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NGN to XCD Comparison Table
| Feature | NGN (Nigerian Naira) | XCD (East Caribbean Dollar) |
|---|---|---|
| Currency Code | NGN | XCD |
| Symbol | ₦ | EC$ |
| Issuing Authority | Central Bank of Nigeria | Eastern Caribbean Central Bank |
| Economic Strength | Developing, resource-based economy | Developed, service-based economy |
| Exchange Rate Volatility | High | Relatively stable (pegged to USD) |
| 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 | Significant, tourism and related sectors |
Key Observations:
Nigeria and the Eastern Caribbean Currency Union (ECCU) present distinct economic landscapes. The Naira (NGN), as the Nigerian currency, is subject to significant volatility due to the nation’s economic challenges. Conversely, the Eastern Caribbean Dollar (XCD), pegged to the US Dollar, enjoys relative stability. The ECCU region generally experiences lower inflation rates compared to Nigeria, reflecting a more stable economic environment.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to ZAR NGN to SDG NGN to SZL NGN to TND | NGN to INR NGN to IQD NGN to IRR NGN to ISK |
| European Currencies | Oceania Currencies |
| NGN to HUF NGN to MDL NGN to MKD NGN to PLN | NGN to AUD NGN to FJD NGN to NZD NGN to PGK |
Key Differences
- Currency Stability: The NGN is highly volatile, while the XCD is pegged to a stable currency.
- Inflation Rates: Nigeria experiences higher inflation compared to the ECCU region.
Top Banks in Nigeria for Naira Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Guarantee Trust Bank Plc | Lagos |