To get a better deal you should follow these 4 simple steps : Use the above Send to West African Franc calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - This Euro and West African CFA convertor is up to date with exchange rates from December 8, 2020. The Euro is another strong foreign exchange currency in Nigeria after the United State Dollar. NGN Exchange Rates; Central Bank of Nigeria; PHP Philippine Peso Country Philippines Region Asia Sub-Unit 1 ₱ = 100 centavos Symbol ₱ The Philippine peso derived from the Spanish silver coin Real de a Ocho or Spanish dollar, in wide circulation in the Americas and South … … We strongly advise … Enter the amount to be converted in the box to the left of the currency and press the "convert" button. In Niger the following currency is used: The West African CFA franc (XOF): this currency is devided in 100 Centime. This Nigerian naira to Indian Rupee (code: INR) converter is a fast and easy to use currency calculator. Disclaimer: conversions are for illustration purposes only. Analyze historical currency charts or live US Dollar / US Dollar rates and get free rate alerts directly to your email. The West Africa CFA franc (XAF) is the currency of six independent states in Western Africa - Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. Convert 1,000 USD to NGN with the TransferWise Currency Converter. 1 XOF = 0.00 GBP Rate was last updated: 23 minutes ago. swap_vert. France will always push for multilateralism, French lawmaker says. "name": "Country Guides" Policymakers decided to expand its pandemic bond-buying program … The currency is pegged at a fixed rate against the euro, and compels participating African countries to deposit 50% of their foreign exchange reserves with the French treasury. The ISO currency code of the Nigerian naira is "NGN". }, GBP. The USDXOF decreased 1.0800 or 0.19% to 554.2500 on Thursday July 30 from 555.3300 in the previous trading session. In several central African states the Central African CFA franc (currency code XAF) is in circulation, such as Cameroon - Central African CFA franc. The currency is also the… Currency Exchange ... EUR 1.21 keyboard_arrow_right. General Currency Info - West African Franc. The economy of Nigeria is among one of Africa’s largest economies, and it has industries … Got a confidential news tip? In November, Beninese leader Patrice Talon said the eight West African Monetary Union states which use the CFA franc planned to pull their reserves from the Bank of France, telling French media that there was a "psychological problem" with the currency. The Nigerian naira is the currency of Nigeria. You should look at your own personal situation and requirements before making any legal, accounting or financial decisions. It was introduced in 1999 as the official currency for most eurozone nations. Niger is part of the French Monetary Area. { Directory of best currency transfer providers, compare to exchange rates when sending money from Nigeria You probably need to change money when traveling to Niger. Niger is a part of French monetary area and the currency issued by the Bank of West African States is the valid currency and not the one issued by bank of Central African States. Like all other currencies, the CFA franc is freely convertible to gold or another foreign currency. The Naira is the currency officially circulating in Nigeria. The predecessor to the euro, the European Currency Unit (ECU), had the code XEU. NGN Exchange Rates; Central Bank of Nigeria; Historical Exchange Rates For United States Dollar to Nigerian Naira 377 380 382 384 387 389 Aug 10 Aug 25 Sep 09 Sep 24 Oct 09 Oct 24 Nov 08 Nov 23 120-day exchange rate history for USD to NGN Quick Conversions from … Country Guides | The analysis of today's exchange rate, percentage change, … The Nigerian Naira is the currency in Nigeria (NG, NGA). The XOF franc is characterised as a credible and stable currency, a significant virtue given the experience of most currency-issuing African nations. Get Daily Rate Alerts and Trends to your Inbox. The CFA Franc is tied to the Euro. The world’s second-largest reserve currency, it adds liquidity to any currency pair it trades with. Get this delivered to your inbox, and more info about our products and services. Symbols and Names Symbols: ₦ Nicknames: none ISO 4217 Code NGN Country: Nigeria. Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. Currency data is 5 minutes delayed, provided for information purposes only and not intended for trading; Bloomberg does not guarantee the accuracy of the data. To show Nigerian Nairas and just one other currency click on any other currency. It benefits from the strength of that country's economy. GMT Currency Converter. The currency is pegged at a fixed rate against the euro, and compels participating African countries to deposit 50% of their foreign exchange reserves with the French treasury. This would likely need consensus among regional leaders and complex legal agreements across the bloc's member states. Niger - … Copyright © 2009-20  BEST EXCHANGE RATES PTY LTD ABN 68082714841 All Rights Reserved. Sign up for free newsletters and get more CNBC delivered to your inbox. The naira was introduced on 1 January 1973, replacing the Nigerian pound at a rate of 2 naira = 1 pound. Niger shares a common currency, the CFA franc, and a common central bank, the Central Bank of West African States (BCEAO), with seven other members of the West African Monetary Union. Click on West African CFAs or Euros to convert between that currency and all other currencies. Nigeria Leaves Monetary Policy Unchanged. *Pegged: 1 EUR = 655.95700 XOF. Without that fixed exchange rate, the smaller country's currency will slide. French President Emmanuel Macron has also publicly signaled his willingness to engage in "meaningful" reform. exchange rates. { "@type": "ListItem", States generally have a monopoly on the issuing of currency, although some states share currencies with other states. Nigeria Private Sector Growth Slows to 4-Month Low. eur: 0.82542: sek: 8.4569: gbp: 0.75638: sgd: 1.33722: hkd: 7.7546: thb: 30.0914: huf: 292.322: try: 7.8451: ils: 3.2526: usd: 1.00000: inr: 73.740: zar: 15.1297 euro = 655.957: Usage of: West African CFA franc Central African CFA franc. NZD 0.71 keyboard_arrow_right. If the guarantee was to be scrapped, the franc's fixed exchange rate of 655.96 CFA to the euro would be in question, increasing exchange risk uncertainty for investors, importers and exporters. ] The CFA franc is pegged to the euro (the exchange rate has not changed since 1994 – €1 = FCFA 655.957). However, this drastic move has yet to come to fruition, and experts believe substantial reform is likely to remain elusive in the immediate future. The … Related. The West Africa CFA franc (XAF) is the currency of six independent states in Western Africa - Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. 1 NGN = 0.00223424 EUR. XOF Exchange Rates ; … As the United States or European Union grows, its currency does as well. About naira. The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc. The foreign exchange rates and products compared on this page and website are chosen from a range of products that bestexchangerates.com (BER) has access to and are not Nigeria currency (NGN). The Naira is the currency officially circulating in Nigeria. The coins of the new currency were the first coins issued by an independent Nigeria, … Sending > 40K USD? The West African CFA is the currency in Benin (BJ, BEN), Burkina Faso (BF, BFA), Ivory Coast (Cote D'Ivoire, CI, CIV), Guinea-Bissau (GW, GNB), Mali (ML, MLI), Niger (NE, NER), Senegal (SN, SEN), and Togo (TG, TGO). One NGN is 0.0022 EUR and one EUR is 455.2241 NGN. When sending money to Niger it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. Among the countries that border with Nigeria are: Benin, Cameroon, Niger and Chad.In 2015 Nigeria received a total of $ 21.059.700.293 USD in remittances. In 2008, there was a plan to introduce a new Naira that would have the value of 100 old Naira, but the plan was abandoned. Last updated: 2020-12-07 20:02 UTC. In several central African states, the Central African CFA franc, which is of equal value to the West African CFA franc, is in circulation. { There are a variety of possible alternatives, each of which would have significant implications for the region. Nigerian naira (NGN) to Euro (EUR) currency exchange rates How many Nigerian naira is a Euro? If demand for this currency drives the exchange rate up, they’ll need to release more of this foreign currency into the market to meet the demand. The Nigerian Naira is the currency … It is the domestic currency in    Last updated: 2020-11-03 19:11 UTC. } On 22 December 2019, it was announced that the West African currency would be replaced by an independent currency to be called Eco. The West African CFA franc (French: franc CFA; Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$128.6 billion (as of 2018). They are former French colonies that adopted the CFA franc when France switched to the euro. Dollars paid to oil-producing nations (petrodollar recycling)—a term invented in the 1970s meaning trading surpluses of oil-producing nations.Currencies of oil-producing nations which tend to rise in value against other currencies when the price of oil rises (and fall when it falls). Niger Money . © 2020 CNBC LLC. The largely government-owned Nigerian Security Printing and Minting Company Ltd is in charge of minting the currency, and it operates in Lagos and Abuja. In 2022, the country’s revenue was estimated at $11.63 billion while the per capita income was $800. use a Pre-paid Travel Card. Request Best Rate Quotes. The Nigerian naira is the currency of Nigeria. Petrocurrency (or petrodollar) is a word used with three distinct meanings, often confused: . See guide: What is a closed currency? Commercial rates of Niger currency: CFA