Prior to now, Nigerian Naira was pretty good when converting Naira to Cedis or to Dollar, but due to less export of Nigeria produce of its oil, it led to the depreciation of our Currency.
Also, the Falling oil prices increased pressure on Nigeria to depreciate Naira, as a reduction in export earnings which depletes foreign exchange reserves, limiting the central bank's ability to support the currency.
Since 1986, the relationship of the Nigerian Naira with the US dollar and Ghana (and other foreign currencies) has been volatile, unpredictable, cruel and full of tears.
After Ghana gained her independence, Ghana separated from the British West African pound, which was the currency of the British colonies in the region.
The first independent currency of the new republic was the Ghanaian pound (1958-1965). In 1965, Ghana decided to leave the British colonial monetary system and adopt the widespread decimal system. The African name Cedi (1965-1967) was introduced in place of the old British pound system.
Now, Ghana decided to revaluate its Currency by removing some zero digit on its Currency thereby making the Currency more higher when converted to Nigerian Currency.
See the Currency conversations of Ghana to Nigeria, Ghana to Dollar and Dollar to Naira below:
Ghana Cedis - Nigerian Naira
GHS 100 - 6756 NGN
GHS 200 - 13, 512 NGN
GHS 500 - 33,779 NGN
GHS 1000 - 67,559 NGN
GHS 2000 - 135,118 NGN
GHS 5000 - 337,794 NGN
Having seen the Currency conversion of Ghana to Nigeria, you now come to understand why Nigerians are immigrating to Ghana inorder to become Wealthy if they convert the Ghana Cedis when the come back to Nigeria.
American Dollar to Ghana Cedis Conversions
10 USD - GHS 56.99
100 USD - GHS 569.99
1000 USD - GHS 5,699.10
Now you can see that Ghana really revaluated its Currency.
American Dollar to Naira
$1 - ₦ 386
3₦ - 1,159
$5 - ₦ 1,931
$10 - ₦ 3,863
$50 - ₦ 19,313
$100 - ₦ 38,625
$200 - ₦ 77,250
$500 - ₦ 193,125
$3000 - ₦ 1,158,750
$5000 - ₦ 1,931,250
Now you have seen how our Currency is depreciating, what do you think Nigeria should do to revaluate their Currency to be at least $1 - 50 NGN?
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