Euro to Naira Exchange Rate Today
Live Euro to Nigerian Naira Exchange Rate (EUR/NGN) Today
This Euro to Nigerian Naira conversion tool allows you to compare the live inter-bank currency rate with competitive travel money exchange rates available within the foreign exchange markets.
To convert Euros to Nigerian Naira or determine the Euro Nigerian Naira exchange rate simply use the currency converter on the top of this page, which offers fast live exchange rate conversions today!
You can click here to convert from dollars to naira as well.
Frequently Asked Questions
Q: What is the Euro worth against the Nigerian Naira?
Q: Is the Euro going up or down against the Nigerian Naira?
Q: What is 50 Euros in Nigerian Naira?
Handy Conversion Data Table
|Euros to Nigerian-Naira||Nigerian-Naira to Euros|
|1 EUR||403.7935 NGN||1 NGN||0.0025 EUR|
|2 EUR||807.587 NGN||2 NGN||0.005 EUR|
|5 EUR||2018.9674 NGN||5 NGN||0.0124 EUR|
|10 EUR||4037.9348 NGN||10 NGN||0.0248 EUR|
|15 EUR||6056.9022 NGN||15 NGN||0.0371 EUR|
|20 EUR||8075.8697 NGN||20 NGN||0.0495 EUR|
|25 EUR||10094.8371 NGN||25 NGN||0.0619 EUR|
|50 EUR||20189.6741 NGN||50 NGN||0.1238 EUR|
|100 EUR||40379.3483 NGN||100 NGN||0.2477 EUR|
|500 EUR||201896.7413 NGN||500 NGN||1.2383 EUR|
|1000 EUR||403793.4827 NGN||1000 NGN||2.4765 EUR|
|2500 EUR||1009483.7066 NGN||2500 NGN||6.1913 EUR|
|5000 EUR||2018967.4133 NGN||5000 NGN||12.3826 EUR|
|10000 EUR||4037934.8266 NGN||10000 NGN||24.7651 EUR|
What is Exchange Rate?
In finance, an exchange rate is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in relation to another currency. For example, an interbank exchange rate of 114 Japanese yen to the United States dollar means that ¥114 will be exchanged for each US$1 or that US$1 will be exchanged for each ¥114. In this case it is said that the price of a dollar in relation to yen is ¥114, or equivalently that the price of a yen in relation to dollars is $1/114.The government has the authority to change exchange rate when needed.
Exchange rates are determined in the foreign exchange market, which is open to a wide range of different types of buyers and sellers, and where currency trading is continuous: 24 hours a day except weekends, i.e. trading from 20:15 GMT on Sunday until 22:00 GMT Friday. The spot exchange rate refers to the current exchange rate. The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date.
In the retail currency exchange market, different buying and selling rates will be quoted by money dealers. Most trades are to or from the local currency. The buying rate is the rate at which money dealers will buy foreign currency, and the selling rate is the rate at which they will sell that currency. The quoted rates will incorporate an allowance for a dealer’s margin (or profit) in trading, or else the margin may be recovered in the form of a commission or in some other way.
Different rates may also be quoted for cash, a documentary form or electronically. The higher rate on documentary transactions has been justified as compensating for the additional time and cost of clearing the document. On the other hand, cash is available for resale immediately, but brings security, storage, and transportation costs, and the cost of tying up capital in a stock of banknotes (bills).
EURO TO NAIRA EXCHANGE RATE IN BLACK MARKET TODAY
Euro To Naira Exchange Rate In Black Market – 1 Eur to NGN – If you are wondering how much is euro to naira exchange rate in black market, then NaijaQuest is here for you…
Note that when we talk of the black market, we’re not talking of fake money bills.
The exchange rate of Euro to Naira today in the parallel market other wise known as black market is:
- N384 per one euro – Buy Rate
- N390 per One euro – Sell Rate
How Much Is Euro To Naira Exchange Rate Today Black Market
While the exchange rate of Naira to Euro today in parallel market is € per One Naira
This exchange rate is ridiculous, to say the least I mean how would you justify such FX rate? Indeed, some factors come into play to put the FX the Naira at such a drowning position. Some of these reasons would be discussed below and would be advice-able for us as Nigerians to tackle them before it gets out of hand.
Exchange Rate Euro To Naira Black Market History Month Ending
- August 31/2017 – 425 / 431
- September 29/2017 – 420 / 430
- October 31/2017 – 419 / 423
- November 30/2017 – 425 / 430
- December 31/2017 – 420 / 426
- January 31/2018 – 442 / 448
- February 1/2018 – 440 / 445
- March 29/2018 – 440 / 443
- April 30/2018 – 436/442
- May 30/2018 – 420/425
- June 29/2018 – 415/420
- July 31/2018 – 413/418
- August 31/2018 – 410/416
- September 30/2018 – 417/420
- October 30/2018 – 407/412
- November 30/2018 – 410/415
- December 31/2018 – 404/409
- January 31/2019 – 406/411
- February 28/2019 – 404 / 408
- March 29/2019 – 402 / 406
- June 30/2019 – 405 / 408
- July 31/2019 – 395 / 400
- August 30/2019 392/398
Nigerian Naira Currency Conversion Parallel Market Today (Selling)
- 1 Eur = 398
- 10 Eur = 3980
- 20 Eur = 7960
- 50 Eur = 19900
- € 100 = 39800
- € 200 = 79600
- € 300 = 119400
- € 500 = 199000
- € 1000 = 398,000
TOP 10 INTERESTING FACTS ABOUT EURO
We all know about the Euro, although it’s not actually an old currency like the dollar. There are also some amazing facts about it, we do not know about. This article will show you some facts about the Euro currency, you do not know about, but let’s look at a brief history before we know some amazing facts about this currency.
