See the current Euro to Naira Black Market Exchange Rate for Today: The black market is usually volatile due to many factors such as economic crises, volatility from overseas, changes in economic policy, and many more.
The conversion rate of yesterday could have a new rate today, this is one of the major reasons to always know the updated rate for conversion of Euro to Naira or vice versa before going to the Aboki Fx Spot at the Black Market.
If you deal in foreign exchange transactions often, we advise you to save or bookmark this page to always get the updated rate for exchange between Euro and the Nigerian currency.
What is Euro to Naira?
The euro currency is adopted as a legal tender of 19 member states of the European Union (EU). The EU has 27 countries that come together to form an economic and political union. The EU countries include France, Belgium, Italy, Germany, Denmark, Portugal, Malta, Luxembourg, Slovenia, Spain, and Finland.
Euro is the second most actively traded currency in the FX market after the United States dollar. The Euro can be abbreviated as EUR. The symbol of the Euro is €. One EURO is made up of 100 cents.
In Nigeria, it is also one of the foreign currencies that are always traded in the black market as well as other financial institutions. It is also used for international transactions. Euro is another stable currency that hardly gets devalued by political or economic factors that may affect stability.
What is Naira to Euro?
Naira (NGN) is the currency used by Nigerians for the purchase or exchange of goods and services. Naira is often written as NGN while its symbol is ₦.
Kobo is also another legal tender of the good people of Nigeria but has not been so for a long time due to the high cost of things that only fit in well with Naira. However, it is more useful when you are paying online. Kb can be used in place of Kobo. Kobo is equal to one-hundredth of a naira.
For now, Naira has been falling short of what it used to be. The CBN Governor has also expressed concern over the issues. He stated that the major reasons include a drop in crude oil earnings, foreign and portfolio investors retreating from the country. These have made the Naira crash further, although policies have been put in place to correct it, it remains to be seen if this will be resolved anytime soon.
How much is 1 Euro to Naira in the Black Market?
If you are expecting some Euro in physical notes or are interested in knowing the current position of the FX business in Nigeria, you will need answers to the question, “How much can I exchange 1 EUR to Naira from Aboki at Black Market?”
The first rule is never to meet any Bureau De Change Operator or Aboki without knowing the current conversion rate of the Euro to Naira. By knowing the rate, will put you in a better position when trying to convert the EUR to Nigerian currency. It could also work vice versa, which is the Conversion of Naira to EUR.
Once you get the prevailing rate which we will reveal in the next section, then you are now in a position to negotiate with the Aboki at their respective FX Locations or parallel exchange market.
Euro to Naira Black Market Exchange Rate Today
Below is the conversion rate of Euro to Naira as of Today:
|Euro to Naira||Black Market Exchange Rate|
This is the prevailing rate for conversion of EUR to Naira. The exchange rate is unstable and this is why you must always check this page to have an idea of what you will get from Aboki at the black market.
Euro to Naira Black Market Rate is the actual amount you get when you convert one currency for another in the Parallel Market, otherwise known as Black Market. Aboki, as they are fondly called by Sellers and Buyers, are the biggest players in the market and they can be found in every state in Nigeria including Abuja, Kano, Lagos, and Port Harcourt.
People who are looking to sell their Euro will need to have the currency in its physical form. The exchange rate is usually higher than any other method you choose to convert the foreign note. People who own a Euro or domiciliary account can withdraw the currency over the counter.
Another way to have the money in the physical note will depend on the transfer method chosen by the Sender. If the money is sent directly to your Nigerian Bank Account, the conversion rate will be based on the CBN rate which is very low.
CBN Exchange Rate for EUR to Naira Today (NGN)
See the current CBN conversion rate of Euro to Naira (NGN) for Today:
- Buying: 428
- Selling: 429
CBN Exchange Rate for EUR to Naira is the rate by which Euro is priced by the Apex Bank during an exchange.
The exchange rate is regularly published by the Central Bank of Nigeria (CBN) on their official website. The rate is for individuals and businesses to make informed decisions.
If you are always finding the need to check the current rate at a regular interval, we will implore you to stay close to this page as we will regularly update you with the information.
Bank Euro to Naira Exchange Rate Today
Bank Euro to Naira exchange rate is the conversion rate set by banks for customers who make payments using their ATM Card on a foreign website.
Every bank in Nigeria has a specific exchange rate. For instance, you may be surprised to see the rate at one bank is different from another. If you are using multiple banks, you can always ask your banks for their current conversion rate when paying for goods and services. This will help you choose the best one for online purchases.
1. What is Euro to Naira conversion?
Euro to Naira conversion is also the same as Exchange Rate. They can be used interchangeably in context. However, when going to the black market, you should use Exchange Rate instead of Conversion Rate.
By definition, Euro to Naira is the swapping of a foreign currency, Euro to Nigerian currency, or vice versa.
2. How much is 500 Euro to Naira?
The amount you get on 500 Euro to Naira will depend on the conversion rate of One EUR. Once you have a figure, you can go ahead by multiplying the exchange rate by NGN500 to get the figure. It is the same for 100 Euro to Naira, 50000 Euro to Naira, or any other pairing.
3. What is the best way to get a good exchange rate for EURO to Naira?
No other method beats the exchange rate offered in the Black Market by Aboki. Right from time, the black market, otherwise known as Black Market has always been the best spot for sellers.
If it can be avoided, avoid using the banks for exchange as the rate is usually poor. If you have a Euro account, otherwise known as a Domiciliary account with your bank, you can always request that money should be sent to the account directly.
Read other related posts
- Dollar to naira black market exchange rate today.
- Pound to naira black market exchange rate today.
- Canadian dollar to naira black market exchange rate today.