Today, we are considering the Rand to Naira exchange rate. This is very useful for those who trade both currencies and will like to keep tabs on the latest development regarding the exchange rate of the currency pair. Investors are aware of the fact that the rates of foreign currency exchange is not stable so, it is important for all businessmen as well as investors to always monitor the currency exchange rate online.
Naira is the official currency of Nigeria and it is subdivided into 100 kobo. The body that is responding for issuing this currency throughout Nigeria is the Central Bank of Nigeria. On the other hand, the South African Rand is represented by the sign – R. The currency code of the South Africa rand is ZAR. The Rand is subdivided into 100 cents. It is worth noting that the comma is used as the decimal separator between a R and and a Cent. The South Africa official currency was introduced in 1961 and its name was derived from the Witwatersrand. The Witwatersrand is the ridge on which Johannesburg is constructed. The Rand circulates without any restriction in South Africa, Namibia, Lesotho as well as Zimbabwe.
South Africa Rand to Naira Exchange rate today
1 Rand is equivalent to 28.00 Naira
The above exchange rate shows clearly the position of Naira in the global foreign exchange market. It is now clear that the Naira is not only weak against the dollars, the currency is trying to find its feet among other notable currencies of the world. What is actually responsible for the current situation of the Naira? We can put the blame on the Central Bank of Nigeria and the federal government as well. The CBN is to be blamed because of its Naira devaluation through continuous auctioning against foreign currencies. This results into the weakening of Naira against the foreign currencies.
The Central Bank of Nigeria does not seem to know the way out of this situation as they continue change policies on weekly basis. It has been discovered that that about 90% of Nigeria export is crude oil. This is not ideal, the country needs to diversify its economy and it should not be solely dependent on the revenue generated from crude oil.