BusinessHABSouth Africa currency to naira: The Nigerian naira and the South African rand have both experienced volatile exchange rates throughout the last year. The naira has seen a slight recovery due to Nigeria’s election. However, it’s still difficult to transfer money from South Africa to Nigeria at a fair exchange rate.
When you change your thoughts, remember to also change your world. You can request publication of your article for publication by sending it to us via our Email below. wikitk126@gmail.com or SMS/WhatsApp) or call +2347034920650. Click here to start business now with businesshab.com
businesshabblog@gmail.com
Read on: How Much Is 1000 Brazilian Real in Nigerian Naira (N1,000)?
The naira and rand are both emerging market currencies, meaning they can be subject to high levels of volatility in currency markets. It’s recommended that you research the current value of both currencies before travelling so you know how much money you’ll need beforehand.
If you don’t take these precautions, converting money from ZAR to NGN can be expensive and time-consuming. This article covers everything you need to know about transferring money from SA to Nigeria, including some helpful tips on how much money you should bring with you and how best to transfer your local currency into Nigerian naira or vice versa.
How to Convert South African Rands to Nigerian Naira
Read on: Expanding Your Business Horizons To China: 7 Reasons You Should Look At
Nigeria and South Africa are both African countries, but that’s where the similarities end. South Africa is more developed than Nigeria. In fact, it’s the largest economy on that continent. But despite its financial power and first-world infrastructure, the country has struggled with a bout of high inflation in recent years. That means that your money may be worth less in South African rand than it is in Nigerian naira (and vice versa). Since currencies fluctuate regularly, you need to check what the exchange rate is before you head to one of those countries or plan a trip there. If you live in Nigeria or are planning to visit soon, here’s how to convert South African rands to Nigerian naira:
What is the Exchange Rate Between the Rand and Naira?
The rate at which you can exchange the rand for the naira is called the “exchange rate.” It’s basically how much one currency is worth compared to another. The Rand-Naira exchange rate fluctuates based on how strong the economies of each country are doing. The Rand-Naira exchange rate is always changing so you have to check the rate before you go to either of those countries. Depending on the rate, you might come out way ahead by converting your money rather than just bringing it with you.
Converting Rand to Naira: Why and How?
See also: The Best Foreign Currencies to Exchange Your Naira For
South Africa currency to naira: The first thing to remember is that the rand is the South African currency. The naira is the currency of Nigeria. It’s common to mistype this, so remember that N is the 14th letter in the alphabet and R is the 18th letter. The Rand and Naira have an interesting relationship. Their values tend to fluctuate around each other. When one climbs, the other tends to fall, and vice versa. So if you’re looking to convert your Rand to Naira, you’ll want to check the exchange rate against the naira. There are a few reasons why you might want to convert one currency into another while abroad. One of the most common reasons is that the value of the South African Rand (ZAR) has been falling. In contrast, the Nigerian Naira (NGN) has been gaining value. This means that ZAR will be worth less when compared with NGN as compared to what it was worth when compared with the Nigerian currency a few months ago.
How to Exchange Rands for Naira in Nigeria
Before you exchange any money, make sure that you have the correct information about your host country. The name, capital, and currency should be at the top of the list. It’s also a good idea to know the current president of the country in case you need to convert money at the airport. Exchanging money at a bank is usually your best bet to get a good exchange rate. Once you arrive in the country, you can convert your money at a bank or a money exchange service.
See also: How Much is 1 Php in Naira?
Converting Naira to Rand: How and Why?
South Africa currency to naira: Just like Rand is the South African currency, Naira is the Nigerian currency. As we said above, the Rand and Naira often move in tandem. So if you’re planning to convert your Naira back into Rand, the value of the Naira will probably be lower than when you converted it. Again, it’s best to check the most recent exchange rate so that you know how much Naira you will get for your Rand. There are a few reasons why you might want to convert Nigerian Naira back into South African Rand. For example, if you’re heading back to South Africa, you may want to take more money with you. You may also want to take a larger amount while the Rand is low and the Naira is high so that you don’t have to exchange as much money.
Final Words: Is Converting Currency Even Worth It?
South Africa currency to naira: Ultimately, the only way to know if exchanging money is worth it is to do the math. Let’s say that one dollar is equal to 37 Rand (that was the exchange rate at the time of writing). But one dollar is also equal to 47 Naira. If you exchange $100 US dollars, you will receive 3,700 Rand and 4,700 Naira. If you exchange $100 in USD for 3,700 RAND, you’ll get only $76.53 when you exchange it back into USD. So it would be better to exchange $100 for 4,700 Naira; and when you convert those Naira back into USD, you’ll get $100. Basically, you would have converted your $100 into $100+100+76.53=$276.53. When converting currencies, make sure to check the exchange rate beforehand so that you know how much you’ll get for your money.
BusinessHAB