This post is updated on a daily basis to make sure that it is always accurate. We update this article immediately after there is a change in the exchange rate between the Nigerian Naira and the South African Rand.
The post contains all Rand to Naira and Naira to Rand exchange rate variables that exist in Nigeria.
Here you will find the Rand to Naira Black Market Rate, Rand to Naira Official Exchange Rate, Bank Rate, and CBN rate.
Table of Contents
Rand to Naira Exchange Rate
- Buying @ 1Â Rand = 87 Naira
- Selling @ 1 Rand = 88 Naira
Rand to Naira CBN Rate
- Buying @ 1Â Rand = 87Â Naira
- Selling @ 1 Rand = 88 Naira
Just like every other currency, the rand to the Naira also fluctuates. These fluctuations are what determines the current exchange rate. Aside from the expected exchange rate, the time of exchange is also another variable that will determine the actual rand to naira exchange.
Finally, the exchange vendor you decide to make use of also has a contribution to fixing the rate at which the South African Rand will be exchanged for the Naira for you.
Some Facts About The Rand
The sign of the Rand is R, and the code is ZAR. The rand currency is used by is South Africa. The South African rand is subdivided into 100 cents, which has “c” as its sign.
The ISO 4217 code is of the rand is ZAR. The name. ZAR came from Dutch Zuid-Afrikaanse Rand, which also means South African Rand.
The Rand is a legal tender in some Common Monetary Areas between South Africa, Namibia, Swaziland, and Lesotho.
Although the last three countries, Namibia, Swaziland, and Lesotho, do have their currencies pegged at par with the rand.
The Rand was introduced in the “Union of South Africa” on the 14th of February 1961. It was three months before the Republic of South Africa was established.
A Decimal Coinage Commission was set up in the year 1956 to consider and make recommendations on the move away from the denominations of the pounds, shillings, and pence. The recommendation was submitted on the 8th of August 1958.
It replaced the South African pound as legal tender, at the rate of 2 Rand equals to 1 pound or 10 shillings to the Rand.
The government introduced a mascot, Decimal Dan, “the Rand-cent man” It was known in Afrikaans as “Daan Desimaal.”
It was accompanied by a very popular radio jingle, in other to inform the public about the new currency.
Economic Ties Between South Africa and Nigeria
Trade Relations
South Africa and Nigeria share significant trade relations, with both countries exporting and importing a variety of goods, from machinery and vehicles to agricultural products.
Investment and Business Links
There are substantial investments from South African companies in Nigeria and vice versa, reflecting strong business ties between the two countries.
How Exchange Rates are Determined
Market Forces
Supply and demand in the forex market are primary determinants of exchange rates. High demand for a currency increases its value, while low demand decreases it.
Government Policies
Government interventions, such as trade restrictions and tariffs, can impact exchange rates.
Central Bank Interventions
Central banks may intervene in the forex market to stabilize or adjust the national currency’s value.
RELATED ARTICLES
- Euro To Naira Exchange Rate & Black Market
- CFA To Naira Exchange Rate & Black Market
- Western Union Rates In Nigeria
- MoneyGram Rate In Nigeria To Dollar, Euro & Pounds
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