Cedis to Naira Exchange Rate at the Black Market
Cedis to Naira Exchange Rate at Transferwise
How much is Ghanaian Cedis to Naira today?
The current exchange rate of naira Ghanaian Cedis (GHS) is 70/80 (buy/sell) It is no longer news that most countries do not value Naira because Nigeria’s legal tender has lost its strength over the years. This has affected the cost of living of people living in the border between Nigeria and Ghana. The depreciation of Naira will only help to strengthen the legal tender of other nations.
Ghanaian Cedi to Naira Exchange Rate.
The Cedi is the official currency of Ghana. The currency code for Cedis is GHS and the symbol is GH¢. The Ghanaian Cedi stands as the fourth historical legal tender in the Republic of Ghana. It can be divided into one hundred Pesewas (symbol: Gp). The currency is being issued by the Bank of Ghana.
The Ghanaian Cedi shares some similar history with Naira as they were both under the British colony. After Ghana’s independence, there was shift from the use of the British West African Pound to the Ghanaian Pound which lasted between the period of 1958-1965. However, in 1965, the Cedi was introduced in order to completely separate from the British colony. The new adopted currency (i.e. the Cedi notes and the Pesewa coins) was introduced by the first president of Ghana, Kwame Nkrumah in July 1965. The Cedi went for eight shillings and four pence also bore the portrait of President Kwame Nkrumah.
The Cedi got a new look after the February 1966 military coup as the new leaders authorized the removal of the face of Kwame Nkrumah. By the period of 1967 to 2007, the new cedi went for 1.2 cedis which was equivalent to half of a pound sterling at its introduction. However, a high inflation caused the new cedi to loose value. Plan were made in 2007 to remove four digits; making a drop of 75% of the Cedi value. The Bank of Ghana removes the zeros of the currency of the currency to make the current Ghana Cedi worth only a segment of its original value. Old currencies are withdrawn for new ones giving the currency series of first cedi, second cedi, third cedi and at present – fourth cedi. January 2008 witnessed the withdrawal of old banknotes where the currency was no longer a legal tender. However, the current Cedi has been threatened by inflation but was stabilized through the help of the IMF.
Name: Ghanaian Cedi
Ghana Pesewa: Gp
Minor Unit: 1/100 = Ghana Pesewa
Coins: Frequently Used: GH¢1, 10Gp, 20Gp, 50Gp
Banknotes: Frequently Used: GH¢5, GH¢10, GH¢20, GH¢50, GH¢1
Central Bank: Bank of Ghana
The Decline of Naira to the Ghana Cedi
Years back, the Ghanaian Cedi was ridiculed because of the instability of the currency but now Naira seems devalued in the face of the Cedi. A cedi goes for 80 Naira and this decline is demeaning to the growth of the country’s economy. Here are some of the causes of these problems:
The Instability of Naira to the Dollar
It is not surprising that Dollar against a currency affects its relation to other exchange currencies. The devaluation of Naira against dollar helps in the strengthening of Ghanaian Cedi. This is because effective policies have been laid by the Financial communities to ensure stability of the currency in the world market. If the Naira can be valued in the foreign market, the Cedi will have a currency to contend with. The Central Bank of Nigeria should be transparent and competent in the implementation of monetary policies in the country.
Ghana is no doubt a second home for many Nigerians and a dwelling place for importation. A high level of revenue has been raised through this medium as more Nigerians continue to buy commodities from Ghana with no exportation to show for it. Second hand wears, body creams, soaps, craft and others attract buyers from Nigerians on a daily basis. This act would help devalue the Naira and strengthen the GDP of these West African countries. The Naira can only appreciate when exportation kick starts to the various borders.
It all boils down to the type of governance ran in Nigeria. If the system enables financial growth, the Naira would be strengthened. Policies have been laid on the type of good to be imported and those that shouldn’t, but unfortunately, these policies are not implemented and as such the masses are left to suffer in the hands of corrupt leaders. The shortage of goods and services and the hike in the indigenous goods would only cause a higher demand in imported substitutes, readily available in West African countries.
It is perceived that Ghana has a better learning environment than Nigeria. Hence, the Nigerian students seem to flock the borders in search of a better education. The encumbrances that comes with securing admission in Nigerian universities serve as a major advantage to Ghana. Most youths go to these countries to study their desired courses as the process for admission is simplified, yet, quality education is given. The resources given to the education sector in these countries would help enhance an appreciation in cedi to the expense of the Naira.