Rand To Naira Exchange Rate & Black Market – January 2020
This post updated on a daily basis to make sure that it is always accurate. We update this article immediately there is a change in the exchange rate between the Nigerian Naira and the South African Rand.
The post contains all Rand to Naira and Naira to Rand exchange rate variables that exist in Nigeria. Here you will find the Rand to Naira Black Market Rate, Rand to Naira Official Exchange Rate, Bank Rate, and CBN rate.
Rand to Naira Black Market Rate
- Buying @ 1 Rand = 22.00 Naira
- Selling @ 1 Rand = 29.00 Naira
Naira to Rand Black Market Rate
- Buying @ 1 Naira = 0.045 Rand
- Selling @ 1 Naira = 0.034 Rand
Rand to Naira CBN Rate
- Buying @ 1 Rand = 20.84 Naira
- Selling @ 1 Rand = 20.91 Naira
Naira to Rand CBN Rate
- Buying @ 1 Naira = 0.048 Rand
- Selling @ 1 Naira = 0.047 Rand
Some Facts About The Rand
The sign of the Rand is R, and code is ZAR. The rand currency is used by is South Africa. The South African rand is subdivided into 100 cents, which has “c” as its sign.
The ISO 4217 code is of the rand is ZAR. The name. ZAR came from Dutch Zuid-Afrikaanse Rand, which also means South African Rand.
The Rand is legal tender in the some Common Monetary Area between South Africa, Namibia, Swaziland, and Lesotho.
Although the last three countries, Namibia, Swaziland and Lesotho, do have their currencies pegged at par with rand.
The Rand was introduced in the-then “Union of South Africa” on the 14th of February 1961. It was three months before the Republic of South Africa was established.
A Decimal Coinage Commission was set up in the year 1956 to consider and make recommendations on the move away from the denominations of the pounds, shillings, and pence. The recommendation was submitted on the 8th of August 1958.
It replaced the South African pound as legal tender, at the rate of 2 Rand equals to 1 pound or 10 shillings to the Rand.
The government introduced a mascot, Decimal Dan, “the Rand-cent man” it was known in Afrikaans as “Daan Desimaal.”
It was accompanied by a very popular radio jingle, in other to inform the public about the new currency.
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Related Tags: rand to naira today | rand to naira black market | south african rand to naira | 20 rand to naira | 100000 naira to rands | rand to naira cbn rate |3000 rands to naira | 1000 south African rand to naira.