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Nigerian Naira to Ghanaian Cedi Exchange Rates

Nigerian Naira to Ghanaian Cedi Exchange Rates

Nigerian Naira to Ghanaian Cedi Exchange Rates

The Nigerian Naira (NGN) is the currency of Nigeria. It is currently trading at 7.07 to the Ghanaian Cedi (GHC). The Nigerian Naira is part of the African Monetary Union and is closely tied to the Central African Franc (XAF) and the West African Franc (XOF).

This article will tell you how many Ghanaian Cedis you get for your Naira at current rates.

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Nigerian Naira to Ghanaian Cedi Exchange Rates

The exchange rate for the Nigerian Naira to the Ghanaian Cedi is 7.07:1. To find out how many Ghanaian Cedis you get for your Naira, all you have to do is divide the amount of Nairas by 7.07 and you will get the answer in Ghanaian Cedis.

For example, if I wanted to know how many Ghanaian Cedis I would get for $150, I would divide $150 by 7.07 and multiply it by 100 and then round up to two decimal places:

$150/7.07= 19.0329625 *100= 1,903 GHS

If we wanted to take this even further and find out how much that was in Euros we would do this:

$1,903*0.7875= 1,658.6 EUR

How many Ghanaian Cedis does one Nigerian Naira give me right now?

On average, you can get around 5.74 Ghanaian Cedis per Nigerian Naira.

If you're out and need to know how much a taxi ride will cost in Ghanaian Cedis, you can ask the driver how many Ghanaian Cedis it will cost for a ghc 500 ride. They'll typically respond by telling you that it would be 477 GHS.

How has the exchange rates changed over time?

Over the past few years, the Naira has steadily depreciated in value. In December 2009, the exchange rate was 1 GHC to NGN 77.5. Fast forward to 2015, and you'll see that this rate is now 1 GHC to NGN 197. That's a depreciation of 86% in just six years!

The depreciation of the Naira is largely due to Nigeria's recession. This is when an economy begins to shrink, which can happen when growth slows down or stops altogether for an extended period of time. When this happens, it becomes more difficult for businesses to make money and pay their employees salaries; eventually they will start laying workers off.

Nigeria is not alone in this trend; many countries across Africa are currently facing similar economic hardships.

What's next for the currencies?

In terms of foreign exchange, the Nigerian Naira is a developing currency. This means that it's not a part of a major world economy and is vulnerable to fluctuations in the market.

As a result, you want to make sure you're prepared for any changes coming in the future. Some experts predict that going into 2020, the Nigerian Naira will continue to weaken against other currencies.

If this happens, it would be worth liquidating your holdings in Nigeria and investing in another emerging market sooner rather than later.

Conclusion

The Nigerian Naira is the currency of Nigeria and it's part of the African Monetary Union and the Central African Franc and the West African Franc. The NGN is now trading at 7.07 to the GHC.

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