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NGN to PYG Comparison Table
| Feature | NGN (Nigerian Naira) | PYG (Paraguayan Guarani) |
|---|---|---|
| Currency Code | NGN | PYG |
| Symbol | ₦ | Gs |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Paraguay |
| 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 | Limited digital payment infrastructure |
| Inflation Rate | Historically high | Relatively low |
| Interest Rates | High | Lower than Nigeria |
| Foreign Exchange Reserves | Moderate | Low |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Limited |
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 Paraguay: Economic Contrast
Nigeria and Paraguay, both developing nations, exhibit distinct economic characteristics. Nigeria, as a resource-rich economy, experiences significant currency volatility with the Naira (NGN) as its medium of exchange. In contrast, Paraguay, primarily agrarian, demonstrates relative currency stability with the Paraguayan Guarani (PYG). Despite being classified as a developing nation, Paraguay’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.
7 Facts About the Paraguayan Guarani
The Paraguayan Guarani is the official currency of Paraguay.
- Low Value Currency: The Guarani is one of the lowest-valued currencies in the world.
- Historical Background: Introduced in 1943, the Guarani replaced the Paraguayan Peso.
- Floating Exchange Rate: The Guarani operates on a floating exchange rate system, meaning its value fluctuates based on market forces.
- Inflationary Pressures: Paraguay has experienced periods of high inflation, affecting the purchasing power of the Guarani.
- Economic Challenges: The country faces economic challenges, including dependence on agriculture and vulnerability to external shocks, which impact the Guarani’s stability.
- Cash-Based Economy: Paraguay is predominantly a cash-based society, although there’s a growing trend towards digital payments.
- Subdivisions: The Guarani is divided into 100 centimos, but due to high inflation, these are no longer used in circulation.
Top Nigerian and Paraguayan Banks for Your Naira to Guarani Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | Providus Bank | Lagos |
| Nigeria | Premium Trust Bank | Lagos |
| Paraguay | Banco Itaú Paraguay | Asunción |
| Paraguay | Banco Nacional de Fomento (BNF) | Asunción |
| Paraguay | Banco Atlas | Asunción |