- Social Trading
- Offering
- Resources
- Company
- About Us
- Help & Support
- Partnerships
- NAGA
- Currency Encyclopedia
- Mexican Peso
Facts about the Mexican Peso
Importance of the Mexican Peso
The Mexican Peso (MXN) is the official currency of Mexico and it is made up of 100 centavos. It is listed as the 15th most traded currency in the world and it is directly connected with various factors that make the MXN a very important currency in the financial market. First, Mexico is a major trading partner with the USA since many Americans either have a business or family in the neighboring country. Thus, many of them travel frequently to Mexico making the value of the Peso strictly connected with the US market. Moreover, the proximity of the two countries makes Mexico an attractive investment destination which is boosted by the higher interest rates that Mexico has compared with the USA.
Introduction of the Mexican Peso
The Peso was the official currency of Spain, known as the “real”. The Mexican Peso was a silver 8-real coin that was in circulation until the mid-19th century. The first Mexica peso coins were issued in 1863 and were denominated in centavos which worthed one-hundredth of the peso. After the huge oil crisis in the 1970s, Mexico failed to repay its external debts and the value of its currency was significantly devaluated. Thus, in 1993 the government of Mexico made a new peso called the “nuevo peso” which had a ratio of 1:1,000 to the old peso. After the uncertainty of NAFTA's future in 2016, the Mexican peso lost another 20% of its value leading to great problems across Latin America where it is the most traded currency.
FAQ
What does MXN mean in currency?
What is the symbol of the Mexican Peso?
What Makes the Mexican Peso Important?
What countries use the Mexican Peso?
Is MXN a good investment?
Mexican Peso Stats
Name
MXN
Symbol
$, MX$, or Mex$
Minor unit
1/100 = centavos
Minor unit symbol
¢
Bank notes
Freq Used: $20, $50, $100, $200, $500 Rarely Used: $1,000
Forex Investing
Mexican Peso Exchanges Rates
Need Help? Visit our Help Section
Download NAGA Trader
Markets
Platforms
Pricing & Terms
Company
Documentation
Partnerships
Help & Support
Social Trading
Free Education
News & Analysis
Download NAGA Trader
Copyright © 2024 – All rights reserved.
NAGA is a trademark of The NAGA Group AG, a German based FinTech company publicly listed on the Frankfurt Stock Exchange | WKN: A161NR | ISIN: DE000A161NR7.
The website is operated by NAGA Capital Ltd which is authorised and regulated by the Financial Services Authority Seychelles (FSA) under licence No. SD026. The registered address of CT House, Office 9A, 2nd Floor, Providence, Mahe, Seychelles. Tel: +248 4373121
The group also includes NAGA Global (CY) Ltd, with registered address at Nikokreontos 2, NICE DREAM, 6th floor, Flat/Office 601, 1066, Nicosia, Cyprus. NAGA Global (CY) Ltd is wholly owned by The NAGA Group AG.
RISK WARNING: Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money. This is not investment advice. Trading with NAGA Trader by following and/or copying or replicating the trades of other traders involves high levels of risks, even when following and/or copying or replicating the Lead Traders. Such risks include the risk that you may be following/copying the trading decisions of possibly inexperienced/unprofessional traders, or traders whose ultimate purpose or intention, or financial status may differ from yours. Before making an investment decision, you should rely on your own assessment of the person making the trading decisions and the terms of all the legal documentation.
Restricted countries: NAGA Capital Ltd does not provide services for the residents of certain countries, such as Afghanistan, Albania, American Samoa, Anguilla, Australia, Austria, Barbados, Belarus, Belgium, Bermuda, British Indian Ocean Territory, Bulgaria, Burkina Faso, Canada, Cayman Islands, Central African Republic, Christmas Island, Cocos (Keeling) Islands, Congo, The Democratic Republic of the, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Falkland Islands (Malvinas), Finland, France, Germany, Gibraltar, Greece, Guam, Haiti, Heard Island and McDonald Islands, Hungary, Iceland, Iran, Islamic Republic of, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Korea, Democratic People's Republic of, Latvia, Libyan Arab Jamahiriya, Liechtenstein, Lithuania, Luxembourg, Mali, Malta, Montserrat, Mozambique, Myanmar, Netherlands, New Zealand, Norfolk Island, Norway, Palestinian Territory, Occupied, Pitcairn, Poland, Portugal, Romania, Russian Federation, Saint Helena, Ascension and Tristan Da Cunha, San Marino, Senegal, Serbia, Slovakia, Slovenia, Somalia, South Georgia and the South Sandwich Islands, South Sudan, Spain, Sri Lanka, Sweden, Switzerland, Syrian Arab Republic, Trinidad and Tobago, Tunisia, Turks and Caicos Islands, Uganda, Ukraine, United Kingdom and any other countries where the citizens have British proof of identity (i.e. British Virgin Island, Gibraltar, Isle of Man etc.), United States, U.S. Minor Islands, Vanuatu, Virgin Islands, British, Virgin Islands, U.S., Yemen, and Zimbabwe.