🇳🇴 NOK vs 🇳🇿 NZD: Currency Strength Comparison
Data updated: November 6, 2026
On November 6, 2026, one New Zealand Dollar bought 5.2262 NOK at the official reference rate, so per unit the New Zealand Dollar is worth more. A higher unit value only reflects how each currency is denominated, not which one is gaining: over the past 12 months NOK strengthened by 10.3% against NZD, so on momentum the Norwegian Krone (NOK) is the stronger of the two.
Adjusted for consumer-price inflation in both economies, NOK gained 10.5% in real terms against NZD over the same period.
NOK relative to NZD
Positive values mean NOK strengthened against NZD.
NOK vs NZD over the last three years
NOK against NZD, index 100 on November 6, 2023. A rising line means NOK gained on NZD. Dashed: the same, adjusted for consumer-price inflation in both economies. Green dot: 3-year high, red: 3-year low.
- 3-year high: 126.6 on November 3, 2026, when NOK was at its strongest against NZD in the period.
- 3-year low: 97.6 on December 6, 2023.
- Now: 125.8, 0.7% below the high and 28.9% above the low.
- Sharpest one-month move: NOK rose 6.2% against NZD between February 24, 2025 and March 24, 2025.
What moved NOK and NZD
- · 🇳🇴 Oil tops $108 as Iran targets Hormuz shipping — Escalation in the Strait of Hormuz extends the energy windfall for oil-exporting Norway
- · 🇳🇿 RBNZ hikes OCR to 2.50% — New Zealand's central bank raises rates again to bring inflation back to target
- · 🇳🇴 US-Israel strikes trigger Iran war — Coordinated strikes on Iran spark a new Middle East conflict, sending oil prices sharply higher
- · 🇳🇿 RBNZ cuts to 2.25%, signals end — RBNZ cuts to a three-year low while signaling its easing cycle is complete
- · 🇳🇴 Norges Bank cuts to 4.25% — Norges Bank delivers its first cut of the cycle, lowering the rate to 4.25%
- · 🇳🇿 RBNZ starts cutting — RBNZ begins easing cycle, cuts from 5.50% peak
Major central-bank decisions, elections and shocks for the two currencies since November 6, 2023. The interactive chart marks them on the line.
Performance against 15 major currencies
| Currency | 12-month change vs basket | Rank |
|---|---|---|
| 🇳🇴 Norwegian Krone (NOK) | +9.6% | #1 of 16 |
| 🇳🇿 New Zealand Dollar (NZD) | -1.2% | #9 of 16 |
Open the interactive NOK/NZD chart →
How this comparison works
Each currency's strength index starts at 100 and accumulates its daily change against 15 other major currencies (a geometric mean of pairwise exchange-rate moves), using European Central Bank reference rates and other official sources. The relative figures above divide NOK's index by NZD's, so they reflect the two currencies' performance against each other while accounting for the whole basket. The real variant additionally adjusts each currency for its domestic CPI inflation.
Read the full methodology →Frequently asked questions
Is NOK stronger than NZD right now?
It depends on the question. Per unit, 1 NZD = 5.2262 NOK (reference rate, November 6, 2026), so the New Zealand Dollar is worth more. As for which one is gaining, over the past 12 months NOK strengthened by 10.3% against NZD, so on momentum the Norwegian Krone (NOK) is the stronger of the two.
How do NOK and NZD perform against other major currencies?
Against a basket of 15 major currencies over the past 12 months, NOK ranks #1 of 16 (+9.6%) while NZD ranks #9 (-1.2%).
What does the NOK vs NZD strength comparison show?
Rather than a single exchange rate, this page compares how each currency performed against a basket of 15 major currencies, then derives their relative strength. It filters out moves caused by the other currency alone and shows who is truly stronger.
How often is the data updated?
Every trading day (Monday to Friday), after the European Central Bank publishes its reference rates, usually around 16:00 CET.