Ghana Cedis To Naira | Dollar Exchange Rate Today October 2018

Nigeria and Ghana are countries located in West Africa but while Nigeria has the bragging right as the largest country in the continent, Ghana boasts of better economy and currency value. The latest Ghana Cedis to Naira exchange rate today justifies my claim as 1 GHS is exchanged at NGN 76 Naira. In this post, you will learn the reason why the Naira is depreciating in value and some basic economic analysis. Similarly, 1 US Dollar is equal to GHs 4.80 Ghana Cedis as at todays exchange rate. (Official rate).

Still on Ghana Cedis To Naira Exchange Rate Today { Black Market / Parallel Market Rate & Official Rate }, buying rate is NGN 69 for 1 GHs while selling rate is NGN 76 for 1 GHs. You may need to bookmark this page for future reference purposes as it’s going to be frequently updated with latest rates. This is as a result of daily changes in Foreign currency exchange rates.

Cedis to naira

Brief Information About 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. The Naira is available in 8 different denominations including 5 naira, 10 naira, 20 naira, 50 naira, 100 Naira, 200 naira, 500 naira and 1000 naira notes.

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Still on Ghana Cedis to naira, let’s take a look at the Cedi currency.

Brief Information About 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.

Brief Information About USA Dollars

The United States dollar is the official currency of the United States and its territories per the United States Constitution since 1792.

The United States Dollar is also known as the American Dollar, and the US Dollar. The symbol for USD can be written $. The United States Dollar is divided into 100 cents. The exchange rate for the United States Dollar was last updated on August 1, 2018 from The International Monetary Fund.

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Today 1 Dollar is equal to 359 Naira while in Ghana, 1 Dollar is equal to 4.80 Ghana Cedis.

Other Currency Rates Today:

Reasons Why Ghana Cedis and Dollar Currency Is Better Than Naira

The Naira currency is performing weakly against other foreign currencies including the Ghana Cedis and this is as a result of over dependence in foreign products and the falling price of oil which happens to be Nigerias major exporting product.

Although, 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 have 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.

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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.

To solve this economical problem, the Federal Government of Nigeria have to put policies in place to diversify the economy and reduce the dependence in oil. Nigerians also need to exhibit the habit of buying homemade products and services.

Thanks for reading my article on Ghana Cedis to Naira exchange rate today. Do you have any contribution?