Convert your NGN to SGD swiftly
NGN to SGD Comparison Table
| Feature | NGN (Nigerian Naira) | SGD (Singapore Dollar) |
|---|---|---|
| Currency Code | NGN | SGD |
| Symbol | ₦ | S$ |
| Issuing Authority | Central Bank of Nigeria | Monetary Authority of Singapore |
| Economic Strength | Developing, resource-based economy | Developed, export-oriented 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, manufacturing and other sectors |
Key Observations:
Nigeria and Singapore represent stark contrasts in economic development and financial landscapes. Nigeria, as a developing nation, grapples with significant economic volatility, reflected in the fluctuations of its currency, the Naira (NGN). In contrast, Singapore, a developed, export-oriented economy, enjoys relative currency stability through the Singapore Dollar (SGD)
. This disparity is accentuated by Singapore’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.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to KES NGN to LYD NGN to MAD NGN to MGA | NGN to TJS NGN to TRY NGN to TWD NGN to UAH |
| European Currencies | Oceania Currencies |
| NGN to CHF NGN to CZK NGN to DKK NGN to EUR | NGN to AUD NGN to FJD NGN to NZD NGN to PGK |
7 Facts About the Singapore Dollar
The Singapore Dollar is the official currency of Singapore.
- Strong and Stable: Known for its strength and stability, the Singapore Dollar is often considered a safe-haven currency.
- Managed Float: Singapore operates a managed float exchange rate system, allowing the dollar to fluctuate within a band to manage inflation and maintain export competitiveness. www.mas.gov.sg
- Economic Powerhouse: Singapore’s robust economy, centered around trade, finance, and technology, underpins the Singapore Dollar’s strength.
- Low Inflation: Singapore has consistently maintained low inflation rates, contributing to the currency’s stability
- Global Financial Center: Singapore’s status as a global financial center enhances the Singapore Dollar’s international standing.
- Subdivisions: The Singapore Dollar is divided into 100 cents.
- Digital Currency Exploration: Singapore is at the forefront of exploring digital currencies and blockchain technology, which may shape the future of the Singapore Dollar.
Nigerian and Singaporean Banks for Your Naira/Currency Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Singapore | DBS Bank | Singapore |
| Singapore | OCBC Bank Singapore | Singapore |
| Singapore | United Overseas Bank (UOB) | Singapore |