What do you know a Nicaraguan Rum going with a Nicaraguan Cigar? Although Joya Red's are fairly new, they have become a go to cigar for me. They are a premium cigar at an excellent price point (I have seen them listed for about $5.95 in the U.S., I paid $12.95 in Ontario) and the Flor de Cana that I pair it with most often is the 5year. The 5year sells for $26.95 (750mL) here in Ontario, but I have seen in it New York for $16.95. So it makes for a great pairing without hurting your wallet too much.
The rum has a great caramel flavour that pairs with the cigars mainly dark cocoa profile. Then the last two thirds of the cigar gives off a citrus tartness that picks up the orange zest aromas found in the rum.
If you are not a straight rum drinker, I personally prefer rum mixed in ginger ale with a squirt of lime juice. However, I have found this pairing still works with a number of mixes including the ever popular Rum and Coke.
On a personal note. I am a big fan of rum, my brother and I are always discovering and collecting rums, but I don't really like the pairing of rum with Coke/Pepsi. So I might be a bit bias when suggesting whether or not to use Rum and Coke as a pairing.