Nigeria Naira vs Benin Republic Cefa
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.
While we are comparing the numbers of the currency 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.
What do you think about this ? Let me hear your opinion via the comment box below.