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NGN to TMT Comparison Table
| Feature | NGN (Nigerian Naira) | TMT (Turkmenistan Manat) |
|---|---|---|
| Currency Code | NGN | TMT |
| Symbol | ₦ | m |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Turkmenistan |
| Economic Strength | Developing, resource-based | Developing, resource-based |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic transactions |
| Digital Payment Adoption | Growing adoption, mobile money prominent | Limited 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 | Limited |
Key Observations:
Nigeria and Turkmenistan, both developing nations, exhibit distinct economic characteristics. Nigeria’s economy, heavily reliant on the oil sector, is subject to significant volatility, reflected in the fluctuations of its currency, the Naira (NGN). In contrast, Turkmenistan, while also resource-rich, demonstrates relative currency stability with the Manat (TMT). Despite its resource-based economy, Turkmenistan’s digital payment infrastructure lags behind Nigeria’s, indicating a disparity in financial development. Moreover, the substantial interest rate differential between the two nations underscores the divergent monetary policies employed to manage their respective economies.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to UGX NGN to XAF NGN to XOF NGN to ZMW | NGN to NPR NGN to NZD NGN to OMR NGN to PHP |
| 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 Turkmenistani Manat
The Turkmenistani Manat is the official currency of Turkmenistan.
- Post-Soviet Currency: Introduced in 1993, the Manat replaced the Soviet Ruble, marking Turkmenistan’s economic independence.
- Stable Currency: The Turkmenistani Manat has maintained relative stability compared to many other former Soviet republics.
- Natural Gas Wealth: Turkmenistan is rich in natural gas reserves, and this resource significantly influences the Manat’s value and the overall economy.
- Controlled Economy: Turkmenistan has a centrally planned economy, and the government exercises control over the Manat’s exchange rate.
- Subdivisions: The Manat is divided into 100 tenge.
- Cash-Based Economy: Turkmenistan is predominantly a cash-based society, with limited use of electronic payment systems.
- Limited International Use: The Turkmenistani Manat is primarily used within Turkmenistan, with limited acceptance in other countries.
Top Banks in Nigeria and Turkmenistan to Convert 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 |
| Turkmenistan | Turkmenistan State Commercial Bank | Ashgabat |
| Turkmenistan | Halkbank | Ashgabat |
| Turkmenistan | Dayhanbank | Ashgabat |