Convert your NGN to ZAR swiftly
NGN to ZAR Comparison Table
| Feature | NGN (Nigerian Naira) | ZAR (South African Rand) |
|---|---|---|
| Currency Code | NGN | ZAR |
| Symbol | ₦ | R |
| Issuing Authority | Central Bank of Nigeria | South African Reserve Bank |
| Economic Strength | Developing, resource-based economy | Developing, resource-based economy |
| 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, mining and other sectors |
Key Observations:
The Nigerian Naira is like a rollercoaster, full of ups and downs. It’s far more volatile than its South African counterpart, the Rand. While the Rand isn’t immune to market fluctuations, it generally enjoys a smoother ride. South Africa has also outpaced Nigeria in digital payments, making cashless transactions a breeze. To top it off, the interest rates in South Africa are significantly different from Nigeria’s, reflecting the distinct economic landscapes of these two African giants.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to KES NGN to LYD NGN to MAD NGN to MGA | NGN to KWD NGN to KZT NGN to LAK NGN to LBP |
| European Currencies | South America Currencies |
| NGN to GBP NGN to GEL NGN to GHS NGN to HRK | NGN to COP NGN to CRC NGN to PEN NGN to PYG |
7 Facts About the South African Rand
- Historical Significance: Introduced in 1961, replacing the Pound Sterling, the Rand marked South Africa’s assertion of economic independence. Its name is derived from the Witwatersrand, a region rich in gold, underscoring the country’s mineral wealth.
- Common Monetary Area: The Rand is shared by four countries: South Africa, Namibia, Lesotho, and Eswatini (formerly Swaziland) in a monetary union. This arrangement promotes regional trade and economic integration.
- Floating Exchange Rate: The Rand operates on a floating exchange rate system, meaning its value fluctuates based on market forces, including economic indicators, investor sentiment, and global commodity prices.
- Commodity Dependence: South Africa’s economy is heavily reliant on commodities, particularly gold and other minerals. The Rand’s value is often correlated with the prices of these commodities.
- Economic Challenges: Despite its role as a regional economic powerhouse, South Africa faces economic challenges such as income inequality, unemployment, and infrastructure deficits. These factors can impact the Rand’s stability.
- Financial Inclusion: Efforts to expand financial inclusion in South Africa are ongoing, with a focus on increasing access to banking services and digital payments. This can influence the Rand’s role in the economy.
- Subdivisions: The Rand is divided into 100 cents.
Top Banks in Nigeria and South Africa for Naira/Currency Conversion
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| South Africa | Standard Bank | Johannesburg |
| South Africa | First National Bank (FNB) | Johannesburg |
| South Africa | Nedbank | Johannesburg |