Convert your NGN to SEK free
NGN to SEK Comparison Table
| Feature | NGN (Nigerian Naira) | SEK (Swedish Krona) |
|---|---|---|
| Currency Code | NGN | SEK |
| Symbol | ₦ | kr |
| Issuing Authority | Central Bank of Nigeria | Riksbank |
| Economic Strength | Developing, resource-based economy | Developed, high-income 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, diverse sectors |
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to KES NGN to LYD NGN to MAD NGN to MGA | NGN to JPY NGN to JOD NGN to KGS NGN to KHR |
| European Currencies | South America Currencies |
| NGN to BAM NGN to BGN NGN to BYN NGN to CAD | NGN to ARS NGN to BOB NGN to BRL NGN to CLP |
Nigeria and Sweden: A Comparative Economic Analysis
Nigeria and Sweden represent divergent economic landscapes. Nigeria, as a developing nation, grapples with significant economic volatility, reflected in the fluctuations of its currency, the Naira (NGN). In stark contrast, Sweden, a developed, high-income economy, enjoys relative currency stability through the Swedish Krona (SEK). This disparity is accentuated by Sweden’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 Swedish Krona
The Swedish Krona is the official currency of Sweden.
- Historical Roots: Introduced in 1875, the Krona is one of the oldest currencies still in use. It was part of the Scandinavian Monetary Union along with Denmark and Norway.
- Stable Currency: The Swedish Krona is known for its stability and is often considered a safe-haven currency.
- Non-Euro Adoption: Despite being a member of the European Union, Sweden has opted to retain its own currency rather than adopting the Euro.
- Scandinavian Monetary Union: While the Scandinavian Monetary Union no longer exists, the Krona maintains close ties with the Danish Krone and Norwegian Krone.
- Subdivisions: The Krona is divided into 100 öre.
- Digital Payments: Sweden is a pioneer in digital payments, with a high rate of cashless transactions, influencing the role of the Krona in the economy.
- Economic Strength: Sweden’s strong economy and focus on innovation contribute to the Krona’s stability and value.
Top Banks in Nigeria and Sweden for Currency Exchanges
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Fidelity Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Providus Bank | Lagos |
| Sweden | Swedbank | Stockholm |
| Sweden | Svenska Handelsbanken | Stockholm |
| Sweden | SEB (Skandinaviska Enskilda Banken) | Stockholm |