Convert Panamanian Balboa to Nigerian Naira
Please provide values below to convert Panamanian Balboa [PAB] to Nigerian Naira [NGN], or Convert Nigerian Naira to Panamanian Balboa.
How to Convert Panamanian Balboa to Nigerian Naira
1 PAB = 0.000653294639998396 NGN
Example: convert 15 PAB to NGN:
15 PAB = 15 × 0.000653294639998396 NGN = 0.00979941959997593 NGN
Panamanian Balboa to Nigerian Naira Conversion Table
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Panamanian Balboa
The Panamanian Balboa (PAB) is the official currency of Panama, subdivided into 100 centésimos, used primarily for coinage alongside the US dollar.
History/Origin
Introduced in 1904, the Balboa was established as Panama's official currency to promote national identity, initially backed by gold, but since 1941 it has been pegged at par to the US dollar, which is also widely accepted in the country.
Current Use
Today, the Balboa is mainly used for coinage and official transactions within Panama, with the US dollar serving as the primary currency for most practical purposes, including banking and commerce.
Nigerian Naira
The Nigerian Naira (NGN) is the official currency of Nigeria, used for all monetary transactions within the country.
History/Origin
Introduced in 1973, the Naira replaced the Nigerian pound at a rate of 2 Naira to 1 pound, and has undergone various redenominations and currency reforms since then.
Current Use
The Naira is widely used across Nigeria for everyday transactions, banking, and trade, with coins and banknotes issued by the Central Bank of Nigeria.