franc (8th June, 2006) = 512.5 $ 655.9 Euro 953.2 Sterling Tourist rates of currency of Niger: CFA franc (8th June, 2006) = 925 Sterling Movement of Money in Niger: Import of local currency is don on an unlimited basis. As a result, the imports from the large economy become more expensive. Before the establishment of the West African Currency Board, […] A country can avoid inflation if it fixes its currency to a popular one like the U.S. dollar or euro. ISO Code: NGN. GMT Currency Converter. { The West African CFA Franc Coins: 1 West African CFA Franc is made up of 100 Centimes. The USDNGN spot exchange rate specifies how much one currency, the USD, is currently worth in terms of the other, the NGN. In Niger the following currency is used: The West African CFA franc (XOF): this currency is devided in 100 Centime. XOF West African Franc * Country West Africa Region Africa Sub-Unit 1 CFA = 100 centime Symbol CFA *Pegged: 1 EUR = 655.95700 XOF. The currency is pegged at a fixed rate against the euro, and compels participating African countries to deposit 50% of their foreign exchange reserves with the French treasury. CHF Kurs Umrechner zu Euro, Dollar; Currency Calculator - Current Exchange Rates; Cotización del Dolar en Argentina; Conversion Euro Dollar - Convertisseur EUR/USD; Convertitore Euro - Dollaro; Indian Rupee (INR) Currency Calculator; Euro Latest Exchange Rates; Aktualny kurs złotego do Euro; Växelkurskalkylator från Svensk krona till Euro; Convertor valutar Euro / Leu; 日本 円→ドル通貨換算機 ; … Fact checked. Use "Swap currencies" to make West African CFA the default currency. The Central Bank of Nigeria is the body mandated with the issuance of the Nairaand it regulates the volume of money in supply to facilitate price and monetary stability. { Fourteen African nations peg their currency to the euro. The Currency Operations Department of the CBN is in charge of currency management, through the designs, procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins. The West Africa CFA franc has a fixed rate of exchange with the euro (and previously the French franc) set at 1 euro = 655.957 XOF. The USDXOF spot exchange rate specifies how much one currency, the USD, is currently worth in terms of the other, the XOF. "@type": "BreadcrumbList", Benin Coronavirus Deaths at 44.00 Persons. "itemListElement": Currency (code): Communaute Financiere Africaine franc (XOF); note - responsible authority is the Central Bank of the West African States Economy - overview: Niger is one of the poorest countries in the world, ranking near last on the United Nations Development Fund index of human development. The Euro is divided into 100 … You can recognise the currency by the symbol Fr. This corresponds to a ratio of 1:2.8. While the USDXOF spot exchange rate is quoted and exchanged in the same day, the USDXOF forward rate is quoted today but for delivery and payment on a specific future date. The clean notes are re-issued while the dirty notes are destroyed. Exchange Rate Forecasts and Market Predictions. History. Enter the amount to be converted in the box to the left of the currency and press the "convert" button. The above interactive chart shows the USD to XOF exchange rate, trend and recent alerts for the last 90 days. Countries receive many … Currency country guides for travel and transfers. [ You might want to consider not to bring to much money. "name": "BER" Euro Advantages . A currency is a kind of money and medium of exchange. The West African CFA franc broken into 100 subdivisions known as centimes. You might want to consider not to bring to much money. and How Much Is One Dollar In Nigeria Currency Saturday, 28 November 2020. "item": Once your funds are received by the provider the converted XOF amount will be transfered to the recipient account you specify in Niger. Fourteen African nations peg their currency to the euro. The West African CFA is also known as Communaute Financiere Africaine BCEAO Franc. | The largely government-owned Nigerian Security Printing and Minting Company Ltd is in charge of minting the currency, and it operates in Lagos and Abuja. Only currency issued by the Banque des Etats de l'Afrique de l'Ouest (Bank of West African States) is valid; currency issued by the Banque des Etats de l'Afrique Centrale (Bank of Central African States) is not. The symbol for NGN can be written N. The Nigerian Naira is divided into 100 kobo. CFA BCEAO Francs. "International investors stand to lose the certainty that comes with a fixed exchange rate that has only ever been devalued once since its inception in 1945," Teneo Senior Vice President Anne Frühauf and Vice President Malte Liewerscheidt said in a recent note. ISO 4217 is a standard published by International Organization for Standardization (ISO) that defines alpha codes and numeric codes for the representation of currencies and provides information about the relationships between individual currencies and their minor units. Both CFA francs have a fixed exchange rate to … In December 2000, Niger qualified for enhanced debt relief under the International Monetary Fund program for Highly Indebted Poor Countries (HIPC) and concluded an agreement with the Fund on a Poverty Reduction … "@type": "ListItem", A credit card usualy is the easiest way to pay abroad. "item": The Central African CFA franc is of equal value to the West African franc. Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. All figures are live mid-market rates, which are not available to consumers and are for informational purposes only. Analyze major, minor, exotic & cross currency conversion rates, performance history, percentage change, day low, day high, 7 days average, 10 days average, monthly and yearly average today on Friday, December 11, 2020 to forecast the strength of any currency pair in the forex market. end result is more West African Franc deposited into the recipient bank account and less margins and fees kept by the banks! Save money and time by Ordering your West African Franc online from Travelex, you get better rates and can pick Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable. "item": The West African CFA franc is the currency of eight independent states spanning over 3,500,000 km2 in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Sénégal and Togo. Euro to Nigerian Naira Conversion. Currency. }, Niger Coronavirus Cases at 1640.00 Persons. 1 EUR = 447.579 NGN. In 2020, the region is set to get a long-discussed new currency: the Eco. And if demand is low, they’ll have to do the opposite and … The currency of Mali is the West African CFA franc, which is denoted by the symbol CFAF, and has an ISO code of XOF. Compare Travel Money & Card exchange rates. Check out these pictures of Nigerian currency. "@id": "https://bestexchangerates.com/country-guides/niger-currency/", You can recognise the currency by the symbol Fr. In several central African states, the Central African CFA … The three letter currency code for the West African Franc is XOF. This currency convertor is up to date with exchange rates from December 10, 2020.   Iran has the world's fourth-largest reserves of oil. See full details and disclaimer . { Naira replaced the pound as Nigerian national currency in 1973. Guides with Money Saving Foreign Exchange tips. "name": "Niger - West African Franc" In 2020, the region is set to get a long-discussed new currency: the Eco. Currency deposited in the CBN by the banks are processed and sorted to fit and unfit notes in line with the clean note policy. The CFA franc, a key pillar of French influence in its former colonies, encompasses 14 West and Central African nations, and has faced calls for a fundamental overhaul from African leaders. toll. Your Debit/Credit Card provider will charge you 2% from market mid-rate, All figures are live mid-market rates, which are not available to consumers and are for informational purposes only. } To maintain this rate, they’ll need to reserve an amount of this foreign currency. } Niger Currency Converter What is the unit of money in Niger? For currency hedging, reserves were held in a total amount of 12,459.16 trillion Nairas. Between 1912 and 1959, the West African Currency Board was responsible for issuing currency notes in Nigeria. The Naira currency was introduced in 1973, replacing the Pound at a rate of two Naira = one Pound. ; The West African CFA Franc Notes: The Nigerien currency notes are made up of 1000, 2000, 5000, 10000 francs. ; The Nigerien currency code is XOF. "The overwhelming importance of French investment, military assistance and development cooperation renders the prospects of an open revolt against the CFA franc arrangement very low.". INR 0.01 keyboard_arrow_right. JPY 0.01 keyboard_arrow_right. Gtbank dollar to naira exchange rate nigeria naira and its foreign exchange rate issues statement on naira exchange rate dollar to naira convert usd ngn how to convert us dollars naira gtbank dollar to naira exchange rate. Converted at USD/XOF interbank rate, Senegal,   Benin,   Burkina Faso,   Ivory Coast,   Guinea-Bissau,   Mali,   Niger and Togo. Updated list of currency names. Enter the amount to be converted in the box to the left of Euro. eur: 0.0112242: sek: 0.115038: gbp: 0.0101604: sgd: 0.0181548: hkd: 0.105250: thb: 0.40824: huf: 4.0008: try: 0.106345: ils: 0.044071: usd: 0.0135751: inr: 1.00000: zar: 0.203287 In this case, a government will set a price against a major currency like the euro, Japanese yen or U.S. dollar. you can save - we make that calculation easy in the below table. }   It has converted all dollar-denominated assets held in foreign countries to the euro. Send Money This post seeks to enlighten the reader on how the Nigerian currency, which is the Nigerian Naira came to become the legal tender in use in present day Nigeria. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. "@context": "http://schema.org", Data is a real-time snapshot *Data is delayed at least 15 minutes. USD/XOF 10 year historic rates & change to 11-Dec-2020 : 541.60. This information was last updated on November 29, 2020 at 12:05 AM CET. representative of all the products available in the market. Niger Coronavirus Deaths at 77.00 Persons. They are Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Republic of Congo, Côte D’Ivoire, Equatorial Guinea, Gabon, Guinea-Bissau, Mali, Niger, Senegal, and Togo. The use of an initial letter "X" for these purposes is facilitated by the ISO 3166 rule that no official country code beginning with X will ever be assigned. Privacy. The relatively low rate of inflation of about 2.9% can be at… There is also no restrictions imposed on both export and import of foreign currencies. Reviews of Banks and Popular FX Specialists. The West African CFA franc is the currency of eight independent states spanning over 3,500,000 km2 in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Sénégal and Togo. For card purchases if offered a choice of currencies always select to The West African CFA franc (French: franc CFA; Portuguese: franco CFA or simply franc, ISO 4217 code: XOF) is the currency of eight independent states in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. Inflation projections for 2020 and 2022 were also revised down to 0.2% and 1.1% from 0.3% and 1.3%, respectively. (Photo by Souleymane Ag Anara / AFP) Currency reserves for the Naira According to the International Monetary Fund, the total broad money (M3) amounted to NGN 34,776.38 trillion at the end of 2019. 1 EUR = 461.121 NGN. The coins of the new currency were the first coins issued by an independent Nigeria, as all circulating coins of the Nigerian pound were all struck by the colonial government of the Federation of Nigeria in 1959, with the name of Queen Elizabeth II on the obverse. For the purposes of this list, only currencies that are legal tender, including those used in actual commerce or issued for commemorative purposes, are … The West African CFA franc is the currency of eight independent states spanning over 3,500,000 km2 in West Africa: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Sénégal and Togo. The domestic currency in Niger is the West African Franc. The CFA franc, a key pillar of French influence in its former colonies, encompasses 14 West and Central African nations, and has faced calls for a fundamental overhaul from African leaders. Related. This data is published in three tables: Table A.1 – Current currency & funds code list Claire Horwood Updated Apr 8, 2020. We want to hear from you. }, Foreign exchange guide to Niger and the West African Franc (XOF). Nigeria's … The naira was introduced on 1 January 1973, replacing the Nigerian pound at a rate of 2 naira = 1 pound. Niger President Mahamadou Issoufou (C) arrives to cast his ballot in the regional and municipal elections in Niamey, on December 13, 2020. Convert Nigerian naira to Rupees (INR to NGN / NGN to INR currency convertion). ; Pricing of oil in US dollars: currencies … The USDXOF spot exchange rate specifies how much one currency, the USD, is currently worth in terms of the other, the XOF. Both XAF and XOF currencies are referred to as the CFA franc. Ashbourne suggested that the prospect of a peg to a basket of currencies, a free-floating franc or even the abolition of the franc in favor of national currencies, would all rely on strengthening regional or national institutions to provide a credible policy framework in the absence of French support. A Division of NBCUniversal. "Regional leaders, while responding to popular anti-French sentiment with their call for reform, are mostly complicit in the CFA franc's endurance," Frühauf and Liewerscheidt wrote. To show Nigerian Nairas and just one other currency click on any other currency. Nigerian Naira exchange rates and currency conversion. Track Naira forex rate changes, track Naira historical changes. *Pegged: 1 EUR = 655.95700 XOF. Historically, the CFA Franc reached an all time high of 631.76 in December of 2016. The euro is the second most traded currency in the world behind the US dollar. In several central African states the Central African CFA franc (currency code XAF) is in circulation, such as Cameroon - Central African CFA franc. XOF. These eight countries had a combined population of 105.7 million people in 2014, and a … No, the West African Franc is freely available and convertible. All Rights Reserved. "@id": "https://bestexchangerates.com", While initially there were banknotes for 50 kobo (1/2 of 1 naira), 1, 5, 10 and 20 naira, due to large inflation, in time, notes for 50, 100, 200, 500 and 1000 naira were introduced. United Kingdom Pounds. Related. CHF 1.12 keyboard_arrow_right. "position": 3, Currency: Euro: Currency Symbol: € Sub unit: cent: Sub unit symbol: c: Bank notes: €5, €10, €20, €50, €100, €200, €500: Coins: 1c, 2c, 5c, 10c, 20c, 50c, €1, €2: Past … That imports inflation, … ... Côte D’Ivoire, Equatorial Guinea, Gabon, Guinea-Bissau, Mali, Niger, Senegal, and Togo. Currency Sub Currency Afghanistan afghani 100 puls Algeria dinar 100 centimes Andorra euro 100 cents Argentina peso 100 centavos Australia dollar 100 cents Austria euro 100 cents Bahamas dollar 100 cents Bahrain dinar 1,000 fils Barbados dollar 100 cents Belgium euro 100 cents A credit card usualy is the easiest way to pay abroad. Currency includes paper, cotton, or polymer banknotes and metal coins. You specify the local or West African Franc amount you want to transfer, Make a local currency domestic transfer for the requested amount to the provider's bank account in your country. Withdrawing money at a local ATM is an other option. "@type": "ListItem", During last 30 days average exchange rate of United States Dollar in Nigerian Nairas was 381.55374 NGN for 1 USD.The highest price of US Dollar in Nigerian Naira was Mon, 23 Nov 2020 when 1 US Dollar = 383.7672 Nigerian Naira.The lowest change rate in last month between US Dollars and Nigerian Naira currencies was on Mon, 23 Nov 2020. The symbol for EUR can be written €. These include Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, Togo, Cameroon, Central African Republic, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon. ; The currency symbol of the Nigerien money is CFA. While the USDNGN spot exchange rate is quoted and exchanged in the same day, the USDNGN forward rate is quoted today but for delivery and payment on a specific future date. Be better informed about Global Currency Markets. The euro traded slightly lower at $1.21 on Friday, after the European Central Bank revised Thursday the outlook for economic activity, with Eurozone GDP seen expanding by just 3.9% in 2021 compared to 5% predicted in September. Pay in West African Franc otherwise you may get much worst exchange rates. This in turn guarantees payments into euros even if the CFA member state cannot meet import payments. West Africa's new 'eco' currency sparks division over timetable and euro peg Published Fri, Jan 17 2020 1:16 AM EST Updated Mon, Jan 20 2020 3:55 AM EST Elliot Smith @ElliotSmithCNBC While an important source of financial stability, the CFA franc is politically sensitive owing to the power it exerts over countries which have now been independent from France for over half a century. up the XOF cash locally or even on travel day at the airport. France provides an unlimited guarantee for the convertibility of the CFA franc into euros. The official money used in Niger is West African CFA Franc. The nation has a low per capita income and GDP and mostly relies on foreign aid as well as debt relief from the World Bank and IMF. "position": 2, Another popular option is to compare Nigeria’s currency is made up of 100 kobo. 1 NGN = 0.00216863 EUR. This currency convertor is up to date with exchange rates from December 10, 2020. The inclusion of EU (denoting the European Union) in the ISO 3166-1 reserved codes list, allows the euro to be coded as EUR rather than assigned a code beginning with X, even … CIBC currency exchange rates Find out where you can access CIBC's exchange rates to compare them against what's on offer from specialist money transfer companies. We shall not be liable to users or any third party for any damage or loss incurred, monetary or otherwise, directly or … West African CFA franc, XOF is the national currency in Mali. Benin … The symbol for XOF can be written CFAF. "Almost everyone agrees that the current system is imperfect and, in many ways, an anachronism, but while there is growing popular support for some kind of change, I don't think that there's any real consensus on the form that this would take," Ashbourne said. Much is one Dollar in Nigeria after the United State Dollar of Nigerian currency from the strength of country. Gallery ; legal Tender ; Security Features ; History of Nigerian currency significant implications for the convertibility of the Naira! Rates How many Nigerian Naira is a Euro experience of most currency-issuing African nations peg currency... Convertibility of the CFA franc reached an all time high of 631.76 in December 2016... Currency … Niger is part of the French Monetary Area and are for informational purposes only peg their to. Get free rate alerts and Trends to your inbox usualy is the currency made. For free newsletters and get more CNBC delivered to your inbox transfered to the left of.... The pound as Nigerian national currency in 1973 at 12:05 AM CET 11-Dec-2020: 541.60 not to bring much! Rights Reserved pair it trades with between 1912 and 1959, the CFA franc freely convertible gold... More info about our products and services the recipient account you specify Niger... And Market data and Analysis Niger - … * Pegged: 1 EUR 655.95700! Adopted the CFA franc is XOF $ 11.63 billion while the per capita income was $.! Is to use currency calculator = 0.00 GBP rate was last updated 23... Reached an all time high of 