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Comparing The Nigerian Naira And The Benin Republic Cefa - Business - Nairaland

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It Is Official That 1000 Cefa Is Now Equal To 1000 Naira / How Much Is Cefa To Naira Exchange Rate Today Black Market / History Of Nigerian Naira, Symbol, Sign And Worth. (2) (3) (4)

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Comparing The Nigerian Naira And The Benin Republic Cefa by travelwaka: 2:53pm On May 14, 2021
If you are visiting A French-speaking African country, there is a huge chance that you will be spending the Cefa. The CFA Franc (Cefa) is the official currency of eight west African countries which includes the Republic of Benin, Togo, Mali, Guinea Bissau, Senegal, Niger, Cote d’Ivoire, Burkina Faso.

In total, the Franc is used by 14 countries in sub-Saharan Africa. Each of these countries belongs to either the West African Economic and Monetary Union (WAEMU) or the Central Africa Economic and Monetary Union.

back in the days , 1 naira used to be between 3 cefa but as of May 2021.

1 Naira is 1.1 CFA
10 Naira is 11 CFA
100 naira is 110 CFA
1,000 naira is 1,100 cfA

Few years ago 1,000 naira will get you 3,000 CFA but today 1,000 naira is 1,100 cefa.


https://www.travelwaka.com/understanding-the-republic-of-benin-currency-the-cefa/



https://www.youtube.com/watch?v=4rwkdRO8hp8

10 Likes 5 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by travelwaka: 2:53pm On May 14, 2021
We need to do something about the Naira

47 Likes 1 Share

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by travelwaka: 2:55pm On May 14, 2021
lalasticlala See the cost of naira and Benin Republic Cefa. Our currency is going on a free fall against every currency.

160 Likes 3 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by aycapri(m): 3:06pm On May 14, 2021
It was crazy when I traveled there last December

81 Likes

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by criuze(m): 3:12pm On May 14, 2021
Okwa ifugo

55 Likes 3 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by heniford2: 3:25pm On May 14, 2021
Nothing will ever make me name my child buhari that name comes with great curse i spit out

279 Likes 15 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by SUPERPACK: 3:39pm On May 14, 2021
We are just suffering from Dutch Disease. It can happen to any country or state. Our inability to diversify from oil kept us were we are now.

135 Likes 7 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by Nobody: 4:08pm On May 14, 2021
travelwaka:
If you are visiting A French-speaking African country, there is a huge chance that you will be spending the Cefa. The CFA Franc (Cefa) is the official currency of eight west African countries which includes the Republic of Benin, Togo, Mali, Guinea Bissau, Senegal, Niger, Cote d’Ivoire, Burkina Faso.

In total, the Franc is used by 14 countries in sub-Saharan Africa. Each of these countries belongs to either the West African Economic and Monetary Union (WAEMU) or the Central Africa Economic and Monetary Union.

back in the days , 1 naira used to be between 3 cefa but as of May 2021.

1 Naira is 1.1 CFA
10 Naira is 11 CFA
100 naira is 110 CFA
1,000 naira is 1,100 cfA

Few years ago 1,000 naira will get you 3,000 CFA but today 1,000 naira is 1,100 cefa.


https://www.travelwaka.com/understanding-the-republic-of-benin-currency-the-cefa/



https://www.youtube.com/watch?v=4rwkdRO8hp8

While.we are comparing the numbers of the curency can we also please compare the purchasing power??
We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.

Let me ask you,
I dollar is = 480naira (what is the purchasing power of both?
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT

If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.

428 Likes 51 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by Funminded: 4:20pm On May 14, 2021
igbosoupkitchen:



... 1 dollar is = 480naira (what is the purchasing power of both?)
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea (coffee, lipton, milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in USA but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala, biscuit, bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria,...


This is so beautiful. I have never really had anyone make me appreciate Nigeria like this.
But truth be told sha, our Naira is getting more useless everyday.

Have you seen how expensive food has become recently?

Modified.
Why are some people quoting and insulting me? Some Wisdom-deprived fellow even called me gullible. It is well.
My update is in simple English and if you fail to comprehend the two views fused as one, I am sorry for you.
I understand you are angry at your nation and especially your figurehead president but please chill. I am not responsible for the sufferings in your country!

