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NGN to PEN Comparison Table
| Feature | NGN (Nigerian Naira) | PEN (Peruvian Sol) |
|---|---|---|
| Currency Code | NGN | PEN |
| Symbol | ₦ | S/ |
| Issuing Authority | Central Bank of Nigeria | Central Reserve Bank of Peru |
| Economic Strength | Developing, resource-based economy | Developing, export-oriented 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 | 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:
Nigeria and Peru, both classified as developing economies, exhibit contrasting economic trajectories. Nigeria’s economy, heavily reliant on the oil sector, is characterized by significant volatility, reflects in the fluctuations of its currency, the Naira (NGN). In contrast, Peru, with a more diversified export-oriented economy, demonstrates relative currency stability through the Peruvian Sol (PEN). This economic disparity is further accentuated by Peru’s 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.
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 Peruvian Nuevo Sol
The Peruvian Nuevo Sol is the official currency of Peru.
- Overcoming Hyperinflation: The Nuevo Sol was introduced in 1991 to replace the Inti, which had become virtually worthless due to hyperinflation. This drastic measure stabilized the economy.
- Meaningful Name: The name “Sol” means “sun” in Spanish, referencing the Inca sun god, Inti. This choice symbolizes a new beginning for the Peruvian economy.
- Stable Currency: Since its introduction, the Nuevo Sol has maintained relative stability, contributing to economic growth and investor confidence.
- Economic Growth: Peru has experienced significant economic growth in recent decades, and the Nuevo Sol has played a role in supporting this development.
- Tourism Impact: Peru’s growing tourism industry has contributed to the demand for the Nuevo Sol, boosting its value.
- Subdivisions: The Nuevo Sol is divided into 100 centimos, although these are rarely used in everyday transactions.
- Digital Payments: Peru is increasingly adopting digital payment methods, which is influencing the role of the Nuevo Sol in the economy.
Major Banks in Nigeria and Peru For Naira to Sol Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Peru | Banco de Crédito del Perú (BCP) | Lima |
| Peru | Intercorp Perú (Interbank) | Lima |
| Peru | BBVA Perú | Lima |