South Africa Currency to Naira: Check October 2023 Price Update

Filed in Articles by on September 29, 2023

The South Africa Currency to Naira shows the rate of exchange between the South African Rand and the Nigerian Naira. The exchange rate depends on so many factors like the decisions pertaining to investment, international trade and economic factors.

south africa currency to naira

The South African Currency

The Rand or otherwise known as the South African Rand is the official currency of South Africa. It is always abbreviated as “ZAR”  as this means Zuid-Afrikaanse Rand in Afrikaans language, one of the official languages.

This Currency is regulated and issued by the South African Reserve Bank, which is the Central Bank of South Africa.

South Africa Currency to Naira (CBN Rate)

As at today, the rate of exchange between 1 Rand to Naira is 41.81 naira.

South Africa Currency to Naira (Black Market Rate)

The buying rate for black market is 50 naira to 1 rand and 60 naira at selling rate.


Factors Influencing Exchange Rate

The exchange rate between rand and naira is influenced by various factors which include:

1. Economic Factors: This plays a crucial role in the stability of the economy. An economy that is visibly growing attract foreign investment.

2. Balance of Trade: The balance of trade between the two countries can influence exchange rate. For example if South Africa exports to Nigeria more than its imports, this increases demand for rand thereby making the currency stronger than naira in value.

3. Market Perception: When traders or investors speculate future currency movements, they tend to buy or sell currencies, this act can lead to fluctuations.

CSN Team.

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