The Euro to Naira black market exchange rate is the rate at which the Euro is exchanged for the Naira in the black market.
The black market is a parallel market where currencies are traded at rates that differ from the official exchange rate. The black market exists because the official exchange rate is usually not stable.
The black market exchange rate is usually higher than the official exchange rate. This is because the black market is usually driven by demand and supply. The rate goes up when the demand for Euros is higher than the supply.
The Euro Currency
The Euro is the official currency of 19 countries in the European Union and is the second largest reserve currency in the world. It was first introduced in 1999, replacing the European Currency Unit (ECU).
The symbol for the Euro is €, and its ISO code is EUR.
The Euro has become increasingly important as a global currency, with more countries using it as their primary currency or in combination with other currencies.
This has caused its exchange rate to fluctuate and it has become increasingly traded on the foreign exchange market. As a result, the Euro is one of the most actively traded currencies in the world.
The Euro is also widely accepted as a form of payment for goods and services inside and outside the European Union.
This makes it easier for people to travel and do business within the EU without worrying about converting from one currency to another.
Euro to Naira Black Market Exchange Rate Today
Euro to Naira Black Market Rate
Buying @ 1 Euro = 670.00 Naira
Selling @ 1 Euro = 680.00 Naira
Naira to Euro Black Market Rate
Buying 1 Naira = 0.0015 Euro
Selling 1 Naira = 0.0015 Euro
Euro to Naira Official CBN Rate
Buying 1 Euro = 422.00 Naira
Selling @ 1 Euro = 424.00 Naira
Naira to Euro Official CBN Rate
Buying @ 1 Naira = 0.0024 Euro
Selling @1 Naira = 0.0023 Euro
MoneyGram Rates (EUR to NGN)
Receiving @ #467.00 per C1
Western Union Rates (EUR to NGN)
Receiving @ #445.00 per C1
Factors affecting the exchange rate of the Euro to Naira
While the official rate set by the Central Bank of Nigeria (CBN) remains the same, the actual market rate is determined by several factors.
The Nigerian economy has been highly dependent on oil exports, which have been negatively affected by the drop in oil prices in recent years.
This has had an impact on the foreign currency market and has resulted in a depreciation of the Naira against major currencies, such as the Euro.
Additionally, the continued influx of foreign capital into the Nigerian economy can cause the Euro to appreciate against the Naira.
The supply and demand of Euros in Nigeria also affect the exchange rate. If there is a higher demand for Euros than supply, then it will drive up the exchange rate. In contrast, if there is more supply than demand, then it will drive down the rate.
Political instability in Nigeria can also affect the exchange rate. For example, the unrest in some parts of Nigeria has made investors less likely to invest in the country, resulting in a decrease in the demand for foreign currencies, including the Euro.
In addition to these factors, other elements influencing the Euro to Naira exchange rate include interest rates, Central bank activity, Government spending, Foreign investment, The international trade balance, The political situation and inflation levels.
A higher inflation rate typically leads to an increase in the value of a currency, while lower interest rates can lead to a decrease in value.
Ultimately, these factors work together to determine the Euro exchange rate to Naira.
Countries That Use Euro
The Euro is the official currency of 19 of the 27 countries in the European Union, as well as several other countries and micro-states outside of the EU.
This list of countries that use the Euro is extensive, and each country has its own regulations and customs when it comes to using and trading the Euro.
The Euro is used as the official currency in:
- Andorra (not EU member)
- Monaco (not EU)
- Montenegro (not EU)
- San Marino (not EU)
- Vatican City (not EU)
How to get the best Euro to Naira exchange rate
If you’re looking for the best Euro to Naira Black Market Exchange Rate Today, you should consider a few things.
First and foremost, you need to understand the difference between the official exchange rate and the black market exchange rate.
The official exchange rate is the rate that is set by the Central Bank of Nigeria, while individuals and unofficial sources determine the black market rate.
One way to get the best Euro to Naira Black Market Exchange Rate Today is to compare different exchange rates online. Many websites provide information about the latest exchange rates, so it’s important to do some research and find out which sites offer the best deals.
It’s also a good idea to keep an eye on the news and stay up-to-date with economic events in Nigeria, as this can impact the black market exchange rate.
Finally, you should always be careful when dealing with unofficial sources and ensure that you only use reputable and reliable exchange services. It’s also important to note that the exchange rate can fluctuate quickly, so it’s important to stay alert and make sure you are getting the most competitive rate available.
By taking these steps, you can make sure you get the best Euro to Naira Black Market Exchange Rate.
Euro to Naira Black Market Exchange Rate FAQS
What is the bank exchange rate today?
Today’s Dollar to Nigerian Naira Exchange Rate: 1 USD = 443.8802 NGN
How much is 500 euro to a Naira?
As of 05:00 AM UTC, 500 euros is equivalent to 233,958.99 (NGN), or two hundred thirty-three thousand nine hundred fifty-eight naira 99 kobo.
How much is 100 euro to a Naira?
As of 04:00AM UTC, one hundred euros is worth 46,786.50 (NGN), or forty-six thousand seven hundred eighty-six naira fifty kobo.
How much is $100 in Black market today?
In the black market, $100 is currently worth 74,500 (Naira).
The Euro to Naira black market exchange rate today is a constantly changing figure, so it’s important to stay up to date with the latest rates.
It can be helpful to use a trusted source like a professional currency exchange service or a reliable website to make sure you’re always aware of the current exchange rate.