Managua is well placed for day trips to Nicaragua's main attractions. Granada, the colonial jewel on Lake Nicaragua, is about an hour south. Leon, the university city with its massive cathedral, is an hour northwest. Masaya Volcano National Park is the closest — you can drive right up to the crater rim and look down into the glowing lava lake.
Momotombo Volcano, an almost perfect cone rising from the shores of Lake Managua, can be climbed with a permit from the Instituto Nicaraguense de Energia in Managua. Lake Nicaragua itself is beautiful and easily reached from Granada.