Euro to Naira Black Market Rate Today

As one of the world’s strongest currencies, Nigerians will find it desirable to own Euro notes due to their current exchange rate.

However, even though the black market rate is more expensive than that of the Central Bank of Nigeria, it remains a popular method of purchasing Euro notes in Nigeria.

What’s the black market rate for EUR-Naira exchange rates in Nigeria? Be aware of the current exchange rates can assist you to bargain effectively and stay an inch ahead when you are looking to purchase items.

Learn more about the current rate of black market in Nigeria.

Euro To Naira Black Market Rate Today (November 9, 2023)

  • €1 = ₦‎805 (selling)
  • €1 = ₦‎790 (buying)

Similar to dollar, the United States dollar, the Naira is in the midst of a crisis and is experiencing a free drop against the Euro on the Forex market.

The current exchange rates indicate how the Naira is not performing well despite numerous interventions by the central bank in Nigeria to boost values of Naira. It may continue to decline.

But, the price that you purchase or sell could vary and even exceed this price range due to the fact that prices fluctuate. It is possible that naira could increase anytime since the value of the Euro is constantly fluctuating.

It’s important to mention that CBN does not recognize black market prices, and the body continues to remind people who shop at forex to contact their respective banks.

    Euro To Naira Exchange Rate History

    It is helpful to know the past of Nigeria Naira and how it compares with other currencies. For instance, by knowing the history of the Euro-Naira currency pair is a good way to get an understanding of the growth or decline of Nigerian economy and Naira.

    It is important to note that the exchange rate for pairs corresponds to the CBN rate, and is different from an exchange rate that is more expensive due to the black market operator’s goal to make money.

    Below is the average exchange rate for the Euro-Naira pair  in the year 2022:

    • January 2022 = 468.61
    • February 2022 = 471.971
    • March 2022 = 457.99
    • April 2022 = 449.68
    • May 2022 = 439.09
    • June 2022 = 439.68
    • July 2022 = 427.56
    • August 2022 = 426.06
    • September 2022 = 424.46
    • October 2022 = 428.26
    • November 2022 = 451.55
    • December 2022 = 471.92

    Source: exchangerates.org.uk

    Year     # Per Euro

    2010     160.34

    2011      217.05

    2012      204.18

    2013      211.57

    2014      219.13

    2015      219.56

    2016      284.64

    2017      378.16

    2018      426.29

    2019      403.20

    2020      434.38

    2021      477.27

    2022      446.24

    A brief History Of The Euro

    Euro is the name of a currency used as a unit of monetary value in the EU. Union(EU). The origin of the Euro can be traced back to the Maastricht Treaty of 1991, an agreement between then 12 EU members now referred to in the European Union. The member countries are countries like the UK, Germany, France, Italy, Belgium, Spain, Ireland, Portugal, Netherlands, Denmark, Greece and Luxembourg. The treaty mandated the creation of a single currency (the Euro). It was also a prerequisite for the establishment the concept of an Economic and monetar Union(EMU).

    The currency was introduced as a monetary unit that was not cash-based in 1999. It was created to make living by allowing users to exchange currency for international and domestic business and travel.

    The economy and financial system are also intended to be shielded from shocks to foreign exchange through the Euro’s international robust role. It seeks to reduce dependence of other currencies and to ensure the reduction of costs for EU firms.

    It was initially only an invincible currency, and was used only to record for purposes. It wasn’t until 2002 that coins and currency notes were introduced into the participating countries.

    Euro was later made the sole currency of 12- EU member states that same year, and the currencies of the countries were no longer legally accepted as tender. Through the years, eight additional countries included Estonia, Latvia, Malta, Slovakia, Slovenia, Cyprus, Greece, and Lithuania later accepted the Euro currency.

    Why is Euro So Strong? 

    Euro is the name of a currency used as a unit of monetary value in the EU. Union(EU). The origin of the Euro can be traced back to the Maastricht Treaty of 1991, an agreement between then 12 EU members now referred to in the European Union. The member countries are countries like the UK, Germany, France, Italy, Belgium, Spain, Ireland, Portugal, Netherlands, Denmark, Greece and Luxembourg. The treaty mandated the creation of a single currency (the Euro). It was also a prerequisite for the establishment the concept of an Economic and monetar Union(EMU).

    The currency was introduced as a monetary unit that was not cash-based in 1999. It was created to make living by allowing users to exchange currency for international and domestic business and travel.

    The economy and financial system are also intended to be shielded from shocks to foreign exchange through the Euro’s international robust role. It seeks to reduce dependence of other currencies and to ensure the reduction of costs for EU firms.

    It was initially only an invincible currency, and was used only to record for purposes. It wasn’t until 2002 that coins and currency notes were introduced into the participating countries.

    Euro was later made the sole currency of 12- EU member states that same year, and the currencies of the countries were no longer legally accepted as tender. Through the years, eight additional countries included Estonia, Latvia, Malta, Slovakia, Slovenia, Cyprus, Greece, and Lithuania later accepted the Euro currency.

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