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NGN to UYU Comparison Table
| Feature | NGN (Nigerian Naira) | UYU (Uruguayan Peso) |
|---|---|---|
| Currency Code | NGN | UYU |
| Symbol | ₦ | $U |
| Issuing Authority | Central Bank of Nigeria | Central Bank of Uruguay |
| Economic Strength | Developing, resource-based | Developing, export-oriented |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic and international transactions |
| Digital Payment Adoption | Growing adoption, mobile money prominent | Increasing 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 | Increasing, various sectors |
Key Observations:
- The NGN is more volatile compared to the UYU.
- Uruguay has a more advanced digital payment infrastructure compared to Nigeria.
- The interest rate differential between the two countries is significant.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to DZD NGN to BIF NGN to CDF NGN to GNF | NGN to JPY NGN to JOD NGN to KGS NGN to KHR |
| 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 |
7 Facts About the Uruguayan Peso
The Uruguayan Peso (UYU) is the official currency of Uruguay.
- Overcoming Hyperinflation: Introduced in 1993, the Uruguayan Peso replaced the previous currency, the Nuevo Peso, in an effort to stabilize the economy after a period of hyperinflation.
- Stable Currency: Since its introduction, the Uruguayan Peso has maintained relative stability, contributing to economic growth and investor confidence.
- Floating Exchange Rate: The Uruguayan Peso operates on a floating exchange rate system, meaning its value fluctuates based on market forces.
- Economic Development: Uruguay has achieved significant economic development in recent decades, and the Peso has played a role in supporting this growth.
- Subdivisions: The Uruguayan Peso is divided into 100 centésimos.
- Cash and Digital Balance: While Uruguay is increasingly adopting digital payments, cash remains widely used in daily transactions.
- Regional Influence: Uruguay’s geographic location in South America, bordering Argentina and Brazil, influences its economy and, consequently, the Uruguayan Peso.
Top Banks in Nigeria and Uruguay
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Uruguay | Banco Santander Uruguay | Montevideo |
| Uruguay | Banco República | Montevideo |
| Uruguay | Scotiabank | Montevideo |