CEFA TO NAIRA EXCHANGE RATE TODAY
Cefa To Naira (CFA-NGN) Exchange Rate, As of today May 2017 1 Nigerian Naira Equals 1.50 CFA Franc, Can that be called a good exchange rate Absolutely NO, Before Naira depreciated uncontrollably last year, The exchange rate of 1 Naira (NGN) to Cefa CFA Franc is almost 3 CFA, Check the 12 month graph below to analyse the gradual fall of Naira against Cefa (CFA Franc).
From the above Chart we can vividly see that the depreciation of Naira to Cefa started mid July where it depreciated from 2.90 to 2.10, From then we can see gradual fall of Nigerian Naira which almost equals Cefa in August.
NAIRA TO CEFA FRANC EXCHANGE RATE TODAY NGN-CFA (BLACK MARKET).
NGN 1 Naira To CFA 1 CEFA Exchange Rate Today May 2017
Buying Rate: CFA 1.50
Seme Border XOF To Naira Exchange Rate.
Buying Rate: 650
Selling Rate: 665
What could therefore caused the sporadic falling of Naira to Cefa, (NGN to CFA), The reason is absolutely simple, Importation is on the High sides than exportation, Below are some vivid reasons that causes naira depreciation against foreign currencies.
I actually believe the sporadic falling of the Naira is up most due to relying on only one resource which turns out to be Petroleum, We are blessed with resources outside Petroleum and we have a fertile land, Investing in Agriculture can strengthens up the Nigerian Naira through Exporting Agricultural Produce to foreign countries.
As a result of this, Our Precious Naira might rise up against Cefa, However those importing from Benin Republic should also try exporting some products to balance FX market, With these I believe Nigeria Naira will rise up against Cefa (CFA Franc).
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That’s all for the Naira To Cefa Exchange Rate (Black Market), Have any other point of view to in defending the Naira against the CFA Franc, Kindly share via the comment box below.