The CFA franc is the currency used by several West African countries, while the Nigerian naira is the official currency of Nigeria. The black market exchange rate refers to the exchange rate of these currencies when traded outside of official channels, such as banks or exchange bureaus.
Understanding the current exchange rate between the CFA franc and the Nigerian naira is important for individuals and businesses engaged in international trade, investment, or travel. So, whether you’re a traveler, a business owner, or simply curious about the current exchange rate, I’m here to provide you with accurate and up-to-date information.
The CFA franc is used in 14 African countries, including Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Congo-Brazzaville, Ivory Coast, Equatorial Guinea, Gabon, Guinea-Bissau, Mali, Niger, Senegal, and Togo. It is pegged to the euro and has a fixed exchange rate with the euro, which means that its value relative to other currencies can fluctuate.
The Nigerian naira, on the other hand, is the official currency of Nigeria and is also subject to fluctuations in value relative to other currencies. The black market exchange rate for the CFA to Naira refers to the exchange rate for these two currencies when they are traded outside of official channels, such as banks or exchange bureaus.
It’s worth noting that the black market exchange rate can differ significantly from the official exchange rate, which is set by the central bank of each country. This is because the black market operates outside of official channels and can be influenced by various factors, including supply and demand, political instability, and economic conditions.
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So, whatever you would like to know about the CFA to Naira black market exchange rate today? I’m here to answer any questions you may have, so feel free to ask!
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CFA To Naira Black Market Exchange Rate Today 2023.
| Currency | Abbreviation | Buy Rate in Naira | Sell Rate in Naira |
|---|---|---|---|
| Nigerian Naira | NGN | 1 | 1 |
| CFA Franc | XOF | 1.4705 | 1.3538 |
To convert from Nigerian Naira to CFA Francs, you can multiply the Naira amount by 1.4705. To convert from CFA Francs to Nigerian Naira, you can divide the CFA Franc amount by 1.4705.
Keep in mind that the buy and sell rates are different, with the buy rate being the amount you would get if you were selling Nigerian Naira to buy CFA Francs, and the sell rate being the amount you would get if you were selling CFA Francs to buy Nigerian Naira.
| Currency | BUY RATE | SELL RATE |
|---|---|---|
| 1 CFA | 725 Naira | 775 Naira |
| 1 US Dollar | 385 Naira | 410 Naira |
| 1 Euro | 450 Naira | 480 Naira |
| 1 British Pound | 530 Naira | 565 Naira |
| 1 Canadian Dollar | 305 Naira | 325 Naira |
Here are ten interesting facts about the CFA (Communauté Financière Africaine)
- The CFA is the currency used in 14 African countries, including Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Ivory Coast, Equatorial Guinea, Gabon, Guinea-Bissau, Mali, Niger, Republic of Congo, Senegal, and Togo.
- The CFA was first introduced in 1945 as a means of facilitating trade and economic integration between France and its former colonies in Africa.
- The CFA is pegged to the Euro, meaning that its exchange rate is fixed at a specific rate to the Euro. This arrangement is designed to provide greater stability to the currency and help promote economic development in the region.
- There are two versions of the CFA: the CFA Franc BCEAO, which is used in the eight countries of the West African Economic and Monetary Union (WAEMU), and the CFA Franc BEAC, which is used in the six countries of the Central African Economic and Monetary Union (CEMAC).
- The CFA is not just a currency, but also a monetary policy framework. Each of the two CFA zones has its own central bank, which is responsible for implementing monetary policy and managing the currency.
- Despite being used in 14 countries, the CFA is not widely known outside of Africa. This is partly because it is not freely convertible, meaning that it can only be exchanged within the CFA zone.
- The CFA has been the subject of criticism from some African economists and political leaders, who argue that it hinders economic development and perpetuates a legacy of colonialism.
- In 2019, the French government announced plans to reform the CFA, including changing its name to the Eco and severing some of the ties between the currency and the French government. However, the Covid-19 pandemic and other political and economic factors have delayed the implementation of these reforms.
- The CFA has a unique design, featuring images of African wildlife and cultural icons. Each country in the CFA zone has its own version of the currency, featuring different images and designs.
- The CFA remains an important part of the economic and monetary landscape of Africa and is likely to continue to play a significant role in the region’s economic development in the years to come.
The CFA Franc (XOF) and the Naira (NGN) are both currencies used in West Africa. The CFA Franc is used by eight West African countries that are members of the West African Economic and Monetary Union (UEMOA), while the Naira is the currency of Nigeria.
Black market exchange rates refer to the unofficial exchange rates for currencies that are not traded through official channels such as banks or foreign exchange bureaus. These rates are determined by supply and demand in the informal market and can fluctuate significantly from official exchange rates.
The black market exchange rate for the CFA to Naira will depend on various factors, including the political and economic situations in the countries using these currencies, as well as global economic trends. It is important to note that black market exchange rates are often considered risky and unreliable, and it is generally recommended to use official exchange channels to obtain foreign currency.