Top 6 Most Popular Foreign Exchange Currencies In Nigeria.
Previously we’ve published a detailed guide on Top 15 Money Converters You Must Know and the recommendation rate has been so exciting.The foreign exchange market is one of the biggest and most liquid markets in Nigeria, with billions of Nairas been exchanged on any given day between thousands of Nigerians. It is the prayer of every business minded person to be able to do business on an international scale and this in itself is a good desire. the major challenge with running foreign transactions is the need for an accurate conversion of currencies into the correct local equivalent. Those who currency traders and mostly referred to as Bureau operators are available and useful but an intelligent and well vast businessperson understands that to a large extent the best deals need a bit of verification and cross checking. Other times,persons who specialize in international trade may need an instant update wherever they may be. This is why it’s of uttermost benefit that there’s a host of currency conversion apps available for Android smart phones,Apple iPhones and systems.
The foreign exchange market in Nigeria covers all of these aspects: buying, selling and exchange of different currencies at a determined or current price. The exchange rate in Nigeria and globally is determined by this market.
Based on exchange transactions volume, here is a quick look at Six (6) most popular foreign currencies in Nigeria.
Before we proceed, let us consider few benefits of currency converter apps;
Benefits of Currency converter Apps
Currency converter Apps are a quick and easy way to see live market exchange rates at the click of a button, convert international currencies and do business with multinationals within and outside the shores of the country.
We are going to be listing here for your knowledge and reading pleasure, five benefits of Currency converter Apps.
Five benefits of Currency converter Apps
- The Currency converter app is specifically programmed to do the entire task of monetary calculations for the user and because these apps are synchronized with the internet, they get the updated rate of exchange at all times, leaving no room for discrepancies. No currency exchange or transaction is ever possible without a good currency converter, at least to the best of our knowledge.
- Currency converter Apps come in handy, are simple, are accurate and are fast to be employed in any situation as the user just has it either directly on his smart phone or computer system, providing him/her quick and real time access to doing business within and outside the shores of the country without fear of making human error that is a characteristic of most this transactions.
- Currency converter Apps are mostly free and come ad free too. They are ingrained with the unique feature that links all of them to a currency page online. Which proofreads them with the needed database that allows you discover in-depth the knowledge of individual currencies. Most of these converter Apps follows every currency being traded and offers a multiple-currency display to help you keep track of relative trends simultaneously and keeping you updated as well.
- Currency converter Apps are able to handle a large number of popular currencies, it also has in built in it, several options that would make it appeal to a large number of business people. It has the ability to beoperated in offline mode – to save on the bandwidth and data time. In addition, it can track changes in the international markets and display it as a graph, helping to predict future trends and giving analytics. Paired with a constant update of currency news, this if you will agree with me is a major benefit of Currency Converters that exist as apps.
- Currency converter Apps can be depended on for accurate and fast information. It is dependable to provide information on real time. These apps have and easy to navigate, pleasing and easy to use interface,presents the latest data on world currencies and precious metals. Users can even have all such data tracked in real-time.
1. The U. S. Dollar (USD).
The most popular foreign currency in Nigeria, as well as the whole world, is the United State of America currency popularly known as the US Dollar. The currency code is USD and its symbol is generally regarded as the dollar sign ($).
Due to the U.S. Dollar’s global acceptance, many other countries use the US Dollar as their official currency in lieu of a local currency while some use it as an alternative form of payment. The central bank that controls this currency is called the Federal Reserve System or simply Federal Reserve.
The popularity of the US Dollar in Nigeria is due to the power that the currency carries as the number one most traded currency in the world and also because it is used as the standard currency for most commodities money can buy.
2. The Euro (EUR).
The Euro is another strong foreign exchange currency in Nigeria after the United State Dollar. The currency is also the second largest and second most traded currency in the global foreign exchange market.
Among the 28 members of the European nation, 19 out the 28 use Euro as their official currencies. The currency code for Euros is EUR, and the symbol for the currency is €.
Aside from being the official currency of most European nations, many nations within Europe and Africa peg their currencies to the Euro so as to stabilize the exchange rate. The currency is regulated by the European Central Bank.
3. The British Pound (GBP).
Another popular foreign exchange currency in Nigeria is the British Pound also known as the Pound Sterling or by the nickname “The Queens Currency”.
Pounds is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha. The currency code of the Pound is GBP and the symbol of the currency is £.
Due to its high value relative to its peers, the pound is also an important currency benchmark for many nations and acts as a very liquid component in the forex market. Pounds uses coins and banknotes. The Bank of England is the central bank in charge of British currency.
4. The Canadian Dollar (CAD).
The Canadian Dollar is which is the official currency of Canada stands as the 4th most popular foreign currency in Nigeria. Approximating to over 2% of the global foreign exchange market, the Canadian Dollar is also one of the most traded currencies glocally. Countries such as Saint Pierre and Miquelon unofficially use the Canadian Dollar.
It is also one of the top traded currency in the foreign exchange market in Nigeria. The currency code is CAD and the currency symbol Is $ or C$. The Canadian Dollar banknotes are$5, $10, $20, $50, $100 while the coins are also as follows, 5¢, 10¢, 25¢,$1,$250¢, 1¢. “Bank of Canada” controls the flow of money in Canada.
5. The Ghanian Cedi (GHS).
The 5th most popular currency in Nigeria foreign exchange market is the Ghanaian Cedi. It is the most commonly Africa traded currency by in Nigeria. The currency code is GHS and the currency symbol is GH¢.
The Ghanaian Cedi has its plural form as Cedis. This currency uses both banknotes and coins. The banknotes of Ghanaian Cedis are GH₵ 10, Gh₵ 20, Gh₵ 5, Gh₵ 1, Gh₵ 2, Gh₵ 50 while the coins are GH₵1, 10 Gp, 50 Gp, 1 Gp, 20 Gp, 5 Gp. The central bank of Ghana that issues Ghanaian Cedis is called Bank of Ghana.
6. The South African Rand (ZAR).
Due to the relationship between Nigeria and South Africa, the South African Rand is ranked as the 6th most popular foreign currency in Nigeria. The Rand is the official currency of South Africa. The currency code is ZAR and the currency symbol is R.
The central bank of that manages and regulate the currency is known as the South African Reserve Bank. The Rand is legal tender in the Common Monetary Area between South Africa, Swaziland, Lesotho, and Namibia, although the last three countries do have their own currencies pegged at par with rand. This currency uses both coins and banknotes. The coins are 20 cent euro coin, 10 euro cent coin, R1, 50c, R5, R2 while the banknotes are 20 cent euro coin, 10 euro cent coin, R1, 50c, R5, R2.