174 Likes 10 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by travelwaka: 4:35pm On May 14, 2021
The moment you realize that an IPhone 12 is 1500 dollars where as it's 500,000 in Naira. You realize this analysis is just wrong. Your analysis only make sense to a Foreigner coming to Nigeria. But imagine a Business owner or manufacturer who used to buy a $100 resources at 15,000 when dollar was 150 naira then all of a sudden the same resources after 5 years is still $100 but it will now cost him and 46,000 naira which is triple the original price.

Whenever your currency is going bad it only favours foreigners coming into your country it doesn't favour the citizens.

From your analysis. A foreigner who can only buy 1 bottle water with 1 dollar comes in and all of a sudden he can buy 6, but you who is supposed to buy 6 goes into the international terrain, you can only buy 1.


Lastly if you are talking about purchasing power , you are supposed to pair it 1 naira to 1
dollar and not 1 dollars 480 naira .

Think about this your analysis again.

igbosoupkitchen:


While.we are comparing the numbers of the curency can we also please compare the purchasing power??
We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.

Let me ask you,
I dollar is = 480naira (what is the purchasing power of both?
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT

If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.

717 Likes 83 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by Nobody: 4:57pm On May 14, 2021
travelwaka:
The moment you realize that an IPhone 12 is 1500 dollars where as it's 500,000 in Naira. Yours realize this analysis is just wrong. Your analysis only make sense to a Foreigner coming to Nigeria. But imagine a Business owner or manufacturer who used to buy a $100 resources at 15,000 when dollar was 150 naira then all of a sudden the same resources after 5 years is still $100 but it will now cost him and 46,000 naira which is triple the original price.

Whenever your currency is going bad it only favours foreigners coming into your country it doesn't favour the citizens.

From your analysis. A foreigner who can only buy 1 bottle water with 1 dollar comes in and all of a sudden he can buy 6, but you who is supposed to buy 6 goes into the international terrain, you can only buy 1.


Lastly if you are talking about purchasing power , you are supposed to pair it 1 naira to 1
dollar and not 1 dollars 480 naira .


Think about this your analysis again.



Yes, I am talking about purchasing power and noone pairs 1 dollar to 1 naira, else we wont be having this conversation.

Read your analysis again..

34 Likes 7 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by Nobody: 5:00pm On May 14, 2021
Funminded:


This is so beautiful. I have never really had anyone make me appreciate Nigeria like this.
But truth be told sha, our Naira is getting more useless everyday.

Have you seen how expensive food has become recently?

Now this is the real conversation we should be having, the questions we should be asking..

13 Likes 2 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by thebosstrevor1: 5:14pm On May 14, 2021
travelwaka:
We need to do something about the Naira

But is cefas not pegged to the Euro?

Tell Nigerians to start producing and they should reduce the barriers for manufacturing and exporting, then we gonna have a strong naira.

There was a time, 1 naira used to be 3 yen and 100cfa but as oil prices came down, it affected our currency and now, it is 1 naira = 0.26 yen and 1 naira = 1.33 cfa respectively

13 Likes 2 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by Alejobs: 5:41pm On May 14, 2021
Wow! we need to produce more locally made goods, on my part I refuse to assemble my laptop power banks in china and I told them this can create a job for someone in my country too and on that we stand for the past 4 years now. Even though our production capacity is low, importing ready made goods is not helping matters. We sell external batteries for laptops, phones, fans, and TV and we are proud to say they are designed and built here, 0806.5316.307.

25 Likes 3 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by teamsynergy: 5:42pm On May 14, 2021
Mehn.. naira don suffer oo... The last time I was in Benin republic , #1 was equal to 3 cefa

14 Likes 2 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by Weedhustler: 5:42pm On May 14, 2021
Who naira EPP?.....abeg give me dollar!

4 Likes 2 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by BruncleZuma: 5:42pm On May 14, 2021
grin grin grin grin
Re: Comparing The Nigerian Naira And The Benin Republic Cefa by SeaTrade(m): 5:42pm On May 14, 2021
grin
Because as dollar became scarce in Nigeria,
Currency smugglers now go to those countries to buy dollar to come and sell in Nigeria,chasing the cfa with a lot of naira hence,making the naira valueless.

