Euro to Naira Black Market Rate 2023 Today – 1 EUR to NGN For This Month

The black market rate is usually higher than the official exchange rate, and it is often used by individuals and businesses to conduct transactions that cannot be done with the official exchange rate.

Several factors influence the Euro to Naira black market rate in Nigeria. One of the major factors is the demand and supply of foreign currencies in the country.

When the demand for foreign currencies is high, and the supply is low, the black market rate tends to increase. Another factor that influences the black market rate is the political and economic stability of the country.

For instance, during times of political unrest or economic uncertainty, the black market rate tends to be higher than usual due to increased demand for foreign currencies.

1 EUR to NGN For This Month

We will receive daily updates on the Euro to Naira black market exchange rate right here on this page. The current selling rate is ₦990, while the purchasing rate is ₦980.

The Euro to Naira black market rate has significant impacts on the Nigerian economy and individuals. For the economy, the black market rate can lead to inflation, as the high exchange rate makes imported goods more expensive, leading to an increase in the prices of goods and services.

Additionally, the black market rate can lead to a loss of foreign investment, as investors may be discouraged by the unstable exchange rate.

Euro to Naira Black Market Rate 2023 Today

The Central Bank of Nigeria, Nigeria’s apex financial authority, determines the bank rate. According to the Central Bank of Nigeria exchange rate page, the Euro is selling at ₦803 and buying at ₦803, while the central rate from the same page is ₦803.

For individuals, the black market rate can make it more expensive to purchase foreign goods or travel abroad. It can also lead to a loss of value for their savings, as the Naira’s value decreases against foreign currencies.

Overall, the Euro to Naira black market rate has far-reaching impacts on the Nigerian economy and individuals, making it crucial to understand its dynamics.