West African CFA Franc to Naira (₦) Black Market Rate Today

West African CFA Franc to Naira (₦): Would you like to know today’s exchange rate from West African CFA Franc to Naira? Well, Don’t worry yourself as we’ve got you covered on it as we will be giving you a recent update on that below.

The exchange rate of West African CFA Franc to Naira in Nigeria has significantly increased, surpassing even the exchange rate of Pounds. This increase is not favorable for Nigerians who plan to travel to France as it makes it more expensive.

The West African CFA Franc and Naira exchange rate has been updated based on the exchange rate in Lagos and Abuja rather than the Abokifx exchange rate. So if you have the intention of buying a West African CFA Franc, you will buy it at the rate of N1,570 on the black market.

If you have some West African CFA Franc to exchange, you will be exchanging it at the rate of N1,570. In order to be specific on the amount and also bring the accurate amount of exchange rate, we had to check what rates dealers are selling the pounds to Naira Exchange rate at Lagos and Abuja respectively, we got to discover, and you can sell your West African CFA Franc at the rate of N1500 and buy the Ghana Cedi at the rate of N1, 570.

If you wish to get more information on the Black market exchange rate of West African CFA Franc to Naira, then you are on the right page. In this guide, I will provide insights on the West African CFA Franc to Naira (₦) Black Market Rate Today. To get more insights, I suggest you stay on this page as all information will be provided below.

West African CFA Franc to Naira (₦) Black Market Rate Today

It has come to our notice that the exchange rate for West African CFA Franc to Naira does not favor Naira as according to the research made, the exchange rate is N1570 and if you intend to sell the currency in Nigeria, you sell it at the rate of N1500.

It has also been made known that Nigeria has undergone a devaluation in recent years. Even when the market fluctuates, the exchange rate does not change so, trying to buy the West African CFA Franc currency from the black market will be really expensive for Nigerians.

On the black market, the Naira trades at N1570 per 1 CFA. It is also important to note the Central Bank of Nigeria does not recognize the black market when it comes to the exchange of money or selling of money. They advise all those who wish to make any money exchange to do so in recognized banks, especially for forex transactions.

West African CFA Franc to Naira Currency

Amount in CFA (XOF)	Black Market XOF to Naira (Naira)
1 CFA (XOF) to Naira	1,570
5 CFA (XOF) to Naira	7,850
10 CFA (XOF) to Naira	15,700
20 CFA (XOF) to Naira	31,400
50 CFA (XOF) to Naira	78,500
100 CFA (XOF) to Naira	157,000
200 CFA (XOF) to Naira	314,000
300 CFA (XOF) to Naira	471,000
400 CFA (XOF) to Naira	628,000
500 CFA (XOF) to Naira	785,000
600 CFA (XOF) to Naira	942,000
800 CFA (XOF) to Naira	1,256,000
1000 CFA (XOF) to Naira	1,570,000
5000 CFA (XOF) to Naira	7,850,000
10000 CFA (XOF) to Naira	15,700,000

Naira to West African CFA Franc Currency

Amount in Naira	Black Market Rate in CFA (Xof)
1 Naira to CFA (Xof)	0.001
5 Naira to CFA (Xof)	0.003
10 Naira to CFA (Xof)	0.006
20 Naira to CFA (Xof)	0.013
50 Naira to CFA (Xof)	0.032
100 Naira to CFA (Xof)	0.064
200 Naira to CFA (Xof)	0.127
300 Naira to CFA (Xof)	0.191
400 Naira to CFA (Xof)	0.255
500 Naira to CFA (Xof)	0.318
600 Naira to CFA (Xof)	0.382
800 Naira to CFA (Xof)	0.510
1000 Naira to CFA (Xof)	0.637
5000 Naira to CFA (Xof)	3.185
10000 Naira to CFA (Xof)	6.369

It is important to note that purchasing West African CFA Franc on the black market is significantly more expensive than the official government rate as it is unregulated. When trying to exchange your West African CFA Franc for Naira or vice versa, you have to be very careful as we have several people even in the black market that could scam you.

It is important to be cautious when purchasing West African CFA Franc, whether online or in person. Make sure you know the source you are buying from and that it is a reputable and trustworthy seller. Take the time to research and verify the legitimacy of the seller before making any payments or purchases.

Check: Top 10 Cheapest Universities in Nigeria

Tips for Exchanging West African CFA Franc for Naira on the Black Market

Here are tips you can easily follow in order to comfortably exchange your West African CFA Franc for Naira.

The first thing you need to do is to only exchange the West African CFA Franc with reputable dealers.
When you might have found a reputable dealer as you have heard from any source, do well to ask for a written receipt for the exchange.
Be updated with the current West African CFA Franc to Naira Black market rate before you exchange your currency.
Try not to exchange a large amount of West African CFA Franc currency at once.

Factors that Affect the West African CFA Franc to Naira Black Market Exchange Rate

We have different factors that could affect the West African CFA Franc Black market Exchange rate and some of those factors include;

Supply and demand for the West African CFA Franc: If the demand for the West African CFA Franc from Nigeria is high, the exchange rate will favor the West African CFA Franc.

This is because the high demand for it means that the currency is being valued in another country. As a result, the value of the Naira will decrease.

The Political and economic situation in Franc and Nigeria: If the economic situation in Nigeria worsens and they continue to rely on importing most of their products from countries using the West African CFA Franc, the West African CFA Franc will become more valuable, causing the exchange rate to favor it, and subsequently resulting in a decrease in the value of the Naira.

If the government consistently depends on the West African CFA Franc for important matters, it will only cause the West African CFA Franc to increase in value much more than the country’s currency.

The Value of Dollar: If the value of the dollar increases, it can also lead to an automatic increase in the value of the West African CFA Franc. In Nigeria’s black market, if the exchange rate of the dollar is low, they may also be willing to lower the exchange rate of the West African CFA Franc.

Check: Stephenson Harward Scholarship

To Sum Up

If you are interested in knowing the exchange rate for West African CFA Franc to Naira well, the exchange rate is N1570 and if you are selling it, you will sell it at the rate of N1500, and with these, it has shown that Nigeria’s currency is gradually losing it value in Franc.

If you wish to get more information on this, you can simply check this page above. If you have any difficulties, do well to DROP A COMMENT and we will reply.

Share with Friends

Author

Dora

This post is authored by Dora Edet, an Editor of Recruitment Portfolio. Boasting over a decade of expertise in the recruitment sector, Dora provides up-to-date information on jobs and recruitment topics, career opportunities, and breaking news stories.

View all posts