As of March 1, 2023, the exchange rate between the South African rand (ZAR) and Nigerian naira (NGN) stands at 1 ZAR = 25.33 NGN. This means that for every one South African rand, you can exchange it for 25.33 Nigerian naira. This rate fluctuates on a daily basis depending on various factors such as economic indicators, political stability, and global events.
1000 rand is equal to N25,329.87 kobo.
The South African rand is the official currency of South Africa, while the Nigerian naira is the official currency of Nigeria. Both currencies have had a history of fluctuation in value over the years, with the South African rand being more stable than the Nigerian naira. The rand is considered to be one of the most traded currencies in Africa, while the naira has struggled to maintain a stable value due to various economic and political challenges.
The South African rand is used as a benchmark currency in the African continent due to its stability and influence in the region. This has made it an attractive currency for investors and traders who want to invest in the African market. On the other hand, the Nigerian naira has struggled to attract investors due to its fluctuating value and challenges in the Nigerian economy.
The exchange rate between the South African rand and Nigerian naira has been on the rise over the past few years. In 2018, the exchange rate stood at 1 ZAR = 7.7 NGN, while in 2019 it rose to 1 ZAR = 10.2 NGN. In 2020, the exchange rate continued to rise, reaching 1 ZAR = 16.6 NGN. The main reason for this rise is the depreciation of the Nigerian naira against major currencies such as the US dollar and the euro.
One of the factors that have influenced the depreciation of the Nigerian naira is the drop in oil prices. Nigeria is one of the largest oil producers in Africa, and oil exports account for a significant portion of its GDP. When the price of oil drops, it affects the value of the naira, leading to a depreciation of the currency. This has been the case over the past few years, with the price of oil dropping due to various global factors such as the COVID-19 pandemic and geopolitical tensions.
Another factor that has influenced the exchange rate between the South African rand and Nigerian naira is the political instability in Nigeria. Nigeria has had a history of political instability, with corruption and insecurity being major issues in the country. This has led to a lack of investor confidence in the Nigerian economy, making it less attractive to foreign investors. This has, in turn, affected the value of the naira, leading to its depreciation against major currencies such as the South African rand.
In conclusion, the exchange rate between the South African rand and Nigerian naira today stands at 1 ZAR = 22.9 NGN. This rate is influenced by various factors such as economic indicators, political stability, and global events. While the South African rand has remained stable over the years, the Nigerian naira has struggled to maintain a stable value due to various economic and political challenges. The rise in the exchange rate between the two currencies can be attributed to the depreciation of the naira against major currencies such as the US dollar and the euro, as well as the political instability in Nigeria. Despite these challenges, both currencies remain important in the African continent, with the rand being a benchmark currency for investors and traders.