollars facilitates trade and tourism in Panama, as visitors and businesses are familiar with the currency.
- Subdivisions: The Balboa is divided into 100 centésimos.
Trusted Nigerian and Panama Banks for Naira to Balboa Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Premium Trust Bank | Lagos |
| Nigeria | Citibank Nigeria Ltd | Lagos |
| Nigeria | Fidelity Bank Plc | Lagos |
| Panama | Banco General | Panama City |
| Panama | Banistmo | Panama City |
| Panama | Banco Nacional de Panamá | Panama City |