Dollar To Cedis Exchange Rate Today { January 2019 }

Dollar To Cedis Exchange Rate Today { Black Market / Parallel Market & Official Rate.

To those asking how much is one dollar to the ghanian cedis or dollar to cedi exchange rate today for the month of October 2018.

The exchange rate is not stable so one needs to keep updated with the rate.

So the official exchange rate for dollar to cedi is one dollar to 4.8454 GHS.

Dollar To Ghana Cedis Exchange Rate Today.

1 USD GHS 4.8454 GHS
100 USD GHS 484.54 GHS
10,000 USD GHS 48,454.47 GHS
1,000,000 USD GHS 4,845,447.24 GHS

Little Insight Into The History Of The Cedis.

The Ghanaian cedi (currency sign: GH₵; currency code: GHS) is the unit of currency of Ghana. It is the fourth historical and only current legal tender in the Republic of Ghana. One cedi is divided into one hundred pesewas (Gp).

After it gained independence Ghana separated itself from the British West African pound, which was the currency of the British colonies in the region. The new republic’s first independent currency was the Ghanaian pound (1958-1965). In 1965, Ghana decided to leave the British colonial monetary system and adopt the widely accepted decimalsystem. The African name Cedi (1965-1967) was introduced in place of the old British pound system. Ghana’s first President Kwame Nkrumah introduced Cedi notes and Pesewa coins in July 1965 to replace the Ghanaian pounds, shillings and pence. The cedi was equivalent to eight shillings and four pence (8s 4d) and bore the portrait of the President.

After the February 1966 military coup, the new leaders wanted to remove the face of Nkrumah from the banknotes. The “new cedi” (1967-2007) was worth 1.2 cedis which made it equal to half of a pound sterling at its introduction. After decades of high inflation devalued the new cedi, it was gradually phased out in 2007 in favor of the “Ghana cedi” at an exchange rate of 1:10,000. In 2007 the largest of the new cedi banknotes, the 20,000 note, had a value of about US$2. By removing four digits, the Ghana cedi became the highest-denominated currency unit issued in Africa. It has since lost about 75% of its value.

CHECK OUT  Love Reading? Here are 5 Best Ebook Reader Apps for iPhones and iPad For 2019

Leave a Reply

Your email address will not be published. Required fields are marked *