South African Rand To Naira Official and Black Market Exchange Rate Today

For those interested to know the price of rand to the naira exchange rate today on the black market or the parallel market, the following is the current exchange rate between the two currencies.

Because the rates of exchange for foreign currencies are not stable, investors and businessmen need to check online for updates often to keep up with the changes that take place.

One South African Rand (ZAR) is currently worth ₦ 30.20 according to the most recent currency rate. The following is a comparison between the South African Rand and the Nigerian Naira.

South African Rand To Naira Black Market Exchange Rate Today (Zar to Naira)

Rand to Naira Black Market Rate

Buying @ 1 Rand = ₦ 32.00

Selling @ 1 Rand = ₦ 35.00

South African Rand to Naira Official CBN Rate

Buying @ 1 Rand = ₦ 25.04

Selling @ 1 Rand = ₦ 25.06

The following is a comparison of the South African Rand and the Nigerian Naira:

The Nigerian Naira

The symbol for the Nigerian currency is the naira and the currency code for the naira is ₦. This is the official currency of Nigeria. One naira can be broken down into one hundred kobos using this currency, which is the standard unit of trade in Nigeria.

The Nigerian Naira is issued by the Central Bank of Nigeria (abbreviated as CBN), which is the monetary authority for the entire nation.

The South African Rand

The symbol for the South African Rand is the letter R, and the currency code for the Rand is ZAR. In contrast to the large majority of other currencies, the comma serves as the decimal separator when referring to rand and cent values. One rand is equivalent to one hundred cents.

The term “Witwatersrand” was adopted for the South African Rand when it was first launched in 1961 as the country’s currency (which is the ridge upon which Johannesburg is built).

South Africa, Namibia, Swaziland, Lesotho, and Zimbabwe are the countries where the Rand is freely used as currency. The Rand is also the official currency in South Africa.

The previous exchange rate is an obvious indication of the position that the Naira currently holds in the global foreign exchange market. The Naira is not only weak in comparison to the US dollar.

The Central Bank of Nigeria (CBN) has, over many years, maintained a practice known as “auctioning” the naira against other currencies.

This practice is analogous to a devaluation of the currency, and a devalued currency is the inevitable outcome of such a policy.

However, the value of the Naira has been falling, and the country’s currency is going through one of the most difficult periods since it first went into circulation.

As the Central Bank of Nigeria (CBN) continues to alter their monetary policy every week, it would appear that they have run out of creative solutions on how to save the Naira.

It is common knowledge that Nigeria does not have an issue with its imports; still, the country does have a problem with its exports, specifically the fact that 90% of the country’s export is crude oil, which is not ideal. It is believed that increasing the variety of goods that are exported will help the economy the most.

Some Information Regarding The South African Rand

The symbol for the Rand is the letter R, while its code is ZAR. South Africa is the only country to use the rand as its official currency. The symbol for the South African rand’s subunit, the cent, is the letter “c,” and there are 100 cents in one rand.

The code for the rand, according to ISO 4217, is ZAR. The given name The Zuid-Afrikaanse Rand, from whence the ZAR was derived, is synonymous with the South African Rand.

The South African Rand (ZAR) is the official currency of South Africa, Namibia, Swaziland, and Lesotho, which are all members of the Common Monetary Area.

Despite this, the currencies of the remaining three countries, Namibia, Swaziland, and Lesotho—are all tied to the rand at the same value.

On February 14, 1961, the currency known as the Rand was first circulated in what was known as the “Union of South Africa.” There were three months leading up to the establishment of the Republic of South Africa.

In the year 1956, a commission on decimal coinage was established to consider and provide suggestions regarding the change from the use of the pound, shilling, and penny denominations of currency.

On August 8, 1958, the suggestion was sent in for consideration.

It took its position as the official currency of South Africa, replacing the South African pound at a rate of 2 rands to 1 pound, or 10 shillings to the rand.

Decimal Dan, also known as “Daan Desimaal” in Afrikaans, was a mascot that was created by the government and given the name “the Rand-cent man.”

To educate the general population about the new money, it was introduced alongside a catchy radio jingle that was quite well-known.

South African Rand To Naira Exchange Rate Frequently Asked Questions

What Is The Rate Of South African Currency To Naira In The Black Market?

Rand to Naira Black Market Rate

Buying @ 1 Rand = ₦ 32.00

Selling @ 1 Rand = ₦ 35.00

Which Other Currency In Africa Is More Valuable Than The Rand?

As a result of the country’s shift in a market economy, the Seychellois Rupee (SR) is currently the most valuable currency in East Africa and is regarded as one of the most valuable currencies in all of Africa.

What Kind Of Money Does South Africa Use At The Moment?

South Africa’s currency is the rand. The South African Reserve Bank is the institution responsible for producing the country’s official currency, the South African rand (ZAR). The unit of currency used in South Africa is denoted by the letter R. It is broken down into a hundred different Cents.

Where Does Naira Stand In The Rankings Of The World?

Nigerian Naira

It is ranked as the 26th largest economy in the world in terms of nominal GDP, but its leaders run around the World to borrow money, which puts pressure on its local currency, the Naira, in terms of the interest rate. Despite this, it is ranked as the largest economy in Africa.

Which Currencies Are Less Than The Nigerian Naira?

The Nigerian naira is the only currency in the group of African currencies that is stronger than the Ugandan shilling.

Conclusion

There are a lot of people who are curious about who is to blame for the current situation that the naira is in. The Federal Government of Nigeria and the Central Bank of Nigeria are mostly to blame for this issue and Nigerian excess desire for imported goods while neglecting locally made goods.