The Ghanaian Cedis is the official foreign money of the Republic of Ghana. Ghana is a West Africa nation that shares a border with Togo, Cote d’Ivoire and Burkina Faso.
Cedi was first launched in Ghana in July 1965 by Kwame Nkrumah, the primary president of the Republic of Ghana. The introduction of Ghana Cedi was to exchange the British kilos, shillings and pence. Because the introduction of Cedis, it has undergone a number of transformations from 1965 to 2007.
Understanding the Ghanaian Forex
The Ghana Cedi is available in cash and notes. The Financial institution of Ghana is the central financial institution that’s chargeable for producing the Ghana foreign money.
The Phrase Cedi comes from the cowry shell. It’s a seashell and the outdated conventional foreign money which have been in use in Africa earlier than colonization and earlier than the introduction of banknotes.
After a few years of inflation, in 2007, the Financial institution of Ghana devalued her foreign money from 10,000 outdated Cedis to 1 Cedi. This was achieved by eradicating 4 digits (zeros) from their foreign money. That’s, efficient from 1st July 2007, ten thousand Cedis routinely turns into 1 cedi.
The Notes are Cedis whereas the cash is in Pesewas. 100 pesewas make 1 Cedi.
Examine the Nigerian Naira to The Ghanaian Cedis
The three Generations on Cedis
The cedi got here into existence in 1965 as a alternative for the British Pound.
The second era of Ghana Cedis got here after the coup in 1967. The brand new foreign money was launched by the army. New notes have been launched to wipe off the face of the primary president of Ghana from the Ghanaian foreign money.
The brand new Ghana cedis got here on account of the devaluation of Ghana foreign money in 2007. It grew to become the third era of Ghana cedis. The rationale for the introduction of the New Ghana cedi was to devalue the foreign money. After the devaluation, ten thousand cedis grew to become one Ghana Cedi.
Additionally Learn: Comparing the Nigerian Naira and the Benin Republic CFA
The Image of Ghana Forex
The Ghanaian Cedi is often known as the GHC. The Image of the Ghanain foreign money is GH₵. It is available in each cash and notes.
The cash are in 1, 5, 10, 20, 50 pesewas
The Ghana Cedis additionally is available in 1, 5, 10, 20, 50, 100, 200 cedis.
The Nigerian Forex
Naira is the official Nigerian foreign money. The Central financial institution of Nigeria is chargeable for issuing this authorized tender. The Nigerian Naira was formally launched on January 1st 1973. The Naira was named after Nigeria by Chief Obafemi Awolowo. The Nigerian foreign money is available in Notes and cash referred to as Naira and kobo. Nevertheless, because of the low financial worth of the coin, the coin is at the moment not in circulation.
The Image of the Nigerian foreign money is ₦.
Evaluating The Nigerian Naira and Ghana Cedis.
Conversion charges Ghanaian Cedis to Nigerian Naira
1 Cedi is 91 Naira
5 Cedi is 455 Naira
10 Cedis 910 Naira
20 Cedis is 1,820 Naira
100 Cedis is 9,100 Naira
200 Cedis is eighteen,200 Naira
500 Cedis 45,500 Naira
1000 cedis is 91,000 Naira (1000 cedis to Naira)
10,000 Cedis is 910,000 Naira
Conversion charges Nigerian Naira / Ghanaian Cedi
1 NGN is 0.011 Cedis
10 NGN is 0.110 Cedis
20 NGN is 0.220 Cedis
50 NGN is 0.550 Cedis
100 NGN is 1.1 Cedis
200 NGN is 2.2 Cedis
500 NGN is 5.5 Cedis
1000 NGN is 11 Cedis
10,000 Naira is 110 Cedis
100,000 Naira is 1100 Cedis