Up to date Ghanaian cedis to Naira black market exchange rate today
The page primary focus is on Ghanaian cedis to Naira daily black market exchange rate today which includes black market 1 Cedi to NGN rate. The FX market is in a constant state of flux, rising or falling in response to economic and fiscal stimuli occurring anywhere on the planet earth.
One important reason you ought to check how much Cedis to NGN black market exchange rate today is that it helps you to make a calculated decision especially for business and students who need Ghanaian cedis for their education. You must know the price at the moment. This will help prevent buying or selling when it is not favourable.
For example, you have 1 Ghanaian cedi at 360 Naira. You would not want to sell a Ghanaian cedis when it goes down to 270. You would rather sell at the same price of 360 or at a higher price. I believe you are here to know how much a Ghanaian cedis to Naira exchange rate in the black market today.
Ghanaian cedis to Naira Parallel Foreign / Black Market Exchange Rate Today December 3, 2020 7:41 am time:.
|Convert||into||Result – December 3, 2020 7:41 am|
|1 Cedi||₦ NGN||1 Ghanaian cedis = 65 Nigerian Nairas|
|10 Cedi||₦ NGN||10 Ghanaian cedis = 325 Nigerian Nairas|
|50 Cedi||₦ NGN||50 Ghanaian cedis = 3,247 Nigerian Nairas|
|100 Cedi||₦ NGN||100 Ghanaian cedis = 6,493 Nigerian Nairas|
Parallel Foreign /Black market Exchange Rate rate today is the same all over Nigeria such as Lagos, Cross River, Asaba, Benin, Abuja, Kano Lokoja Kwara Ilorin, Port Harcourt, Ogun, Ondo, Ibadan but local black market price may differ.
Lagos black market today
Inside Lagos black market exchange rate today as at ., December 3, 2020 7:41 am [price may vary depending on the amount of money being exchanged and bargaing power] bargaing
|Sell||You get – December 3, 2020 7:41 am|
|1 Cedi||63 Nigerian Nairas|
|1 Cedi||67 Nigerian Nairas|
Nigeria States black market today
Outside Lagos Black market exchange rate today as at ., December 3, 2020 7:41 am [price may vary depending on the amount of money being exchanged]
|Sell||You get – December 3, 2020 7:41 am|
|1 Cedi||61 Nigerian Nairas|
|1 Cedi||69 Nigerian Nairas|
Use this currency converter to know how much the number of Ghanaian cedis/Naira you wish to exchange.
Quick fact about Ghanaian cedis
The Ghanaian cedis is the currency of Ghana. The code of Ghanaian cedis is Cedi. ₵ is the symbol of Ghanaian cedis.The Ghanaian cedis is divided in 100 pesewas. Ghanaian cedis is regulated by Bank of Ghana
- The Cedi is divided into 100 pesewa, which is the name of a plant seed that originally served as a unit weight for gold.
- Ghanaian cedis was introduced in 3 Jul 2007 (12 years ago).
- Ghanaian cedis has 4 banknotes ( ₵5 , ₵10 , ₵20 and ₵50 )
The Naira of Nigeria
The Naira is subdivided into 100 Kobos. Few of the latter are currently in circulation due to the devaluation of the Nigerian currency. The only coins in current circulation are of 50 Kobos, and 1 et 2 Nairas.
The 1 Naira banknote carries the image of a mask on its reverse side. The sculpting of masks is a major art form in Africa. The shapes, sizes and materials are many and varied. When they represent animals, they are supposed to bring their characteristic qualities to the bearer. When they are in the form of human faces, they tend to be those of sorcerers, who mediate between the divine and human dimensions. Nigerian traditions and customs are also presented on the 5 Naira bill with the ritual dances of the Nkpokiti troupe.
Quick fact about Naira
The Nigerian Naira is the currency of Nigeria. The code of Nigerian Naira is NGN. ₦ is the symbol of Nigerian Naira. The Nigerian Naira is divided in 100 kobos. NGN is regulated by the Central Bank of Nigeria.
Did you know:
- The most popular conversions of Nigerian Naira are NGN/Ghanaian cedis NGN/Ghanaian cedis NGN/Ghanaian cedis NGN/South African Rand
- The Nigerian Naira was introduced on 1 Jan 1973 (46 years ago).
- There are 3 coins for the Nigerian Naira (₦0.5, ₦1 and ₦2 ),
- the Nigerian Naira has 9 banknotes ( ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500 and ₦1000 )
About the black Market exchange rate
A black market exchange often called parallel system is one in which transactions take place at more than one exchange rate and at least one of the prevailing rates is a freely floating, market-determined.
Black market exchange rate systems may be legal or illegal. When the parallel market for foreign exchange is legal, it is often referred to as a dual exchange rate (DER) system. In these cases, most current account transactions take place at a pegged commercial rate, and capital account transactions at a market-determined financial rate.
Illegal parallel market systems emerge when private agents attempt to evade restrictions on the price or quantity of foreign exchange transactions. Illegal parallel markets are the norm in most of Africa especially Nigeria, which has never successfully unified its exchange rate.
Black market exchange is a platform where currencies are brought and sold. This markets are guided by a central authority but there is always an agreement between the seller and buyer. This agreement is usually based on the volume of money been sold or bought. In essence, the black market is a free market, regulated only by supply and demand.
Local black market operation
The physical black market is not a place you rush in and rush out. You must be careful. You should go there with someone familiar with how they operate. Make sure you visit a bureau de exchange who has an office. Ensure you have written down the serial number of your Ghanaian cedis notes (if it’s just a few notes). To avoid hearing… ”This is fake” I have heard complaints from people who took original Ghanaian cedis note and ended been fake after it was checked by the exchangers.
In Nigeria, the Hausas had been the major players in black market currencies exchange. Even banks with FX issues usually advise customers to visit the bureau de exchange. How do they make money?
In the black market currency exchange, they buy from at a cheaper rate. For example, the Ghanaian cedis is pegged at 65 Naira to 1 Ghanaian cedi at the parallel market. At the black market, if you’re selling your 1 Ghanaian cedis to get Naira today, the abokis would buy from you at a lower price.
Let say they buy at 1 Ghanaian cedi for 64 Naira as opposed to 67 and sell for 70. In black market currencies exchange, the Ghanaian cedis denomination will determine how much the bureau de exchange will be willing to buy.