Ghana's currency took another wild ride on Tuesday as the cedi bounced around against major world currencies. Money changers saw the dollar trade at an average of 10.32 cedis when people wanted to buy and 10.98 cedis when they wanted to sell. The local currency kept everyone guessing with its ups and downs throughout the day. Cedirates.com tracked all these numbers as they changed from hour to hour. Currency traders watched their screens closely as the market moved back and forth.
Forex bureaus across the country set their own prices for dollar deals. These street-level money changers asked for 12.30 cedis when customers wanted to buy dollars and 12.70 cedis when they wanted to sell them back. The Bank of Ghana set much lower official rates at 10.30 cedis for buying and 10.32 cedis for selling. This gap between official and street prices tells the real story of what people pay for foreign cash. Smart shoppers noticed the difference and planned their money moves carefully.
British pounds and euros also found their way into the mix with their own price ranges. Forex bureaus wanted 13.94 cedis for pound purchases and 14.88 cedis for pound sales. The central bank pegged the pound at 14.13 cedis on the official market. Euro traders could get 11.99 cedis when buying and had to pay 12.76 cedis when selling at local bureaus. The official euro rate stayed steady at 12.12 cedis per euro.
Money transfer companies LemFi and Afriex offered competitive rates for people sending cash from America or Britain to Ghana. Both companies quoted 10.30 cedis per dollar for international transfers. LemFi and Afriex set their pound rates at 14.13 cedis and 14.21 cedis respectively. Digital payment services charged 11.13 cedis per dollar for Netflix and Spotify subscriptions through Visa and Mastercard.
Forex bureaus across the country set their own prices for dollar deals. These street-level money changers asked for 12.30 cedis when customers wanted to buy dollars and 12.70 cedis when they wanted to sell them back. The Bank of Ghana set much lower official rates at 10.30 cedis for buying and 10.32 cedis for selling. This gap between official and street prices tells the real story of what people pay for foreign cash. Smart shoppers noticed the difference and planned their money moves carefully.
British pounds and euros also found their way into the mix with their own price ranges. Forex bureaus wanted 13.94 cedis for pound purchases and 14.88 cedis for pound sales. The central bank pegged the pound at 14.13 cedis on the official market. Euro traders could get 11.99 cedis when buying and had to pay 12.76 cedis when selling at local bureaus. The official euro rate stayed steady at 12.12 cedis per euro.
Money transfer companies LemFi and Afriex offered competitive rates for people sending cash from America or Britain to Ghana. Both companies quoted 10.30 cedis per dollar for international transfers. LemFi and Afriex set their pound rates at 14.13 cedis and 14.21 cedis respectively. Digital payment services charged 11.13 cedis per dollar for Netflix and Spotify subscriptions through Visa and Mastercard.
