Rands to Naira: This article will discuss the rate at which Rands can be exchanged or converted to Naira. Rand is the official currency of South Africa which is also legal in some African countries like Namibia, Lesotho, and Eswatini, while Naira is the official currency of Nigeria.
Rand to Naira Exchange Rates for Today
The rate of one Rand to Naira as of Sunday 20th February 2022 is #27.51 Naira for bank rate, while for the black market, it can go for #27.80 Naira. For the last 30 days, it had an all-time high of #27.7 Naira with a low of #26.6 Naira and an average of #27.2 Naira. For the last 90 days, it has recorded a high of #27.7 Naira, a low of #25.1 Naira, and an average of #26.4 Naira.
South African Rands to Naira Rate Charts
The rate chart displays historical records of the exchange rate for Rands to Naira. This chart shows the data for the last six months. As of September 2021, the average rate of Rand to Naira was 29.0; in October, the exchange rate of Rand to Naira was 28.1. In November, the average rate was 27.4, while in December, the exchange rate was analyzed to be 26.4 in naira. As of January, the exchange state of Rand to Naira was 27.4. Currently, the rate at which Rand can be exchanged for Naira is 27.5.
Quick Facts About South African Rand ZAR
The Rand has a very rich history, of which some features are attached. Below are some of the key facts about the South African currency, which includes:
• Rand Banknotes Feature Multiple Languages
Rand banknotes has at least one of the eleven national languages featuring. The note carries some of the country’s languages which include English, Setswana, Afrikaans, IsiSwati, isiNdebele, Tshivenda, isiXhosa, Sepedi, Xitsonga, Sesotho, and isiZulu.
• The First Currency in South Africa was Dutch
The first paper money brought into Cape Town in 1782 was a Dutch builder’s currency. This currency was used due to Great Britain taking control of the region and getting pound and shilling.
• The SARB allows all Old Currency BankNotes to Remain in Circulation
These include the currency that features the Big Five animals, which was a part of the fifth issue of Rand banknotes and the seventh issue with Nelson Mandela.
• The Commemorative R100 Banknote Features a Prison
Late ex-president and human rights activist were imprisoned for 18 years on Robben Island, and an image of this prison also features on the 100 Rand Banknote.
• The Rand Got its Name from the Landscape
The name of South Africa’s currency was derived from the word ” Witwatersrand ” which is the name of the high escarpment where Johannesburg, one of the countries capital cities, is located.
Why South African Rand is Higher than Naira Today?
Currently, the South African Rand is gaining huge ground higher than the Naira today. Some of the reasons why Rand is higher than Naira include:
• Higher Interest Rates
One of the major reasons the South African Rand is higher than Naira is the interest rate. Traders are attracted to currencies that earn higher interest rates, and the 3.5% benchmark rate is far better than that of the Naira.
• Bigger Appetite for Emerging Market Currencies
South Africa’s Rand is higher than Nigeria’s Naira because South Africa has an increasing appetite for new and emerging market currencies. After the corona pandemic, the country has extensively widened its investment interest to other emerging currencies.
• A Better Current Account
The inflow of money into a country is very important to the country’s currency. The current account measures the outflow of a nation. South Africa imports most of its oil and pays a huge interest, but due to the increased stake in its bonds and shares, the country has less interest rate and dividend payments going overseas.
Rands to Naira using black market is preferable than bank rate which is 0.29% less. Rand is better than Naira now, and investors can invest in the currency given its current advantage in the market. We hope this article will help you in your exchange. For all your views and questions, kindly drop us a message in our comment section.