Far from a current loop ($x \gg R$), the magnetic field is identical to that of a magnetic dipole: $B_{\text{axial}} = \mu_0 2m/(4\pi x^3)$ and $B_{\text{equatorial}} = \mu_0 m/(4\pi x^3)$, where $m = NIA$. The ratio $B_{\text{axial}}/B_{\text{equatorial}} = 2$ (same as an electric dipole). This dipole approximation is useful for understanding the Earth's magnetic field and atomic magnetism.