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How Does The Naira Fare Among Important World Currencies?

The value of the Nigerian currency, the Naira, has been in ever constant decline as compared to other currencies in the world. The value of the Naira as compared to the United States Dollars, as a parameter, has been heartbreaking, woeful, and has lots of negative economic effects on citizen’s cost of living. According to records, the Naira has lost almost 137% of its value against the United States dollar from the year 2015 to 2020.

The value of most other currencies against in the parallel market or black market is obscene. It doesn’t hurt to know where the naira stands in the comity of world currencies.

Cedis To Naira

The value of the Nigerian currency to the Ghanaian currency will show how low the Naira has really fallen in the parallel and black market.

The value of the Ghanaian Cedis as of now is 1 Cedi to 68.65 Naira, which is a far cry from the Naira in the years past that was way higher than Cedis.

Swedish Currency To Naira

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The Swedish currency, though not so popular, is still higher than the Naira although not as much as the Cedis.

The Swedish currency is called Swedish Krona and one Swedish Krona is equivalent to 47.63 Naira.

Yuan To Naira

The Yuan is the legal tender for the People’s Republic of China. The rate to the Naira is 1 Yuan to 63.53 Naira in the official foreign exchange and 75 Naira in the parallel or black market.

Dubai Currency To Naira

We will further show the value of the Nigerian currency against other Currencies by comparing it with the currency used in the United Arab Emirates (UAE). The official currency used in the United Arab Emirates is called the United Arab Emirates Dirham.

1 United Arab Emirates Dirham is worth 112.03 Naira in the official exchange market and 140 Naira in the parallel/black markets.

Canadian Dollars To Naira

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The Canadian Dollar is the official currency used in Canada. It’s rate to the Naira is high both in the official exchange market and the black market.

It’s 1 Canadian dollar to 328.88 Naira in the official foreign exchange market and 1 Canadian Dollar to 425 Naira in the black market.

Pounds To Naira

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The Pounds Sterling is the official currency of the United Kingdom and is used in many other places such as the South Georgia and South Sandwich Islands.

Read this – Moment a lady unearthed Biafra Pounds notes

The rate of the Pound Sterling to the Naira is at 1 Pound to 570.54 Nigerian Naira in the foreign exchange market and then 1 Pound to 705 Naira in the street.

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Saudi Arabia Currency To Naira

The currency used in Saudi Arabia is known as the Saudi Riyal. As it stands, 1 Saudi Riyal is equal to 109.72 Nigerian Naira.

Euros To Naira

The Euro is the official currency of about 19 European Union member countries including Germany, Belgium, France, Ireland, etc.

1 Euro currently is equal to 485.42 Naira in the official foreign exchange market and 1 Euro to 596 Naira in the black market.

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Indian Currency To Naira

The Indian currency is called the Indian Rupees.
India is one of the countries whose currencies are flat but is still higher than the Nigerian currency a little bit.

1 Indian Rupee exchanges for 5.54 Naira.

Turkish Currency to Naira

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Turkey, the bridge between Europe and Asia is an important country in the Middle East. They use the Turkish liya and one liya exchange for 48 naira.

Russian Currency to Naira

Looking at the map, Russia has the biggest country on the planet, taking much of Asia and a considerable chunk of Asia. Asia is usually considered the biggest continent on earth because it contains Russia, but an average Russian is a European.

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Russian ruble does not match its geographical weight. One Russian ruble goes for just over 5 Naira. 

Japanese Currency To Naira

Japan is one of the richest countries on earth, however, its currency does not indicate its economic capacity. The currency used in Japan is known as the Japanese Yen. One Japanese Yen exchanges for 3.76 Naira in the exchange markets.

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CFA to Naira

CFA used by French-speaking Central and West African countries is that one currency that the naira used to tower over. But not anymore. Years of devaluing the naira have seen CFA catch up. Almost. Today, one CFA goes for 74 kobo.

Kenyan Currency To Naira

The currency used in Kenya is known as the Kenyan Shilling and exchanges for 1 Kenyan Shilling to 3.76 Nigeria Naira.

Egypt Currency To Naira

The legal tender for the Egyptian people is known as the Egyptian Pound and it is still quite higher than the Nigerian currency.

As at the moment, 1 Egyptian Pound equals 26.22 Naira in the exchange markets.

South African Rands to Naira

South African Rand is one of the popular currencies in Nigeria owing to the fact that a lot of Nigerians call South Africa home. Officially, one rand exchanges for under 28 naira but if you seek to buy it in the black market, prepare to pay as much as 30 naira for one.

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Written by Prince Chime

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