What is the Euro to Naira Exchange rate at the black market? See the black market Euro to Naira exchange rate for 23rd August below. You can swap your dollar for Naira at these rates.
How much is a Euro to naira today in the black market?
Stay Informed about the Euro to Naira Black Market Exchange Rate in Nigeria
In Nigeria, the Euro stands as one of the primary foreign currencies alongside the dominant US Dollar. When engaging in currency exchange, many Nigerians opt for the services of Bureau De Change (BDC) operators or local exchange agents known as “Abokis.” These choices are influenced by the favorable rates offered by these options compared to the rates provided by banks.
On this platform, you will receive daily updates on the Euro to Naira black market exchange rate. As of today’s update, the selling rate stands at ₦980, while the buying rate is ₦965.
|Euro to Naira(EUR To NGN)||Black Market Exchange Rate Today|
Euro to Naira Bank Rate(August 24th, 2023)
Central Bank of Nigeria’s Role in Determining Bank Exchange Rates:
Understanding the Significance of the Apex Financial Institution
The Central Bank of Nigeria (CBN) holds a pivotal role in Nigeria’s financial landscape, wielding authority over the nation’s banking rates. Acting as the apex financial institution, the CBN plays a crucial part in shaping the currency exchange rates within the country.
Based on the official reports from the Central Bank of Nigeria’s exchange rate page, the current exchange rates for the Euro are as follows: The selling rate stands at ₦812, while the buying rate is ₦811. Additionally, the Central Bank rate, as indicated on the same page, aligns with the selling rate at ₦812.
These rates underscore the CBN’s role in regulating and maintaining the stability of currency exchange rates in Nigeria, reflecting the institution’s influence over the financial landscape of the nation.
|Euro to Naira(EUR To NGN)||Black Market Exchange Rate Today in Naira|
Please be aware that the mentioned exchange rates are subject to fluctuations and can change at any given moment. It’s important to note that we don’t have any role in setting these rates; instead, we operate solely as an informational website.
Our aim is to provide up-to-date currency exchange rate information for the benefit of our users.
If you have any questions, drop them in the comment section below also share this article if you found it useful.
Factors Influencing Foreign Exchange Rate
Here are some of the causes of the dwindling Euro-to-Naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.