As of today July 16 2024 the exchange rate for Ghana Cedis to Naira is N107.165 at the black market. This means that for every Ghana cedis you take to the black market, you will get N107.165 for it. Mind you, this rate is only for the black market, you will not get the same rate if you sell your Cedis at the bank due to CBN rules.
As the name implies Ghana Cedis (GHS) is the official currency of Ghana, introduced in 2007 to replace the Ghanaian New Cedi (GHC). The currency is issued by the Bank of Ghana and is divided into 100 pesewas. The Ghana Cedi comes in various denominations, bank notes include:-
- 1 Cedi
- 2 Cedis
- 5 Cedis
- 10 Cedis
- 20 Cedis
- 50 Cedis
- 100 Cedis
- 200 Cedis
Ghana also uses coins that come in 1 Pesewa, 5 Pesewas, 10 Pesewas, 20 Pesewas, 50 Pesewas, 1 Cedi, and 2 Cedis. The banknotes feature prominent Ghanaian figures and landmarks, while the coins depict national symbols and cultural icons. Let’s learn more about the Ghana to Cedis black market rates in the subsequent sections.
How Much is 100 Ghana Cedis To Naira in The Black Market Today?
As we stated earlier 1 GHS is to N107.165 in the black market today. So if you want to calculate how much you will be getting for 100 GHS, you just have to multiply N107.165 by 100 and this will give you N10,716.5. So in essence, 100 Ghana Cedis on the black market will give you N10,716.5. Please note that you can only get this amount if you are exchanging the 100 cedis note and not in smaller denominations that make up a hundred. If you are carrying smaller denominations, you will get an amount less than what is listed here because of handling fees.
What are Handling fees?
When exchanging Ghana Cedis for Nigerian Naira, handling fees refer to the charges imposed by the exchange service for processing the transaction. These fees help the service cover costs related to the exchange process. This helps cover operational costs, ensure the service provider makes a profit, and manage risks such as exchange rate fluctuations and counterfeit currency.
Ghana Cedis To Naira Black Market Exchange Rate Table
Here is a detailed description of the Cedis to Naira
| Ghanaian Cedi (GHS) | Black Market rate Naira |
|---|---|
| 1 Cedi | |
| 5 Cedi | |
| 10 Cedi | |
| 20 Cedi | |
| 50 Cedi | |
| 100 Cedi | |
| 200 Cedi | |
| 300 Cedi | |
| 400 Cedi | |
| 500 Cedi | |
| 600 Cedi | |
| 800 Cedi | |
| 1000 Cedi | |
| 5000 Cedi | |
| 10000 Cedi |
How to exchange Money in The Black Market Safely
Exchanging money on the black market can be dangerous because of the risks of fraud, counterfeit money, and legal issues. If you decide to go ahead, here are some tips to reduce the risks:-
- Make sure that the dealer has a good reputation, you can ask for recommendations from your friends.
- Check the current exchange rates to avoid being cheated.
- Conduct transactions in busy, public areas to deter fraudulent activities.
- You can take a trusted person along for added security.
- If you are taking cash, try and check the money for counterfeits.
- Count the money in front of the dealer to avoid shortages.
- Exchange smaller amounts to minimize potential losses.
We hope you found this article insightful and informative. You can rely on our site for the most accurate and up-to-date information on the exchange rates of currencies all over the world. Please share this article with friends.