Ghana Cedis To Naira Exchange Rate Today {Black Market}

Posted on Author S. Olawale

The current Ghana Cedis To Naira Exchange Rate Today { Black Market / Parallel Market Rate & Official Rate} – Tor those asking how much is Cedi to Naira exchange rate, we at NaijaQuest brings you a daily updated post on the current Ghana Cedis To Naira exchange rate today. Foreign currency exchange rates are not stable and one would need to check for updates frequently as changes occur. The Cedis to Naira exchange rate today is 1 Ghanian Cedi GHC is equivalent to Nigerian Naira NGN {Official Rate}.

Ghana Cedis To Naira Exchange Rate Today { Black Market / Parallel Market Rate & Official Rate }

  • 1 GHS to NGN – 1 Cedi  to Naira { Buy – Black Market Rate / Parallel Market Rate }

  • Buy 75 / Sell 85

Below is a brief bout of the Ghanaian Cedi and Nigerian Naira

About The Nigerian Naira

The Nigerian naira is signified with the currency sign: ₦ and currency code: NGN. This is the official currency of Nigeria and a Naira is subdivided into 100 Kobo. The Central Bank of Nigeria (CBN) is the body in charge of issuing the Naira throughout the country.

This legal tender is solely controlled and managed by the Apex Bank of the country which is known as the Central Bank of Nigeria (CBN). Just like other foreign countries of the world, CBN has a department that is solely responsible for this task of currency production which is known as the Currency & Branch Operations Department of the Central Bank of Nigeria (CBN). This Currency & Branch Operations Department of the Central Bank of Nigeria (CBN) is charged with the responsibility of currency management, distribution/supply, through the procurement, processing, reissue, and disposal or disintegration of banknotes and coins. As the Nigerian Security Printing and Minting Company Limited, which is the Nigerian banknote printer and mint; also, it does not only print stamps but in addition, it is responsible for the printing of Nigeria banknotes and the postal orders. The Nigerian Security Printing and Minting Company Limited are located in both Abuja and Lagos of Nigeria, as the government of the Federal Republic of Nigeria holds virtually the majority rights of the company.

Ghana Cedis To Naira

INTERESTING FACTS ABOUT NAIRA

  • ONE NAIRA:

Produced in coins. The name coin was coined from copper by the Late Chief Obafemi Awolowo who was then the Federal Commissioner of Finance in Nigeria. This name was seen as a major step in displaying the independence of Nigeria from the control of her colonial era. The portrait found on the one-naira coin is that of the Late Herbert Macaulay of blessed memory. The introduction of this legal tender that was a boast to the national economy, as the coin had value in terms of its purchasing power until later the economy of the nation fell into the recessional period.

  • FIVE NAIRAS:

Sir Abubakar Tafawa Balewa, who was Nigeria’s first prime minister, is pictured on the five naira note. It was first introduced into the Nigerian economy on January 1st, 1973 and later redesigned in 2007 from the initial form that is from polymer to paper note.  The back view is the picture of the Nkpokiti dancers in Southern Nigeria. It is absurd to find out that this currency can buy little or nothing in present-day Nigeria but still yet it as its relevance in the market system.

  • TEN NAIRAS:

Reddish in colour, it carries the image of Alvan Ikokwu. First designed in a paper form before it was later into polymer note, it shows the pictures of the Fulani milkmaids in their cultural attires who extract milk or dairy products from farm animals particularly cows.  The name of the currency is translated into different languages namely; Hausa, Igbo, and Yoruba. Alvan Ikokwu was born in 1900.

  • TWENTY NAIRAS:

Twenty Naira has on its portrait the image of Late Head of State, General Murtala Mohammed. It is the first and only currency note that has the image of a woman in the person of Ladi Kwali. Ladi Kwali was born in 1925 in the Kwali village of the Gwari region of Northern Nigeria. In this land, artwork particularly pottery is the indigenous female traditional job. Her works were noted for its extraordinary beauty and decoration, and this brought about her being recognized regionally celebrated as a gifted and eminent potter. Her designs and works were purchased by all and sundry within the country and beyond as had brought about revenue generation for her and her community.

