This article covers the necessary information you need on the Euro to Naira exchange rate in the black market as well as the official CBN rate of Euro to Naira today.
You can convert Euros to Naira at this rate, or you can change them at the most recent prices offered on the black market or the parallel market.
You can get Euros from any commercial bank or currency exchange service, sometimes known as a bureau de change.
Unfortunately, the CBN no longer allows any currency exchange operators that are registered or certified to purchase Euros directly from them. You can not obtain Euros directly from the CBN.
The only places in Nigeria where you may purchase Euros are commercial banks and the black market.
The Euro Currency (EUR)
Countries on the European continent that are members of the Eurozone have adopted the euro as their official currency.
Countries like Austria, Italy, Greece, Malta, Belgium, Germany, France, Finland, Estonia, Portugal, the Netherlands, Spain, Slovakia, Slovenia, and Luxembourg.
On the list of the most powerful currencies in use around the world at present, the euro is now ranked fifth. After the United States Dollar, the Euro is the world’s second most traded currency and the second largest reserve currency.
The United States Dollar is the most traded currency in the world (USD). According to the available data, as of 2013, more than 210 million people all around the world had engaged in financial transactions using the Euro currency.
The Euro can be represented by the sign €, and its inflation rate currently sits at -0.6%.
The Nigeria Naira (NGN)
Nigeria, which is the huge black country in Africa uses the Naira as its national currency. During the 20th century, the Nigerian Naira was consistently ranked as one of the most powerful currencies in Africa.
However, as we have moved further into the 21st century, particularly in more recent years, the situation has become very worse.
The value of the Nigerian Naira to other currencies has been dropping drastically recently. This dropped in the exchange rate of the naira can be attributed to a great number of different factors.
One Naira is equal to one hundred Kobo, and the symbols for the Kobo and the Naira are respectively; Kobo and ₦.
Euro To Naira Black Market Exchange Rate Today
The current exchange rate for euros to nairas on the black market today.
The following is the current exchange rate of one euro to one naira that may be found on the black market:
Buying: 1 EUR at ₦760
Selling: 1 EUR at ₦775
Euro To Naira Official CBN Exchange Rate Today
Exchange Rate of the Central Bank of Nigeria (CBN) for Euros to Naira.
The following is the current Euro to Naira exchange rate that is official from the CBN:
1 EUR = ₦461
Euro To Naira Black Market Exchange Rate Frequently Asked Questions
What Is The Value Of 1 Euro To ₦ 1 In The Black Market?
The current rate of buying 1 euro is ₦ 760 and selling at ₦ 775, while the CBN exchange rate is ₦ 461.
Will Euro Currency Decline Ahead Of 2023?
The value of the Euro has been gradually decreasing. The majority of analysts employed by the world’s largest institutions think that the value of the euro might likely continue to decline in 2023.
What Is Black Market Exchange Rate?
Black market exchange rates are currency conversions that are not based on the officially supplied exchange rate organized by the government.
These rates on the black market are frequently observed when the official rate has just a temporary similarity to the exact conditions of the market.
The exchange rate for euros to naira is not stable due to Nigeria’s economy, which makes other countries’ exchange rates to Nigeria’s exchange rate change constantly.