How "negão" is used in Brazil?

I was watching a Brazilian meme where someone calls the other person by "negão" and in the English subtitles it was translated to the n word, I was kinda shocked since the guy calling the other "negão" was white as me, so, it doesn't hold the same meaning right? I assume that the English translation was poor since the two guys were joking and messing around, something that would likely not happen if a white guy calls a black guy by the n word in US even if they are friends. Anyway, stretching the question, does "negão" have any equivalent in any other latam's country? (Assuming that it is not the same as the n word).