What is the Euro to Naira black market exchange rate today in October 2022, in this article, we are going to quickly take a look at the euro to naira black market exchange and official rate.
You can use this information to know how much you should sell or buy euro in Nigeria if you want to buy or sell via commercial.
This is to let you know that the black-market purchase and sale of euro in Nigeria are contrary to the Central Bank of Nigeria’s financial laws and policies and are strongly frowned upon.
As such, we advise greatly advise all euro buyers and sellers to stick to the central bank (CBN) exchange rate and always do well to buy and sell with authorized dealers like the commercial banks.
That being said, let’s find out how much a Euro is exchanged (both buying and selling) to Naira at the official and black market exchange rate in June 2022.
In this article by Humortainment, you will find all the information you will need about the Euro to Naira.
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How Much Is Euro To Naira Black Market Rate
Here you can always find the latest exchange rate between the Pounds and Nigerian Naira.
You can check this regularly in order to get an accurate conversion rate. In this case, the current Pounds To Naira Exchange Rate Today in the Black Market, or Aboki as it is widely known, is given below.
Euro To Naira Black Market: Buying : 1 Euro = ₦705 Selling : 1 Euro = ₦712
This simply means that for every 1 EURO you have, you will be exchanging it for ₦705, but if you have Naira and you wish to have EURO, you will exchange ₦712 to receive 1Euro in the black market, or Aboki.
And like I said before, always check this spot for an updated conversion rate of the Euro to Naira.
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Nigeria Naira To Euro Black Market Rate
As you can see right now the Euros to naira black market exchange rate is 712.
Being better informed about current rates help you negotiate better and always be ahead in time each time you step your foot at the local street /exchange market
Note: the exchange rate of Euros to naira in the black market or parallel market is quite much different from the bank rate and the difference is something every one should be worried about which is 712.
Note that when ever there are intervention made by the central banks there might most likely be an appreciation against the Euros, but don’t worry we are here to cover you up by giving you the right rates as reflected on the currency market.
Naira to EURO Black Market Rate: Buying: ₦705 = EURO 1.55 Selling: ₦712= EURO 1.58
CBN Official Rate Of Euro To Naira
The official rate of EURO to Nigerian Naira exchange rate (EURO–NGN) as of 23 Jun 2022:
Official Rate of EURO = ₦455
How Much Is Euro To Naira Today In Black Market | Canadian Dollar To Naira Today
According to our checks for today, EURO is selling for ₦637, which means if you have 1 EURO, you could exchange it for just ₦637.
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How Much Is Naira To Euro Today In Black Market | Naira To Canadian Dollar Today
Naira To Euro Black Market ₦1 = EURO 0.01
Current Rate Of Euro To Naira Black Market Today 2022
We bring to you EURO/NGN (EURO to Naira) exchange rate today from the Black Market Lagos, Nigeria rate:
| EURO | Naira |
| 1 | 705 |
| 5 | 3,185 |
| 10 | 6,370 |
| 20 | 12,740 |
| 50 | 31,850 |
| 100 | 63,700 |
| 200 | 127,400 |
| 500 | 318,500 |
| 1,000 | 637,000 |
| 2,000 | 1,274,000 |
| 5,000 | 3,185,000 |
Current Rate Of Naira To Euro Black Market Today 2022
| Naira | EURO |
| 1 | 0.0016 |
| 100 | 0.1570 |
| 1,000 | 1.5699 |
| 5,000 | 7.8493 |
| 10,000 | 15.6986 |
| 100,000 | 156.9859 |
| 500,000 | 784.9294 |
| 1,000,000 | 1569.8587 |
Convert Euro To Naira
| EURO | Naira |
| 1 | 455 |
| 2 | 910 |
| 5 | 2,275 |
| 10 | 4,550 |
| 15 | 6,825 |
| 20 | 9,100 |
| 50 | 22,750 |
| 100 | 45,500 |
| 200 | 91,000 |
| 500 | 227,500 |
| 1,000 | 455,000 |
| 2,000 | 910,000 |
| 5,000 | 2,275,000 |
| 10,000 | 4,550,000 |
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Convert Naira To Euro
| Naira | EURO |
| 1 | 0.0022 |
| 100 | 0.2198 |
| 500 | 1.0989 |
| 1,000 | 2.1978 |
| 10,000 | 21.9780 |
| 100,000 | 219.7802 |
| 500,000 | 1098.9011 |
| 1,000,000 | 2197.8022 |
How is Euro Currency Founded?
Euro, monetary unit and currency of the European Union (EU). It was introduced as a noncash monetary unit in 1999, and currency notes and coins appeared in participating countries on January 1, 2002.
After February 28, 2002, the euro became the sole currency of 12 EU member states, and their national currencies ceased to be legal tender.
Other states subsequently adopted the currency. The euro is represented by the symbol €.
The euro’s origins lay in the Maastricht Treaty (1991), an agreement among the then 12 member countries of the European Community (now the European Union)—United Kingdom, France, Germany, Italy, Ireland, Belgium, Denmark, the Netherlands, Spain, Portugal, Greece, and Luxembourg—that included the creation of an economic and monetary union (EMU).
