Convert your NGN to XOF free
Top Banks in Nigeria for Naira/Currency Exchange
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
NGN to XOF Comparison Table
| Feature | NGN (Nigerian Naira) | XOF (West African CFA Franc) | Key Difference |
|---|---|---|---|
| Currency Code | NGN | XOF | Unique identifier for the currency |
| Symbol | ₦ | FCFA | Commonly used representation |
| Issuing Authority | Central Bank of Nigeria | Central Bank of West African States (BCEAO) | Monetary authority responsible for issuing the currency |
| Economic Strength | Developing, resource-based economy | Developing, resource-based economies | Overall economic health and potential |
| Exchange Rate Volatility | High | Relatively stable (pegged to Euro) | Fluctuation of the currency’s value compared to other currencies |
| Popular Use Cases | Domestic transactions, remittances | Domestic and regional transactions | Primary purposes of the currency |
| Digital Payment Adoption | Growing adoption, mobile money prominent | Increasing adoption | Usage of digital payment methods |
| Inflation Rate | Historically high | Relatively low | Rate at which the general level of prices for goods and services is rising |
| Interest Rates | High | Lower than Nigeria | Cost of borrowing money |
| Foreign Exchange Reserves | Moderate | Adequate | Amount of foreign currency held by the central bank |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Increasing, various sectors | Investment from foreign entities |
Key Observations:
- The NGN is a more volatile currency compared to the XOF, which is pegged to the Euro.
- Both currencies operate in economies with significant reliance on resources.
- The XOF zone generally has a lower inflation rate compared to Nigeria.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to MWK NGN to MZN NGN to NAD NGN to RWF | NGN to JPY NGN to JOD NGN to KGS NGN to KHR |
| European Currencies | Oceania Currencies |
| NGN to HUF NGN to MDL NGN to MKD NGN to PLN | NGN to GTQ NGN to GYD NGN to HNL NGN to JMD |