NIGERIAN CURRENCY (NAIRA) VERSUS CAMEROON CURRENCY (FRANCS CFA)
Many times we tend to wonder what are the differences between the Naira and FCFA. Apart from the difference in their names (NAIRA AND FRANCS CFA) what else is the difference between naira and FCFA?. In this article, we will look the differences between Nigerian money (Naira ₦) and the Cameroon money (francs cfa) based on conversion rates between naira and francs, Value of currency (purchasing power of naira vs fcfa), which (Naira or FRS) has a higher purchasing power and more
COMPARING NAIRA AND FCFA
1. BANKNOTES
Naira has 8 bank notes as follows: ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, ₦1000
while
FCFA has the 5 bank notes as follows: 500frs, 1000frs, 2000frs, 5000frs,10000frs.
2. COINS
Naira has 3 types of coins which are:50 kobo, ₦1, ₦2
while
FCFA has 4 types of coins which are: 25frs, 50frs, 100frs, 500frs
3. CURRENCY USED IN
Naira is used in Nigeria while FCFA is used in 10 countries including Cameroon, Mali, Benin, Senegal, Côte d'Ivoire, Togo, Burkina Faso, Niger, Equatorial Guinea, Guinea-Bissau
4. EXCHANGE RATES
1 Nigerian Naira = 1.63 Central African CFA franc as on (22 Jan, 16:00 UTC)
5. VALUE OF CURRENCY (Purchsing power)
Comparing naira and fcfa to US dollars, 1 united states dollar = 592.01 Central African CFA Franc
meanwhile 1 united states dollar = 362 ₦
Naira has a higher money value and a higher purchasing power than fcfa with a lower purchasing power.
Don't understand how? let me explain.
1 USD = 500FRS implies US dollars has a higher money value than FCFA
1 Nigerian Naira = 1.63 Fcfa implies Naira has a higher money value and purchasing power than FCFA.
There we have the basic differences between the Franc CFA and Naira.
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