The Ghanaian Cedis is the official currency of the Republic of Ghana. Ghana is a West Africa country that shares a border with Togo, Cote d’Ivoire and Burkina Faso.
Cedi was first introduced in Ghana in July 1965 by Kwame Nkrumah, the first president of the Republic of Ghana. The introduction of Ghana Cedi was to replace the British pounds, shillings and pence. Since the introduction of Cedis, it has undergone several transformations from 1965 to 2007.
Understanding the Ghanaian Currency
The Ghana Cedi comes in coins and notes. The Bank of Ghana is the central bank that is responsible for producing the Ghana currency.
The Word Cedi comes from the cowry shell. It is a seashell and the old traditional currency which were in use in Africa before colonization and before the introduction of banknotes.
After many years of inflation, in 2007, the Bank of Ghana devalued her currency from 10,000 old Cedis to 1 Cedi. This was done by removing four digits (zeros) from their currency. That is, effective from 1st July 2007, ten thousand Cedis automatically becomes 1 cedi.
The Notes are Cedis while the coins is in Pesewas. A hundred pesewas make 1 Cedi.
Compare the Nigerian Naira to The Ghanaian Cedis
The three Generations on Cedis
The cedi came into existence in 1965 as a replacement for the British Pound.
The second generation of Ghana Cedis came after the coup in 1967. The new currency was introduced by the military. New notes were introduced to wipe off the face of the first president of Ghana from the Ghanaian currency.
The new Ghana cedis came as a result of the devaluation of Ghana currency in 2007. It became the third generation of Ghana cedis. The reason for the introduction of the New Ghana cedi was to devalue the currency. After the devaluation, ten thousand cedis became one Ghana Cedi.
The Symbol of Ghana Currency
The Ghanaian Cedi is also known as the GHC. The Symbol of the Ghanain currency is GH₵. It comes in both coins and notes.
The coins are in 1, 5, 10, 20, 50 pesewas
The Ghana Cedis also comes in 1, 5, 10, 20, 50, 100, 200 cedis.
The Nigerian Currency
Naira is the official Nigerian currency. The Central bank of Nigeria is responsible for issuing this legal tender. The Nigerian Naira was officially introduced on January 1st 1973. The Naira was named after Nigeria by Chief Obafemi Awolowo. The Nigerian currency comes in Notes and coins known as Naira and kobo. However, due to the low economic value of the coin, the coin is currently not in circulation.
The Symbol of the Nigerian currency is ₦.
Comparing The Nigerian Naira and Ghana Cedis.
Conversion rates Ghanaian Cedis to Nigerian Naira
1 Cedi is 91 Naira
5 Cedi is 455 Naira
10 Cedis 910 Naira
20 Cedis is 1,820 Naira
100 Cedis is 9,100 Naira
200 Cedis is 18,200 Naira
500 Cedis 45,500 Naira
1000 cedis is 91,000 Naira (1000 cedis to Naira)
10,000 Cedis is 910,000 Naira
Conversion rates Nigerian Naira / Ghanaian Cedi
1 NGN is 0.011 Cedis
10 NGN is 0.110 Cedis
20 NGN is 0.220 Cedis
50 NGN is 0.550 Cedis
100 NGN is 1.1 Cedis
200 NGN is 2.2 Cedis
500 NGN is 5.5 Cedis
1000 NGN is 11 Cedis
10,000 Naira is 110 Cedis
100,000 Naira is 1100 Cedis