The naira is the currency of Nigeria. One naira is divided into 100 kobo. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the volume of money supplied in the economy in order to ensure monetary and price stability.
Kobo is a subunit or hundredth unit of the Naira, meaning one hundred kobos equivalent to a single Naira (100k=N1). At present, Naira coins are no longer in circulation due to huge devaluation that began in 2004 when the His Excellency Charles Soludo was the Governor of the Central Bank of Nigeria (CBN). The Central Bank has also stopped the production of the Coins as carrying just a hundred units of it poses stress to the people.
The Rand
The South African rand (ZAR) is the national currency of the country of South Africa, with the symbol ZAR being the currency abbreviation for the rand in foreign exchange (forex) markets. The South African rand is made up of 100 cents and is often presented with the symbol R.
Today, at the Import and Export (I&E) window, the South African Rand has reportedly surged massively against the Nigerian Naira trading at an exchange of:
R1 = N23.8661 (Buying)
R1 = N23.9214 (Selling)
In case you are not aware
- The I&E window is used to refer to the Import and Export window.
- Naira (N) is the official currency of the Federal Republic of Nigeria which is also equivalent to hundred kobos represented by the letter K.