The Euro currency was launched or introduced as an accounting currency on January 1, 1999. The history of this currency started with the acceptance of the Maastricht Treaty. Other countries participated by fixing their domestic currencies to the Euro, the event which took place and means that local currencies were not allowed to fluctuate against the Euro and against each other.
At first, the Euro was launched as electronic currency, it later became a cash currency and also a legal tender on January 1, 2002. The roots of the Euro existed a long time ago in the European Monetary System in 1979 which involved the creation of the European currency unit. On its launch, it replaces the old national currencies.
The Euro was implemented with the goal of creating a stable European economy, the Euro has also helped ease the exchange rate volatility among different European countries, it has also improved economic growth across Europe and offers 1 more integration among the financial markets.
The Euro has actually helped the economic market and it has made a great impact. Now below are some interesting facts about the Euro, I think we should all know about.
- The European Central Bank is authorized to issue euro banknotes and coins. Each country’s national central bank is responsible for producing and circulating them.
- Euro banknotes and coins for public use weren’t introduced until Jan 1, 2002.
- There are seven different banknotes. They come in 5, 10, 20, 50, 100, 200 and other denominations. There are also eight different denominations of coins.
- Each European currency banknote has a standard design on one side and a country-specific design on the other (Still On Exchange Rate Euro To Naira Black Market Today )
- The symbol on the euro was based on the Greek epsilon character, representing “E” for Europe. The two parallel lines through the centre signify stability.
- To date, 16 European Union member countries and approximately 329 million people use the euro.
- Greece has been part of the eurozone, the area comprised of nations that have adopted the euro since 2001. Slovakia was the most recent country to adopt the currency doing so in 2009, Sweden is excepted to be the next.
- The idea of establishing a single currency in Europe was approved upon the signing of the Maastricht Treaty on Feb 7, 1992.
- The EUR was actually launched in 11 countries as a virtual currency used only for non-cash and electronic transactions on Jan 1, 1999.
- Denmark and the United Kingdom was the only European Union member states to opt out of using the euro as currency.
I believe above here are some important facts you can know about the euro. Although during the time of the launch of the currency, there were some problems which were faced during then like the euro has taken away the interest rate as a tool of the fiscal policy, if the local economy slows, this means that the local government cannot lower the interest rates to stimulate growth.
Even with all of these, the euro has helped a lot and besides not all countries in the EU union has accepted it, due to some effects it will have on the economy.
Now, these are some facts, what are your take on this. How do you think the euro has affected the economic growth in European countries?
Some Of The Major Causes Why The Euro To Naira Exchange Rate In Black Market Today Is This High
1. OVER DEPENDENCY ON IMPORTATION
The rate at which we import is quite alarming, we import almost everything and anything they can. In contrast, we export little to nothing compared to what we import. What then do you think is the implication of this? It means our importers would demand more of foreign currencies, therefore, raising their value at the expense of our own Naira.
2. OVER DEPENDENCY ON OIL EXPORT REVENUE
Nigeria as a country lacks economic diversification and only depends on the income gotten from oil. Now with the falling price of oil in the global market as oil had been discovered in other parts of the world, the value of Naira would continue to fall with response to the fall of the oil price except if we diversify our economy.
3. THE EXCESSIVE DEMAND FOR FOREIGN CURRENCIES IN THE COUNTRY.
This is, in fact, one of the primary reasons why Naira is losing it value in the world market. Some businesses in Nigeria now prefer to collect their charges in foreign currencies like the dollars, pounds or euros rather than the currency of the land. This act though frowned upon by the Government, Nigerians still practice it, and this had in turn been the reason for the declining value of Naira.
4. OBSESSION FOR FOREIGN PRODUCTS AND SERVICES
Many Nigerians prefer foreign goods and services to our local products and services. Name it is it education, construction, writings or what have you, this single act had strengthened the foreign currency against our own Naira.
5. LOOTING OF PUBLIC FUND
Over the years, government officials had looted our public fund and instead of them to invest this to at least better the economy, they take this money to foreign countries. This had not helped the Naira.
6. LOST TRUST IN THE ECONOMY
Political instability, skewed government policies, terrorism, and other vices had made many foreign, and even local investors lost interest in the country’s economy, this in itself had devalued the Naira.
The 6 points listed above are some of the major reasons why euro to naira exchange rate in black market today is very high
It is crucial we try our best to stop the Naira from devaluation to protect our dignity and respect as a country by encouraging more of exportation, consumption of local goods and services and prevention of public officers from looting our national funds.
There you have it on “euro to naira exchange rate in the black market today.
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