Convert your NGN to XAF fast
NGN to XAF Comparison Table
| Feature | NGN (Nigerian Naira) | XAF (Central African CFA Franc) |
|---|---|---|
| Currency Code | NGN | XAF |
| Symbol | ₦ | FCFA |
| Issuing Authority | Central Bank of Nigeria | Central African States Bank (BEAC) |
| Economic Strength | Developing, resource-based economy | Developing, resource-based economies |
| Exchange Rate Volatility | High | Relatively stable (pegged to Euro) |
| Popular Use Cases | Domestic transactions, remittances | Domestic and regional 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 a more volatile currency compared to the XAF, which is pegged to the Euro.
- Both currencies operate in economies with significant reliance on resources.
- The XAF zone has a generally lower inflation rate compared to Nigeria.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to DZD NGN to BIF NGN to CDF NGN to GNF | NGN to AZN NGN to BHD NGN to BND NGN to BTN |
| European Currencies | North America Currencies |
| NGN to CHF NGN to CZK NGN to DKK NGN to EUR | NGN to BSD NGN to CAD NGN to CUP NGN to DOP |
Central African CFA Franc
1. Shared Currency: The Central African CFA Franc is shared by six Central African countries: Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon, and Republic of the Congo.
2. Pegged to the Euro: To ensure stability, the CFA Franc is pegged to the Euro at a fixed exchange rate.
3. Central Bank Control: The Bank of Central African States (BEAC) is responsible for issuing and managing the CFA Franc.
4. Economic Integration: The shared currency facilitates trade and economic cooperation among the member countries.
5. Oil-Rich Region: Several countries in the region, particularly Gabon and Equatorial Guinea, are oil-rich, impacting the overall economic strength of the CFA Franc zone.
6. Development Challenges: Despite the stability of the CFA Franc, the region faces development challenges including poverty, infrastructure, and political instability.
7. Currency Code: The official currency code for the Central African CFA Franc is XAF.
Licensed Banks in Nigeria for Naira/Currency Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Fidelity Bank Plc | Lagos |
| Nigeria | Citibank Nigeria Ltd | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |