Euro To Naira Black Market Rates Today 15th April 2023
The Euro is one of the world’s strongest currencies and owning Euro notes in Nigeria is considered a luxury due to its high exchange rate. However, the black market is the primary source for buying Euro notes in Nigeria, despite the higher exchange rate than the CBN rate. In this article, we will provide the current black market rate for the Euro-Naira pair in Nigeria, the history of the exchange rate, and the reasons behind the Euro’s strength.
Current Euro to Naira Black Market Exchange Rate
As of April 15, 2023, the black market rate for the Euro-Naira pair in Nigeria is €1 = ₦805 (selling) and €1 = ₦790 (buying). It’s important to note that the exchange rate may vary, and the CBN does not recognize black market rates. Still, being informed about current exchange rates can help you negotiate better when buying products.
Euro to Naira Exchange Rate History
Knowing the history of the Euro-Naira pair can give you an idea of the improvement and decline of the Nigerian economy and the Naira’s value. In 2022, the average exchange rate for the Euro-Naira pair was 468.61 in January and increased to 471.971 in February. However, it decreased to 457.99 in March and continued to decline to 471.92 in December. In the past, the Euro-Naira exchange rate has fluctuated. In 2010, €1 was equivalent to ₦160.34, while in 2021, it was ₦477.27.
A Brief History of the Euro
The Euro was established in 1999 as a non-cash monetary unit, and it became the sole currency of the 12 EU member states in 2002. The Euro is the official currency of 19 European countries, and it’s the second most crucial currency globally and the second most used currency in the world. The Euro’s strength is due to its influential role in international trade, representing some of the most powerful economies in the world. Additionally, the Euro is not pegged to any other currency, and more than 25 countries peg their national currencies to the European Union.
