Price of Euro to Naira Black Market Today

The new exchange rate for Euro to Naira black market today, July 21, 2024 is ₦1,739.725. The euro, alongside other top currencies, has gained at least 46% in value against the Nigerian naira in the last 12 months. The 1 euro to Naira conversion rate refers to the unofficial or parallel market rate at which the Euros currency can be exchanged for the Nigerian Naira.

The rate at which €1 can be bought with naira is an important topic to Nigerians who travel to Europe for business, school, or tourism. Hence questions such as “1 euro to naira in the black market”, “how much is 1 euro in the naira black market” or “How much naira do I need to buy 1 euro”, etc. are common; depending on if the person is buying or selling the euro in Nigeria.

Numerous Nigerians, particularly those in the technology sector, receive their earnings in euros from freelance gigs and permanent remote jobs, frequently converting their earnings to naira at rates provided by local street currency exchangers, known as ‘Aboki’.

Similarly, expatriates from various European nations come to Nigeria with euros that they need to convert to naira through exchange services to make purchases within the country. Conversely, Nigerian parents with children studying abroad in Europe, as well as local entrepreneurs/importers and airline companies, often seek ways to exchange naira for euros to meet their international financial obligations or for repatriation of funds.

In Nigeria, the majority of foreign currency conversions are done through Bureau De Change Operators often referred to as Abokis. BDC exchangers offer better rates than commercial banks and transactions are faster and more convenient. However, Aboki rates are not regulated by the government or central bank and are determined by supply and demand dynamics in the informal currency market.

Euro to Naira Black Market Exchange Rate

The black market exchange rate for Euro to Naira can fluctuate significantly and is often higher than the official exchange rate set by the central bank. This is because the black market operates outside of the regulatory framework and is influenced by factors such as scarcity of foreign currency, economic conditions, and speculative activities.

The Euro to Naira black market exchange rate is commonly used by individuals and businesses who need foreign currency for various purposes, including travel, importation of goods, and remittances. However, it is important to note that engaging in black market currency transactions carries certain risks, such as counterfeit currency, fraud, and legal implications.

It is important to note that engaging in black market currency transactions is illegal in some countries, including Nigeria. The Nigerian government has made efforts to curb the black market by implementing policies to stabilize the official exchange rate and promote transparency in the currency market.

As of today July 21, 2024, 1 Euro to Naira in the black market exchange rate is ₦1,739.725. This means that the 100 Euro to Naira black market rate is equivalent to ₦ 173,972.50 and €1000 equals ₦1,739,725 in Nigeria. See the table below for the detailed breakdown of the Aboki Euro to Naira Black Market Exchange Rate on July 21, 2024.

See the table below for a breakdown of Euro to Naira Black Market Rates today July 21, 2024.

Euro (€) AmountNaira Equivalent (₦)
€1 ₦1,739.725
€5 ₦8,698.625
€10 ₦17,397.25
€20 ₦34,794.50
€50 ₦86,986.25
€100 ₦173,972.50
€1000 ₦1,739,725

The Black Market’s Impact on the Price of Euro to Naira

The black market has a significant impact on the price of Euro to Naira. In Nigeria, the black market refers to the informal and illegal trading of foreign currencies, including the Euro. The black market exchange rate is usually higher than the official exchange rate set by the government.

This is because the demand for foreign currencies, such as the Euro, often exceeds the supply in the official market. As a result, individuals and businesses turn to the black market to meet their foreign currency needs, driving up the price of Euro to Naira.

The black market’s impact on the price of Euro to Naira can be attributed to several factors. Firstly, the black market operates outside the regulations and restrictions imposed by the government. This allows for greater flexibility in setting exchange rates. Traders in the black market can adjust their rates based on supply and demand dynamics, leading to higher prices for Euro to Naira.

Secondly, the black market is driven by the scarcity of foreign currencies in the official market. The Central Bank of Nigeria, which regulates the official exchange rate, often faces challenges in meeting the demand for foreign currencies. This scarcity creates an opportunity for black market traders to exploit the situation and charge higher rates for Euro to Naira.

ALSO READ; Price of Naira to Pounds Black Market Today

Euro to Naira Black Market Today

Monitoring the Euro to Naira black market rate can be useful for individuals and businesses involved in international trade, travel, or remittances. It allows them to have a better understanding of the real value of the Euro in the local currency and make informed decisions. However, it is important to exercise caution when engaging in black market transactions, as they may involve higher risks and potential legal implications.

We have conducted our research properly and have found out that as of today July 21, 2024 the new black market buying rate of the euro is 1,739.725 naira, and the selling price is around 1,749.00 to 1,759.00 naira.

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Ajangbadi, Ojo, Lagos State Lagos, Nigeria.
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