The exchange rate of the CFA Franc to the Nigerian Naira is 1.16129. This current rate is a bad rate for the Nigerians who reside close to the border of Nigeria and the Benin Republic. Especially for Nigerian traders who do business transactions using the Naira to get goods in Benin Republic as they will be needing to convert the Naira to the CFA Franc.
Back then, the exchange rate of the CFA Franc to the Nigerian Naira was fair and moderate because goods bought in Benin Republic was cheaper to obtain due to the favorable exchange rate.
How Much Is The Cefa To Naira Exchange Rate Today (Black Market)
The Cefa To the Naira exchange rate black market for today stands at – N1 to CFA. The Seme border Parallel Market of CFA rate is 1 Naira = CFA 1.6129
Buy Rate : 600
Sell Rate : 620
There are some factors that have contributed to the fall of the Nigerian Naira against the Benin Republic’s currency (CFA). If you do transact and perform business operations within the territorial boundaries of Benin Republic and Nigeria, you must be aware of the latest updates and information surrounding the current exchange rate of the Nigerian Naira and the CFA Francs.
The Fall of The Naira Against The Dollar
This is one of the biggest reasons for the fall of the Naira against the CFA. The rapid fall of the Nigerian Naira against the US dollar is another factor that has made the CFA to gain strength against the Naira. In today’s market, the CFA seems stable when it is compared to the Nigerian Naira and the case has been the same since the past twelve months.
The current situation of the Naira to the dollar has increased the value of the CFA franc over the Naira. Unless the Naira becomes stable and unless the Nigerian Naira rises against the dollar, the CFA will continue to have a strong value over the Naira.
Importation of Foreign Goods
The importation of foreign goods into the country is another reason why the CFA franc has risen in strength over the Nigerian Naira. The Benin Republic is more like a dumping ground for salvaged and used products such as motor cars, shoes, clothes, electronic etc which were gotten from the developed world. Many Nigerians go to Benin Republic to get these used products; and they get to exchange the Naira with their CFA, which gives their currency more value at the expense of the Nigerian Naira.
If only the Nigerian businessmen who import goods from the Benin Republic would take up some Nigerian made goods with them and sell it there before exporting, then, that will help to increase the strength of the Nigerian Naira over the CFA.
Nigeria is an economic giant in the African continent, hence, it should be a pacesetter which will dictate how the currencies of other countries would be valued. This is what you should know about the latest exchange rate of the CFA Franc to the Nigerian Naira. This post would be updated from time to time to keep you abreast of the latest currency rates.