8 Likes 1 Share

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by Grace001: 5:42pm On May 14, 2021
Naira and cefa is now almost the same. 1k Naira is equivalent to 1,100 francs cfa

1million cfa is equivalent to 880k Naira blackmarket rate

It makes living unbearable for Nigerians in Benin.

The good thing about that country is that inflation is very low, the price of commodities slightly change in price not like Nigeria

12 Likes

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by HealerH: 5:42pm On May 14, 2021
I still don't understand how and why the Naira lost its exchange value so fast.

1 Like

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by ODJ124(m): 5:43pm On May 14, 2021
undecided

Too much reliance on oil lead to this...

Giant of Africa needs to be really innovative and creative...


Thread seen...

3 Likes

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by deepwater(f): 5:43pm On May 14, 2021
igbosoupkitchen:


While.we are comparing the numbers of the curency can we also please compare the purchasing power??
We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.

Let me ask you,
I dollar is = 480naira (what is the purchasing power of both?
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT

If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.


Charlie, stop decieving people biko - You earn before you purchase! Tell them the earning power of the NGN first abeg!!!

Funminded:


This is so beautiful. I have never really had anyone make me appreciate Nigeria like this.
But truth be told sha, our Naira is getting more useless everyday.

Have you seen how expensive food has become recently?

That guy above has only sold some half-truth to you and that is very poisonous and misleading.
The NGN has no value period!

He told you about purchasing power, what he did not tell you is that you have to earn the currency before you can use it to purchase anything.
Did you know that average minimum wage in USA is circa $2,000 p/m (= NGN 960,000) while the average minimum wage in Nigeria is NGN 30,000 p/m =($63).

Place these values on the same table to see how far apart they are

(a) USD 2,000 to USD 63

(b) NGN 960,000 to NGN 30,000

Whichever way you find yourself, you will lose with the NGN!

Bitter truth is that the average minimum wage earner in Nigeria takes about 3 years to earn what his counterpart earns in a month in the USA.

Next time anybody tells you NGN500 will buy you water, meatpie, eegroll, malt, akara and moi moi - just tell him all those stuff are substandard and poorly made food. NGN 500 would never get you a healthy meal,
e get why Heineken cost pass Goldberg but all na Lager

207 Likes 14 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by BigSarah(f): 5:43pm On May 14, 2021
Should we say Nigeria stayed stagnant and Benin Republic caught up or Nigeria Went Backwards extremely.... Now nollywood movies can't even make fun of Cefa anymore...

8 Likes

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by Akwamkpuruamu: 5:43pm On May 14, 2021
We are nothing to write home about in terms of economic development. All that ks to Buharinomics

5 Likes

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by lebete3000: 5:43pm On May 14, 2021
aycapri:
It was crazy when I traveled there last December

Wetin happen abeg?
Re: Comparing The Nigerian Naira And The Benin Republic Cefa by BF69BF: 5:43pm On May 14, 2021
Even Benin for our backyard seems way better than us. The naira is as useless as those in power.

May the man upsky fire the man ruling over Nigeria with repeated thunder.

3 Likes

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by paulolee(m): 5:43pm On May 14, 2021
see Naira wey been equal dollar dt year, see naira wey we take de compare pounds n euros dt year naim dm don take de compare cefa..
na wah o...years from now, na iranian rail dm go use de compare naira o..
as it stands, $1 = 42100 iranian rial....may we not be downgraded like the Nigeria naira..

1 Like

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by money121(m): 5:43pm On May 14, 2021
Ok
Re: Comparing The Nigerian Naira And The Benin Republic Cefa by Oyiboman69: 5:43pm On May 14, 2021
All thanks to buhari and his goons...their profligacy and ineptitude see to it...

7 Likes 2 Shares

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by Farid24224(m): 5:44pm On May 14, 2021
Nigeria all the way.....

God bless Nigeria......

1 Like

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by AdaNri1(f): 5:44pm On May 14, 2021
Now they’re chasing Cefa instead of Dollar cheesy
Next time a man without pedigree asks you to vote based on tribe or religion, use sense.

27 Likes 1 Share

Re: Comparing The Nigerian Naira And The Benin Republic Cefa by IsuaWP: 5:44pm On May 14, 2021
Okay. Seriously this is devastating for a small country like Benin as compared to us.


By the way, want to create a side hustle? Check this out and join others - https://www.nairaland.com/6538698/how-make-money-free-youre

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