The treaty called for a common unit of exchange, the euro, and set strict criteria for conversion to the euro and participation in the EMU.
These requirements included annual budget deficits not exceeding 3 percent of gross domestic product (GDP), public debt under 60 percent of GDP, exchange rate stability, inflation rates within 1.5 percent of the three lowest inflation rates in the EU, and long-term inflation rates within 2 percent.
Although several states had public debt ratios exceeding 60 percent—the rates topped 120 percent in Italy and Belgium—the European Commission (the executive branch of the EU) recommended their entry into the EMU, citing the significant steps each country had taken to reduce its debt ratio.
In 1998 the European Central Bank (ECB) was established to manage the new currency.
Based in Frankfurt, Germany, the ECB is an independent and neutral body headed by an appointed president who is approved by all member countries to serve an eight-year term.
The euro was launched on January 1, 1999, replacing the precursor ecu at a 1:1 value. Until the circulation of currency notes and coins in 2002, the euro was used only by financial markets and certain businesses.
Many experts predicted that the euro could eventually rival the U.S. dollar as an international currency.
Euro Today
Unlike most of the national currencies that they replaced, euro banknotes do not display famous national figures.
The seven colourful bills, designed by the Austrian artist Robert Kalina and ranging in denomination from €5 to €500, symbolize the unity of Europe and feature a map of Europe, the EU’s flag, and arches, bridges, gateways, and windows.
The eight euro coins range in denominations from one cent to two euros.
The coins feature one side with a common design; the reverse sides’ designs differ in each of the individual participating countries.
History of Nigeria Naira (Pre-colonial – Present)
During the pre-colonial era, different cultures used a variety of items as means of exchange. These included cowries, manilas, beads, bottles and salt amongst others.
The first major currency issue in Nigeria was undertaken sequel to the colonial ordinance of 1880 which introduced the Shillings and Pence as the legal tender currency in British West Africa.
The units of coins managed by the Bank of England were one shilling, one penny, 1/2 penny and 1/10 penny and were distributed by a private bank, the Bank for British West Africa till 1912.
From 1912 to 1959, the West African Currency Board (WACB) issued the first set of banknotes and coins in Nigeria, Ghana, Sierra Leone and the Gambia.
The highest banknote denomination was one pound, while the one shilling coin was the highest coin denomination.
On 1st July, 1959 the Central Bank of Nigeria (CBN) issued Nigerian currency banknotes, while the WACB-issued banknotes and coins were withdrawn.
It was not until 1st July, 1962 that the currency was changed to reflect the country’s republican status.
The banknotes which bore the inscription, ’FEDERATION OF NIGERIA‘, now had, ‘FEDERAL REPUBLIC OF NIGERIA’, inscribed at the top.
The notes were again changed in 1968 following the misuse of the currency banknotes during the civil war.
Sequel to the decision by the government to change from the metric to decimal, the name of the Nigerian currency was changed in January, 1973.
The major unit of currency which used to be £1 ceased to exist and the one naira which was equivalent to ten shillings became the major unit, while the minor unit was called the kobo; hundred of which made one naira.
On 11th February 1977, a new banknote with the value of twenty naira (₦20) was issued.
It was the highest denomination introduced at the time as a result of the growth of the economy; the preference for cash transactions and the need for convenience.
The banknote was the first in Nigeria to bear the portrait of a prominent Nigerian citizen, the late Head of State, General Murtala Ramat Muhammed (1938-1976) who was the torch bearer of the Nigerian Revolution in July, 1975.
The note was issued on the 1st anniversary of his assassination as a fitting tribute to a most illustrious son of Nigeria. He was declared a national hero on 1st October 1978.
On 2nd July, 1979, new currency banknotes of three denominations, namely ₦1, ₦5 and ₦10 were introduced.
These notes were of the same size i.e. 151 X 78 mm as the ₦20 note issued on 11th February, 1977.
In order to facilitate identification, distinctive colours were used for the various denominations.
The notes bore the portraits of three eminent Nigerians, who were declared national heroes on 1st October, 1978.
The engravings at the back of the notes reflected various cultural aspects of the country.
In April 1984, the colours of all the banknotes in circulation were changed with the exception of the 50 Kobo banknote to arrest the currency trafficking prevalent at the time. In 1991, the 50K and ₦1 were both coined.
In response to the expansion in economic activities and to facilitate an efficient payments system, the ₦100, ₦200, ₦500 and ₦1000 banknotes were introduced in December 1999, November 2000, April 2001 and October 2005 respectively.
On 28th February, 2007, as part of the economic reforms, ₦20 was issued for the first time in polymer substrate, while the ₦50, ₦10 and ₦5 banknotes; as well as ₦1 and 50K coins were reissued in new designs, and the ₦2 coin was introduced.
