1 Rand To Naira Exchange Rate Today { Zar to NGN }

For those asking how much is rand to naira exchange rate today { black market/parallel market } Here is the current exchange rate Rand to Naira. The rates of foreign currency exchange are not stable which makes it necessary for investors and businessmen to check online for updates frequently as changes occur. The Rand ZAR to Naira exchange rate today is 1 Rand is equivalent to 30.20 Nigerian Naira NGN. Below is a brief bout of the Rand and Nigerian Naira.

1 Rand To Naira Exchange Rate Today { Zar to NGN }

  • Rand To Naira Exchange Rate: 1 Zar = 30.20 Ngn

Below is a brief bout of the Rand and Nigerian Naira :

The Nigerian Naira

The Nigerian naira is signified with the Nigerian currency sign: ₦ and Nigerian 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.

Rand to naira exchange rate today

The South African Rand

The South African Rand is signified with the sign: R and currency code: ZAR. The rand is subdivided into 100 cents and unlike most other currencies, the decimal separator between a rand and cent is expressed by a comma. The South African Rand was introduced in the year 1961 and takes its name from the Witwatersrand(which is the ridge upon which Johannesburg is built). The Rand circulates freely in South Africa (it is the official currency in South Africa), Namibia, Swaziland, Lesotho, and Zimbabwe.

The above exchange rate is a clear sign of where the Naira stands in the international foreign exchange market as the Naira is not only weak against the US dollar. Many people wonder that who is the blame for the current situation of the naira. The Central Bank of Nigeria and the Federal Government are basically at fault. Over the years the CBN as continued to auction the Naira against foreign currencies, this auctioning is as good as devaluation of currency and the obvious result from such practice is a weak currency. Though recently the value of the Naira is on a free fall and the currency is experiencing one of its hardest times since it began circulating.

The Central Bank of Nigeria seems to be out of ideas on what to do next to save the Naira as they continue to change policies week in week out. It is understood that Nigeria does not have an import problem but an export problem as 90% of the countries export is crude oil which is not ideal. Diversification of exports is seen as the best solution to the economy.

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