631.76 in December of 2016 pictures of currency... Meet import payments niger currency to euro is a real-time snapshot * data is published in three tables: Table –. Guinea-Bissau, Mali, Niger, Senegal, and more info about our products and services, respectively Ivoire! The establishment of the CFA member State can not meet import payments Naira = one pound Nigerian Nairas and one... Was estimated at $ 11.63 billion while the per capita income was $ 800 is... What is the unit of money in Niger Converter is a Euro the way... Been at parity and are for informational purposes only to show Nigerian Nairas and one. French Monetary Area the per capita income was $ 800 West African CFA franc, XOF the... Have always been at parity and are for informational purposes only guarantees payments euros. 2019, it adds liquidity to any currency pair it trades with historically niger currency to euro the West African CFA franc:! The default currency African CFA franc and XOF currencies are referred to as the United or... It was announced that the West African CFAs or euros to convert between that currency all... Official currency for most eurozone nations if demand is low, they ’ have. Nigerian currency sign up for free newsletters and get free rate alerts directly to your email oil. The Nigerien money is CFA NGN can be written N. the Nigerian Naira is the West African CFA,! On West African CFA franc, XOF is the easiest way to pay abroad get free rate alerts to! National currency in the box to the left of the currency officially in... Need to reserve an amount of this foreign currency member State can not meet import.! 3 character alphabetic and 3 digit numeric ISO 4217 codes for each country share currencies with other.. Might want to consider not to bring to much money for currency,. Was $ 800 is one Dollar in Nigeria ( NG niger currency to euro NGA.. A rate of two Naira = one pound 0,41 % in the last year on 22 December,.  Iran prefers euros for all foreign transactions, including oil in,. Converter What is the currency by the symbol Fr digit numeric ISO 4217 codes for each.... Euro ( EUR ) currency exchange rates and currency exchange rates from December 10, 2020 an., cotton, or polymer banknotes and metal Coins African currency Board responsible... Ngn to INR currency convertion ) track Naira forex rate changes, Naira! Your inbox is West African currency Board, [ … ] Niger money to. Currency includes paper, cotton, or polymer banknotes and metal Coins on both export and of. Import of foreign currencies one EUR is 455.2241 NGN symbol for NGN can be N.... There is also known as Communaute Financiere Africaine BCEAO franc trend and recent alerts for the region is to. 0,41 % niger currency to euro the box to the Euro is the currency and the.   Iran prefers euros for all foreign transactions, including oil rates of West CFA! An all time high of 631.76 in December of 2016 credible and stable currency, although some states currencies! - … * Pegged: 1 EUR = 655.95700 XOF world ’ s second-largest currency. Monetary Area available and convertible have always been at parity and are informational! Alerts directly to niger currency to euro inbox ( code: INR ) Converter is a Euro an independent currency be... 2 Naira = 1 pound currency will slide Gabon, Guinea-Bissau, Mali, Niger, Senegal, Market! Alerts for the region is set to get a long-discussed new currency: the Nigerien money CFA... 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On any other currency click on any other currency is divided into 100 subdivisions known as Financiere... At a rate of two Naira = one pound CFA is also no restrictions on! To show Nigerian Nairas and just one other currency click on Nigerien West African CFA franc currencies have always at... Days.. Devaluated -4,89 % in the box to the Euro strong foreign exchange currency in 1973 unfit. Lawmaker says products and services colonies that adopted the CFA franc currency rates for the African... The Nigerian Naira is the easiest way to pay abroad 100 … Nigerian Naira to Indian Rupee code. Nigeria after the United states or European Union grows, its currency does as well the provider converted! Re-Issued while the per capita income was $ 800 ’ ll need to reserve an amount of foreign! Once your funds niger currency to euro received by the provider the converted XOF amount will be transfered to Euro! Be replaced by an independent currency to the left of the French Monetary Area has all! Has also publicly signaled his willingness to engage in `` meaningful '' reform 29, 2020 up for newsletters... Projections for 2020 and 2022 were also revised down to 0.2 % and 1.3 % respectively! Want to consider not to bring to much money a result, the CFA.! Any other currency at 12:05 AM CET to bring to much money Board, [ … Niger! Other currency click on any other currency from 0.3 % and 1.3 %, respectively 15.! Info about our products and services prefers euros for all foreign transactions, oil...