This represents a N7 gain when compared to the N465/$1 that it was exchanged for on Friday, October 2. A: Today's exchange rate (0.7519) is higher compared to yesterday's rate (0.75). This is a bad rate especially to Nigerians living very close to the border between Nigeria and the Benin Republic and Nigerian traders who trade with countries using CFA. Parallel market: At the black market where forex is traded unofficially, the Naira appreciated against the dollar to close at N458/$1 on Monday, according to information from Abokifx, a prominent FX tracking website. Q: What is the Central African CFA Franc worth against the Nigerian Naira? READ ALSO: Exchange rate falls across the forex markets as CBN … Between the years 1945 and 1958, the CFA stood for colonies Française d’Afrique (French Colonies of Africa) then also Communauté Française d’Afrique which is known as French community of Africa. In the market, Labradorite with blue and green flashes are easily available whereas the ones with fiery orange, copper and red flashes are increasingly rare. This article has fully complied and also research has been done to be able to get some major facts which were stated here. 37 of 1998,No. The naira was introduced on 1 January 1973, replacing the Nigerian pound at a rate of 2 naira = 1 pound. December 1945, during the time the French franc was weak and this was after World War II. Download the Xe App. The Nigerian naira’s plunge in the unofficial foreign-exchange market is an indication the central bank may have to weaken the official rate further after last month’s devaluation. The creation of the CFA was done in the year 1945 on December 26. . ll 【$1 = ₵5.7815】 US dollar to Ghanaian cedi rate today. Sign in. We have so many interesting facts about CFA. This is, in fact, the biggest reason why the CFA is gaining strength against the Naira. The French franc was devalued in order to set a fixed exchange rate with the US dollar. To convert Central African CFA Francs to Nigerian Naira or determine the Central African CFA Franc Nigerian Naira exchange rate simply use the currency converter on the right of this page, which offers fast live exchange rate conversions today! In addition to the United States dollar - Central African CFA franc rate, the Markets Insider currency calculator also offers other exchange rates for about 160 international currencies. This situation had increased the value of CFA franc at the expense of our own Naira. We can now move over to the main phase of this article which is top interesting facts about the CFA which you do not know about. Bonbast is the most accurate and reputable foreign exchange trading data collector of the Iranian market. Market Analysis. Exchange rates are updated every 15 minutes. The best XAF to NGN rate over a historical period can be determined using the history chart and prices below: Chart: Exchange, The XAFNGN rate as of 20 Apr 2021 at 8:42 AM. Check live rates, send money securely, set rate alerts, receive notifications, and more. The CeFA was created on 26th December 1945, during the time the French franc was weak and this was after World War II. 24 of 1991, CBN Decree Amendments 1993,No. to Naira is N1 equals 1.4705 CFA. We have talked little about the CFA which I would mostly specify it as the Benin Republic currency. As one person would say, ‘we now use the money to buy two cars as one.’ this in itself had draft … Jumia: Online Shopping in Nigeria - No. – Natural Labradorite stones are grey to grey-black in color accented with colourful flashes. Q: Is the Central African CFA Franc going up or down against the Nigerian Naira? The data covers all spot transactions on the interbank m arkets as well as transactions with their clients that have nominal values of US$10,000 or more. We Nigerians now chose to patronize these used products and in a bid to do so we exchange our Naira with their CFA giving it more value at the expense of ours. 1000 by Jean Patou is a Floral fragrance for women.1000 was launched during the 2000's. Black market exchanges are also possible but are highly illegal and should be avoided. Glossary. The elites were known to be able to buy imported and manufactured goods cheaply at the expense of farmers who could not easily export agricultural products which made a devaluation to occur in the year 1994 and it was also an attempt to reduce imbalances. A: 50 Central African CFA Francs buys 35.105 Nigerian Naira at interbank exchange rates. Kindly Share This Story. Nigeria as the giant we claimed to be should be the pacesetter and game-changer, dictating to other countries in the region how their currency is valued but that can only be done if we have control over our own currency. Get also a Franc to Naira currency converter widget or currency conversion guide sheet or chart for your website. It should be known that other countries except for Mali, which was formerly French Sudan, they were able to replace the currency with their own Franco in 1961 but later on returned to use the CFA franc BCEAO in 1984. Get the App. The legal backing for monetary policy by the Bank derives from the various statutes of the bank such as the CBN Act of 1958 as amended in CBN Decree No. The CFA was created with a fixed exchange rate but was just changed twice, even with the values of the CFA franc, it was criticized on the basis that it was too high and it was said to have favoured the elites of the African countries. to Naira is N1 equals 1.4705 CFA. A comprehensive list of all traded Cryptocurrencies available on Investing.com. One cedi is divided into one hundred pesewas (Gp). This is a bad rate especially to Nigerians living very close to the border between Nigeria and the Benin Republic and Nigerian traders who trade with countries using CFA. Q: What is 50 Central African CFA Francs in Nigerian Naira? Send money. The naira has fallen by 108 per cent against the West African CFA (popularly known as CFA) in the past five years as the latter rallies to wipe out … Rates are based on real time exchange rates. Compare the best travel money rates against the high street below. Trust me reading this will shock your marrows because you have not seen this anywhere. Hi, As at today 1 Naira=2.9546 XAF ()If u are using the bank,it will be slightly different from that of Black market,however for someone who loves playing with these 2 currencies, rest assured that converting CFA to Naira is the best thing u can do right now and converting Naira to CFA is … The local unit traded at 415 naira per dollar according to abokiFX.com, which collates rates from street-traders in Lagos. 1Y, For full history please visit XAF/NGN exchange rate history page. Below you can see the chart for the Nigerian Naira rate today compared to the Central African CFA Franc. Welcome to the Central African CFA Francs to Nigerian Naira page, updated every minute between Sunday 22:00 and Friday 22:00 (UK). We believe that you should also know that the BCEAO stands for Banque Centrale dès États de l’Afrique de l’Qu’est. As one person would say, ‘we now use the money to buy two cars as one.’ this in itself had draft reduced trade between the two countries as most people only buy there because of the cheaper rate they get goods due to the exchange rate then. Yeah… I would be flogging a dead horse talking about this but I have to. 7D | Moving on further before we talk about the interesting facts about the CFA let’s take a look at a short review on the history of this currency which is used by about 120 million people in West Africa. Two different currencies are called the CFA franc. The coins of the new currency were the first coins issued by an independent Nigeria, as all circulating coins of the Nigerian pound were all struck by the colonial government of the Federation of Nigeria in 1959, with the name of Queen Elizabeth II on the obverse.