Near-accurate Foreign Exchange rates by ₵edi Rates for November 8 Out
While we wait for the BoG rates for November 8, the near-accurate Foreign Exchange rates by ₵edi Rates for November 8 are already out. Ghana Education News has been monitoring the Bank of Ghana’s daily exchange rates against those released by ₵edi Rates since 31st October 2022.
The rates by ₵edi Rates seem to paint a better picture of the prevailing exchange rates on the open market compared with the one released by the bank of Ghana. Often, the BoG rates are on the low side but when you enter the banking halls, the forex bureaus, and the black market with the exchange rates released by BoG with a plus or minus GHS0.50 you will still not get that rate to trade in.
The rates released by the BoG are for interbank transfers whiles the ones by ₵edi Rates seem to be the actual exchange rates on the ground
READ: Ghana has a 50% chance of defaulting on its debt repayment – Fitch.
Foreign Exchange rates by ₵edi Rates for November 8
For Tuesday, November 8th, 2022, ₵edi Rates quoted rates for Dollar, Pounds, Euro and Bitcoin released at 6:25 AM today are as follows.
1 USD ➔ ₵ 14.20
1 GBP ➔ ₵ 16.32
1 EUR ➔ ₵ 14.21
₿ 1 BTC ➔ ₵ 280,740
The BoG rates and the fact that the government does not have control over the supply of foreign currencies are worrying. Look at the reasons why the exchange rates released by BoG may not help matters in this article “BoG has the exchange rates, Aboki has the dollar.”