CEFA To Naira Exchange Rate Today Black Market {CFA}

Posted on Author S. Olawale

How Much Is Cefa To Naira Exchange Rate Today Black Market – The exchange rate of CFA franc. to Naira is N1 equals 1.4705 CFA. This is a bad rate especially to Nigerians living very close to the border between Nigeria and the Benin Republic and Nigerian traders who trade with countries using CFA.

As one person would say, ‘we now use the money to buy two cars as one.’ this in itself had draft reduced trade between the two countries as most people only buy there because of the cheaper rate they get goods due to the exchange rate then. The only set of people it favors are people exporting products to the Benin Republic but important… { 1 Cefa to naira or 1 CFA to Naira } Huh…

How Much Is Cefa To Naira Exchange Rate Today Black Market

Cefa to Naira exchange rate black market today stands at – N1 to CFA 

. . . Seme boarder Parallel Market xof cfa rate 1 Naira = CFA 1.4705

  • BUY RATE : 725
  • SELL RATE : 775

Below are some of the reasons for the falling price of Naira against the CFA.

FALL OF NAIRA AGAINST DOLLAR

This is, in fact, the biggest reason why the CFA is gaining strength against the Naira. In the world market, the CFA seems stable compared to the Naira that had been in a dramatic fall in the past year. This situation had increased the value of CFA franc at the expense of our own Naira. Unless if the Naira becomes stable or its value rises against the dollar, this would be one of the problems Naira would face against the CFA except if it sees its own share of devaluation too.

IMPORTATION OF GOODS

Yeah… I would be flogging a dead horse talking about this but I have to. The Benin Republic is a dumping ground for used products like cars, clothes, shoes, etc from the developed world. We Nigerians now chose to patronize these used products and in a bid to do so we exchange our Naira with their CFA giving it more value at the expense of ours. {  CEFA to naira exchange rate }

If only our importers who import from the Benin Republic would always take some goods with them with the value of the money they wish to spend there as export and sell it there before importing, this would at least balance the import and export as opposed to now when the relationship is skewed to the favour of Benin Republic.

Nigeria as the giant we claimed to be should be the pacesetter and game-changer, dictating to other countries in the region how their currency is valued but that can only be done if we have control over our own currency. For now, we don’t and we are even helpless at our glaring situation but I know, with the right mindset, we would get there.

Still On CEFA To Naira Exchange Rate Today Black Market

Let’s take a look at;

TOP TEN INTERESTING FACTS ABOUT THE CFA

We have so many interesting facts about CFA.  The CFA is the currency of Eight independent countries in West Africa which are countries like Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal, Togo, and Benin. Combining the population of these eight countries we can say a total of 120 million people. The currency stands for Communauté Financière d’ Afrique (Financial Community of Africa) or Communauté  Financière Africaine which is known as (African Financial Community). CFA currently has a fixed exchange rate equivalent to the Euro. Moving on further before we talk about the interesting facts about the CFA let’s take a look at a short review on the history of this currency which is used by about 120 million people in West Africa.

The CeFA was created on 26th December 1945, during the time the French franc was weak and this was after World War II. The French franc was devalued in order to set a fixed exchange rate with the US dollar. The CFA was created with a fixed exchange rate but was just changed twice, even with the values of the CFA franc, it was criticized on the basis that it was too high and it was said to have favoured the elites of the African countries. The elites were known to be able to buy imported and manufactured goods cheaply at the expense of farmers who could not easily export agricultural products which made a devaluation to occur in the year 1994 and it was also an attempt to reduce imbalances. We have talked little about the CFA which I would mostly specify it as the Benin Republic currency. We can now move over to the main phase of this article which is top interesting facts about the CFA which you do not know about. Trust me reading this will shock your marrows because you have not seen this anywhere.

  1. Two different currencies are called the CFA franc. We have the West African CFA franc which is ISO 4217 with a currency code of XOF and we also have the Central Africa CFA franc which is ISO 4217 with a currency code of XAF. They are both distinguishes in French by the meaning of their names.
  2. Do you know that the West African CFA franc cannot be used in the Central Africa countries and also the Central Africa CFA franc cannot be used in West African countries?
  3. The West African CFA franc (XOF is known in French as the French franc CFA where the CFA stands for Communauté Financière d’Afrique (Financial community of Africa) or Communauté Financière Africaine (Africa Financial Community).
  4. Using the CFA in West Africa there are majorly eight(8) countries which are Benin, Ivory Coast, Mali, Niger, Senegal, Burkina Faso, Togo, and Guinea Bissau.
  5. Between the years 1945 and 1958, the CFA stood for colonies Française d’Afrique (French Colonies of Africa) then also Communauté Française d’Afrique which is known as French community of Africa.
  6. Do you know that since Independence in those countries using the CFA, the CFA adopted a new meaning Communauté Financière Africaine (African Financial community) but also know that the terms can have two meanings..
  7. The CFA franc exchange rate was changed only twice and this was in the year 1948 and 1994.
  8. The creation of the CFA was done in the year 1945 on December 26th. We believe that you should also know that the BCEAO stands for Banque Centrale dès États de l’Afrique de l’Qu’est.
  9. It should be known that other countries except for Mali, which was formerly French Sudan, they were able to replace the currency with their own Franco in 1961 but later on returned to use the CFA franc BCEAO in 1984.
  10. Do you know that the former Portuguese colony of Guinea Bissau adopted the currency in 1994.

Reading this article on “How Much Is Cefa To Naira Exchange Rate Today Black Market XOF” has made you know lots of facts about the CFA which is the major currency for eight different countries in West Africa. I believe after reading you’re must be amazed at these facts. This article has fully complied and also research has been done to be able to get some major facts which were stated here.

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