Price of Ghana Cedis to Naira Black Market Today
The price of Ghana Cedis to Naira in the black market today March 1, 2024 is a reflection of the volatility of the Nigerian currency compared to major currencies worldwide. Ghana and Nigeria share borders and are strong business partners as key ECOWAS countries and so are the flow of commercial and consumer goods and services between popular cities such as Lagos and Accra.
The demand for Ghana Cedis in Nigeria is influenced mainly by business activities and demand for Cedis by parents of Nigerian students enrolled in Ghanaian Universities. Let’s review the current exchange rate of 1 Ghana Cedis to Naira and extend the comparison to 10, 100, and 1000 cedis.
The falling value of the Naira against the Ghana Cedi, and other key currencies such as the dollar, euro, and pound, is influenced by several factors. One significant factor is the dynamics of demand and supply. Additionally, the activities of middlemen, often referred to as ‘Abokis’ or black market Bureau De Change (BDC) operators, who trade in and hoard foreign currencies, also play a crucial role.
As the volatility of GH₵ vs ₦ continues, we will keep this publication updated with the latest exchange rate of Ghana Cedi to Naira in black market in Lago Nigeria and other parts of the country. We hope these rates will help people who transact between both currencies to stay informed on the market conversion rates when buying or selling the currencies.
Historical Value of Ghana Cedis to Naira
An average Nigerian believes that the Naira was stronger than the Ghana Cedi at some point in the past. This, according to the notion in the streets of Lagos was when Nigeria was still the true “giant of Africa”.
To determine the point at which the Ghana Cedi became stronger than the Nigerian Naira, we need to look at the historical exchange rate data between these two currencies. However, direct historical data showing the exact crossover point is not readily available from the sources we accessed while writing this article.
As of today, the Ghanaian Cedi is stronger than the Nigerian Naira in both official exchange windows and the black market (Aboki) and peer-to-peer exchange systems. In fact, from the information provided on Wise, it’s shown that as of March 1, 2024, 1 Ghanaian Cedi (GHS) equals approximately ₦79.02. This suggests that the Cedi is currently stronger than the Naira.
The table below shows the prices of 1, 5, 10, 20, 50, 100, and 1000 GH₵ and their naira equivalent when converted.
Price of Ghana Cedis to Naira Black Market
|Amount of Ghana Cedis (GH₵)
|Naira (₦) Equivalent in Black Market
How to Convert Naira to Ghana Cedis at Good Rate
There are 4 main ways to convert Naira to Ghana Cedis or vice versa, each offering its unique benefits and considerations.
- Through Commercial Banks at official rates.
- Through Aboki and BDC Operators at black market rates.
- Through Peer-to-peer transfers at market rates.
- Through currency exchange apps via the internet (online).
The most formal and straightforward method is through Nigerian banks, where individuals can purchase Cedis at the official exchange rate. This option is typically recommended for those seeking a secure and documented transaction, ideal for official or business-related currency exchanges.
Commercial banks offer the added advantage of reliability and the assurance of compliance with financial regulations set by the Central Bank, making this option a go-to for those prioritizing security over rate advantages.
For those in search of more competitive rates, the “Aboki” or Bureau De Change (BDC) Operators present an alternative route. These operators are known for offering exchange rates that are often more favorable than the official rates, making them an attractive option for individuals and businesses looking to maximize their exchange value when converting cedis to naira.
Another channel through which Cedis to Naira can be exchanged is through online exchange apps such as SendCedis2Naira. Online apps offer flexibility and fast exchange with minimal interaction with human middlemen.
Peer-to-peer (P2P) exchanges of naira have also gained popularity as a flexible and often cost-effective way to buy Cedis in Nigeria. Through P2P platforms, individuals can directly trade currencies with others, potentially securing better rates and more personalized transaction terms. This method emphasizes community and trust, leveraging technology to facilitate direct exchanges without the need for traditional intermediaries.
Warning when Converting Cedis to Naira in the Black Market
It is crucial to approach cedis to naira transactions in the black market with caution, as the lack of formal regulation can introduce risks.
Is Ghana’s money higher than Nigeria’s money?
Yes, the Ghana Cedi is currently stronger than the Nigerian Naira, as indicated by the exchange rate today March 1, 2024.
How much is GH₵1000 in Naira?
1000 Ghana Cedis is equivalent to ₦79,020 as of today March 1, 2024.