On 30th September, 2009 the redesigned ₦50, ₦10 and ₦5 banknotes were converted to polymer substrate following the successful performance of the ₦20 (polymer) banknote.
Thus, all lower denomination banknotes were now printed in the polymer substrate.
Finally, the CBN, as part of its contribution towards the celebration of the nation’s 50th anniversary of Nigeria’s Independence and 100 years of its existence as a nation, issued the ₦50 Commemorative polymer banknote on 29th September, 2010; and the N100 Commemorative banknote on 19th December, 2014 respectively.
See: Banks in Nigeria
What Is The Real Meaning Of Exchange Rates?
Exchange rate, the value of one country’s money against another country’s money. For example, Canadian Dollar to Naira, Euro to Dollar, and so on.
The exchange rate is “fixed” when the countries use gold or another agreed standard and each currency is worth a certain size of the metal or other standard.
Exchange rates “float” when supply and demand or speculation drives up the exchange rate (unit conversion).
When a country imports large quantities of goods, demand increases the exchange rate for that country, making the imported goods more expensive for buyers in that country.
When goods become more expensive, demand falls and money in this country becomes cheaper than money in other countries.
Then the country’s goods will become cheaper for buyers abroad, demand will grow, and exports from that country will increase.
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What Affects The Exchange Rate Of Euro To Naira
In a flexible exchange rate system, exchange rates may change on a daily basis, but in very small amounts, often less than a penny.
However, important economic factors such as changes in government or business decisions can affect exchange rates.
This is exactly the reason why Canadian dollar to naira exchange rate is always fluctuating.
Euro To Naira Bank Rate Today
Euro To Naira Today: EURO 1 = ₦455
Euro To Naira – Access Bank Exchange Rate Today
Euro To Naira – Access Bank Exchange Rate Today is ₦457
Euro To Naira – First Bank Exchange Rate Today
Euro To Naira – First Bank Exchange Rate Today is ₦455
Euro To Naira – Guarantee Trust Bank (GTB) Exchange Bank Rate Today
Euro To Naira – Guarantee Trust Bank (GTB) Exchange Bank Rate Today is ₦458
Euro To Naira – UBA Bank Exchange Rate Today
Euro To Naira – UBA Bank Exchange Rate Today is ₦456
Euro To Naira – Zenith Bank Exchange Rate Today
Euro To Naira – Zenith Bank Exchange Rate Today is ₦455
Euro To Naira – Wema Bank Exchange Rate Today
Euro To Naira – Wema Bank Exchange Rate Today is ₦457
Moneygram Euro To Naira Today
Moneygram EURO To Naira Today is ₦492
Can I Buy Euro From Nigeria Banks?
Yes, you can purchase EURO from any commercial bank or bureau de exchange operator.
Previously, all registered and certified currency exchange operators could purchase EURO directly from CBN, but unfortunately that has changed. You can no longer purchase EURO from Central Bank of Nigeria.
CBN recently stopped selling EURO and other currencies to Bureau de Change operators.
Currently you can only buy EURO from commercial banks in Nigeria.
Just go to one of the commercial banks in Nigeria such as Zenith Bank, Guarantee Trust Bank, Access Bank, First Bank, Fidelity Bank, Union Bank and United Bank of Africa. Go straight to their customer service and ask for an EURO.
Check out Nigerian Banks And Their Customer Care Service Line
Why Can’t You Buy Euro From CBN?
To curb unexplained profits, CBN halted selling EURO to currency exchange operators, and as a result, they sold EURO at exorbitant prices, which today adversely affect the stability of the EURO to naira black market rate.
The Nigerian currency has been negatively impacted by the greed of some currency exchange operators who sell EURO at high prices just to make money.
This suggests that only commercial banks can currently sell EURO to individuals and businesses at a fair price.
Commercial banks sell EURO to individuals primarily for the following purposes; Payment of medical bills abroad, payment of school fees abroad, official travel allowances and personal travel allowances.
It is always safe and cheaper to buy EURO from commercial banks because their interest rates may not be as high as parallel market rates.
Many banks can give you a lower interest rate based on how many EURO you buy. This method is more suitable for people who want to buy large amounts of EURO.
Just go to one of the commercial banks in Nigeria such as Zenith Bank, Guarantee Trust Bank, Access Bank, First Bank, Fidelity Bank, Union Bank and United Bank of Africa. Go straight to their customer service and ask for an EURO.
Also, it worth noting that some banks may not have enough EURO cash, if you want to buy in bulk, you may need to buy some quantities from other banks to add.
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Can I Receive A Euro Into My Naira Account?
Naira bank accounts can only receive naira currency. You cannot receive EURO into your naira account.
EURO can only be received through an EURO account, also called a domiciliary account, if you live in Nigeria. This is the only way to get EURO into your bank account in Nigeria.
Although there are some ways to accept EURO, such as Payoneer and Western Union money transfers, these are complicated to use. We recommend opening a domiciliary account instead.
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CONCLUSION
So that is all you should know for now about the EURO to Naira [OFFICIAL RATE & Black Market Today 2022].
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