Exchange Rate of Nigerian Naira Compared To Other Countries
The Nigerian naira replaced the country’s use of the British pound on the 1st of January 1973. Pound to naira conversion was at a rate of 2 naira =1 pound. In 2008, the Nigerian government planned to re-denominate the currency at a rate of 100 old Naira -1new Naira, but the government later suspended the plans. The name naira is simply a contraction of “Nigeria”, while the subdivision, kobo, is named by a derivation of the English “copper.”
The Naira has continued to lose its value due to high inflation rate in the country. Below is the Naira compared to some African countries.
1Ghanaian Cedis(GH₵) =65.83 Nigerian Naira (#)
1South African Rand( Rand) = 23.01 Nigerian Naira(#)
1Egyptian Pound (E£) = 24.13 Nigerian Naira(#)