Up to date South African Rand ZAR to Naira black market exchange rate today
The page primary focus is on South African Rand to Naira daily black market exchange rate today which includes black market 1 ZAR 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 is rand to naira at the black market exchange rate today is that it helps you to make a calculated decision especially for business and students who need Rand 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 South African Rand at 360 Naira. You would not want to sell a South African Rand 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 South African Rand to Naira exchange rate in the black market today.
South African Rand to Naira Parallel Foreign / Black Market Exchange Rate Today 7th July 2020 time:10:11
|Convert||into||Result – 7th July 2020|
|1 ZAR||₦ NGN||1 South African Rand = 22 Nigerian Naira|
|10 ZAR||₦ NGN||10 South African Rand = 112 Nigerian Naira|
|50 ZAR||₦ NGN||50 South African Rand = 1,124 Nigerian Naira|
|100 ZAR||₦ NGN||100 South African Rand = 2,248 Nigerian Naira|
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 10:11, 07/07/2020 [price may vary depending on the amount of money being exchanged and bargaing power] bargaing
|Sell||You Get – 7th July 2020|
|1 ZAR||20 Nigerian Naira|
|1 ZAR||24 Nigerian Naira|
Nigeria States black market today
Outside Lagos Black market exchange rate today as at 10:11, 07/07/2020 [price may vary depending on the amount of money being exchanged]
|Sell||You Get – 7th July 2020|
|1 ZAR||18 Nigerian Naira|
|1 ZAR||26 Nigerian Naira|
Use this currency converter to know how much the number of ZAR/NGN you wish to exchange.
Quick fact about South African Rand ZAR
The South African Rand is the currency used in the following 3 countries: South Africa, Lesotho, Namibia. The code of South African Rand is ZAR. R is the symbol of the South African Rand. Common feature in South African Rand is “Madiba”, visible on the front of all the banknotes while the back carries, in order of appearance, the rhinoceros, the elephant, the lion, the buffalo and the leopard. The South African Rand is divided in 100 cents. ZAR is regulated by the South African Reserve Bank.
- South African rand was introduced in 14 Feb 1961 (58 years ago).
- The South African Rand is one of the most commonly converted currencies in Africa
- The international icon of pardon and reconciliation appears on South African Rand Nelson Mandela
- There are 6 coins for the South African rand (10c, 20c, 50c, R1, R2 and R5 ),
The Naira of Nigeria
The Naira was a major international exchange currency during the 1970s even attaining a rate of exchange of 2 Naira to the South African Rand at the time of its first issue in 1973 in place of the Pound. Nowadays, after the serious monetary devaluation, 1 South African Rand is equivalent to 22 Naira.
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 Naira.
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/South African Rand NGN/Ghanaian cedi NGN/South African Rand 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 in Nigeria
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. These 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 in Nigeria
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 South African Rand notes (if it’s just a few notes). To avoid the word… “This is fake” I have heard complaints from people who took original South African Rand 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 South African Rand is pegged at 22 Naira to 1 South African Rand. At the black market, if you’re selling your 1 rand to get naira today, the abokis would buy from you at a lower price.
Let say they buy at 100 South African Rand for 2575 NGN Naira as opposed to 22 and sell for at a higher price. In black market currencies exchange, the South African Rand denomination will determine how much the abokis will be willing to buy.
But why is South African Rands is higher than Naira today?
South African Rands is higher than Naira today because Nigeria’s economy operates one commodity-based economy, which is oil, a major source of her foreign currency. In the short-range, Nigeria is obsessed with easy money of oil trading and outrightly rejects the growing diversifications of her economy she initiated. A great nation like Nigeria has refused to grow her economy with all the natural and human capital at her disposal.
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