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NGN to PHP Comparison Table
| Feature | NGN (Nigerian Naira) | PHP (Philippine Peso) |
|---|---|---|
| Currency Code | NGN | PHP |
| Symbol | ₦ | ₱ |
| Issuing Authority | Central Bank of Nigeria | Bangko Sentral ng Pilipinas |
| 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, various sectors |
Key Observations:
Nigeria and the Philippines, both classified as developing economies, exhibit contrasting economic landscapes. Nigeria’s economy, heavily reliant on the oil sector, is characterized by significant volatility, reflected in the fluctuations of its currency, the Naira (NGN). In contrast, the Philippines, with a more diversified, export-oriented economy, demonstrates relative currency stability through the Philippine Peso (PHP). This economic disparity is further accentuated by the Philippines’ 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 KES NGN to LYD NGN to MAD NGN to MGA | NGN to CNY NGN to HKD NGN to IDR NGN to ILS |
| European Currencies | Oceania Currencies |
| NGN to RON NGN to RSD NGN to SEK NGN to TRY | NGN to AUD NGN to FJD NGN to NZD NGN to PGK |
7 Facts About the Philippine Peso
The Philippine Peso is the official currency of the Philippines.
- Spanish Colonial Influence: The Peso traces its roots back to the Spanish colonial period, reflecting the country’s historical ties to Spain….IMF
- Floating Exchange Rate: The Philippine Peso operates on a floating exchange rate system, meaning its value fluctuates based on market forces.
- Remittances: Remittances from overseas Filipino workers (OFWs) are a significant source of foreign exchange for the Philippines and influence the Peso’s value.
- Economic Challenges: The Philippine economy has faced challenges, including poverty, inequality, and natural disasters, which can impact the Peso’s stability.
- Inflation: The country has experienced periods of inflation, affecting the purchasing power of the Peso.
- Cash-Based Economy: While digital payments are increasing, the Philippines remains a predominantly cash-based society.
- Subdivisions: The Peso is divided into 100 centavos.
Top Banks in Nigeria and Philippines for Your Naira to Peso Conversion
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Sterling Bank Plc | Lagos |
| Nigeria | First City Monument Bank | Lagos |
| Nigeria | StanbicIBTC Bank | Lagos |
| Philippines | BDO Unibank Inc (BDO) | Manila |
| Philippines | Metropolitan Bank & Trust Company (Metrobank) | Manila |
| Philippines | Land Bank of the Philippines (LANDBANK) | Manila |