Diverse Emir appreciated Ladi by purchasing her products. This industrious woman above her contemporary was given diverse awards like the Nigerian National Order of Merit Award (NNOM) in 1980 the highest national honor for academic achievement, Member of the Order of the British Empire (MBE) in 1962.  

  • FIFTY NAIRAS:

The fifty Naira of Nigeria shows the cultural diversities of the country. It captures the major ethnic groups in a display which are; Hausa, Igbo, Yoruba, and Ibibio, and it is in a polymer form no more in a paper form. It was first issued in 1991 but later redesigned in 2007. This currency aside from the tribal portrait also shows the fishing festivals usually carried out in the country (Arguing fishing festival in Kebbi state Northern Nigeria).

  • ONE HUNDRED NAIRAS:

First issued in 1999, it has a picture of the late Chief Obafemi Awolowo. He is regarded among many citizens as a political hero and also a true Nigerian who fought for the freedom of the nation during the colonial era.  To mark the centenary of Nigerian existence, President Goodluck Ebele Jonathan unveiled a new design of the one hundred naira note in other to commensurate with the event. At the back of the currency, it carried a cultural display of various ethnic circles in Nigeria.     

  • TWO HUNDRED NAIRA:

this paper note currency has a green color all around it which is similar to the twenty naira note. First issued in 2000, having the portrait of Late Alhaji Sir Ahmadu Bello on it, he was a one-time premier of northern Nigeria.

  • FIVE HUNDRED NAIRA:

First issued on April 12, 2001, and it as Dr. Nnamdi Azikiwe, who functioned as first Nigeria’s president, is on the 500 naira note.

  • ONE THOUSAND NAIRAS:

Termed among the general populace of Nigeria as the Nigerian dollar, this currency note has a silver lining and outlook with the portrait of the Late Dr. Clement Isong who was the governor of Central Bank of Nigeria and Late Alhajji Aliyu Mai-Bornu. First issued on October 12, 2005, it is the final highest currency note in the country’s economy and is in a paper form. At the back of the one-thousand-naira note is the structure of the nation’s apex bank known as the central bank of Nigeria.

The Ghanian Cedi

The Ghanian Cedi is signified by the currency sign: GH₵ and currency code: GHS. This is the official currency of Ghana and one Ghana cedi is divided into one hundred pesewas (Gp). The current Ghanaian Cedi is the fourth and only legal tender in the country.

…

The exchange rate of 1 Cedi to Naira is not too good and this shows the weakness of the Naira in the international foreign exchange market. Though this doesn’t naturally make the Cedi stronger than the Naira. In foreign exchange the bigger number exchanged with a smaller number doesn’t mean the bigger number is weaker than the currency with a smaller number. First of all the Ghanaian Cedi has been reviewed over the years and the Bank of Ghana has been removing zeros from the back of the currency to make the figures smaller. This is the fourth Ghanaian Cedi so every unit of this Cedi has some invisible Zeros at its back. Anytime inflation levels rise in the country and the exchange rate of the Cedi becomes more embarrassingly high against other foreign currencies, the Bank of Ghana would simply withdraw the Cedi and roll out a new Cedi. This is something similar to what the former Central Bank Of Nigeria Governor Charles Soludo had advised during his time. What really matters in the Foreign currency exchange market is the purchasing power behind each currency. For example, 1 Cedi is exchanged for 30 Japanese Yen but you cannot obviously say that means the Cedi is stronger than the Yen as the Yen obviously has a stronger purchasing power.

There you have it Ghana Cedis To Naira Exchange Rate Today { Black Market / Parallel Market Rate & Official Rate}, share your thoughts and suggestions with us through the comment box and like us on facebook @ facebook.com/9jaquest or follow us on twitter @ twitter.com/NaijaQuest.Thanks

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