Convert your NGN to TRY in few easy clicks
NGN to TRY Comparison Table
| Feature | NGN (Nigerian Naira) | TRY (Turkish Lira) |
|---|---|---|
| Currency Code | NGN | TRY |
| Symbol | ₦ | ₺ |
| Issuing Authority | Central Bank of Nigeria | Central Bank of the Republic of Turkey |
| Economic Strength | Developing, resource-based economy | Developing, emerging market |
| Exchange Rate Volatility | High | High |
| Popular Use Cases | Domestic transactions, remittances | Domestic and international transactions |
| Digital Payment Adoption | Growing adoption, mobile money prominent | Increasing adoption |
| Inflation Rate | Historically high | High inflation |
| Interest Rates | High | High |
| Foreign Exchange Reserves | Moderate | Adequate |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Increasing, various sectors |
Key Observations:
Nigeria and Turkey share several economic similarities. Both are developing nations grappling with high inflation rates, which have eroded the purchasing power of their respective currencies, the Naira (NGN) and the Turkish Lira (TRY). Despite these challenges, both countries have witnessed significant growth in digital payment adoption, indicating a shift towards a cashless economy.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to KES NGN to LYD NGN to MAD NGN to MGA | NGN to AZN NGN to BHD NGN to BND NGN to BTN |
| European Currencies | North America Currencies |
| NGN to BAM NGN to BGN NGN to BYN NGN to CAD | NGN to BSD NGN to CAD NGN to CUP NGN to DOP |
Key Similarities
- Developing economies facing economic challenges.
- High inflation rates.
- Rapid growth in digital payments.
Key Characteristics of the Turkish Lira
- Volatile Currency: The Lira has been subject to substantial depreciation, particularly in recent years, due to a combination of factors including inflation, geopolitical risks, and economic policies.
- Inflation Challenges: Turkey has grappled with high inflation rates, eroding the purchasing power of the Lira.
- Central Bank Policies: The Turkish Central Bank’s monetary policies have been a subject of debate, with some critics arguing that unconventional approaches have contributed to the Lira’s weakness.
- Economic Growth: Despite challenges, Turkey has shown periods of economic growth, which can influence the Lira’s value.
- Subdivisions: The Lira is divided into 100 kuruş.
- Geopolitical Factors: Turkey’s geopolitical position, including its role in regional conflicts, can impact investor sentiment and the Lira’s exchange rate.
- Efforts to Stabilize: The Turkish government has implemented measures to stabilize the Lira, including foreign exchange interventions and interest rate hikes.
Top Nigerian and Turkish Banks for Your Currency Conversion
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Turkey | Türkiye İş Bankası (İşbank) Istanbul | Istanbul |
| Turkey | Türkiye Halk Bankası (Halkbank) | Istanbul |
| Turkey | Türkiye Garanti Bankası (Garanti BB) | Istanbul |