Exchange Rate

Cedis To Naira Exchange Rate Today: November 2024

We update this post every day to give you the accurate day-to-day exchange rate and fluctuations of the Ghana Cedis to Naira as well as the black market rate.

Cedis to Naira Exchange Rate

  • Buying @1 Cedis = 103 Naira
  • Selling @1 Cedis = 105 Naira

The Ghanaian Cedis is one currency that is very similar to the Naira in terms of fluctuation. The Cedis to Naira exchange rates we have here are only applicable on the very day and time it was last updated. The rates may not be exact depending on your exchange vendor or institution.

Historical Ghanaian Cedis

The meaning of Ghana is a “Warrior King.” Before the British colonized them, they were divided into several Alan kingdoms which included; the Akwamu, Akyem, Bonoman, Ashanti Empire, Denkyira, and Fante. Non-Akan states were created by Ga and those by Dagomba also existed.

Before Ghana’s independence, the West African Currency Board (WACB), was vested with the responsibility of overseeing the issue of Currency in Ghana.

The West African Pound and Shillings were the Currency in Ghana until July 1958.

After Ghana attained its Independence from British Rule, the Bank of Ghana was made the new Monetary Authority, superseding the WACB, and commenced the issuing of its currency in the form of Ghana Pounds, Shillings, and Pence in July 1958.

In the year 1965, Ghana did away with the British Colonial Monetary System totally and adopted the Decimal system.

The “Cedi” notes and coins were introduced into circulation in July 1965 which replaced the Ghana Pounds, Shillings, and Pence.

The Bank of Ghana which is the Central Bank of Ghana came into existence in 1957.

The precursor to the Ghanaian Central Bank was the Bank of the Gold Coast.

With Independence from British Rule, the concept of a Central Bank gained currency, and in the year 1955, a Select Committee was set up by the Government, to give recommendations full setting up a Central Bank.

The Bank of Gold Coast was transformed into the Central Bank in 1956 and commenced operations in a modern five-story building which then houses both the Bank of Ghana and the Ghana Commercial Bank.

The Ghana Cedi

The Ghana “Cedi” is currently the unit of the currency of Ghana.
The Cedi is derived from the word called “Sedie,” which means a “cowrie shell” It is an “Akan” word and represents “shell money.”

“Cowrie” or “Cowry” shells were once a kind of currency used in Ghana that had full acceptability and circulation, particularly, in the latter part of the nineteenth century.

One Ghana “Cedi” is divided into a hundred Ghana “pesewas.”

Ghana has also issued many coins in the past in the “Sika” denomination.

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