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Euro to naira exchange rate in black market Today

Today we are going talk about money, Foreign Exchange to be exact. Euro to naira exchange rate in black market.
                              euro TO NAIRA
Let us Define some key Terms:
EuroThe euro (sign: €; code: EUR) is the official currency of the eurozone, which consists of 19 of the 28 member states of the European Union: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar.

NairaThe naira (sign: ₦; code: NGN) is the currency of Nigeria. It is subdivided into 100 Kobo. The naira was introduced on 1 January 1973, replacing the pound at a rate of 2 naira = 1 pound. This made Nigeria the last country to abandon the £sd currency system.

Black marketThe black market in currencies refers to the illegal or parallel market in foreign exchange in various countries around the world. The currency black market forms part of the underground economy by virtue of operating outside legal banking channels. In a currency black market, cash transactions are almost always the norm, since participants would be obviously reluctant to leave any trace of their involvement in such transactions.

Euro to naira exchange rate in black market Today

The exchange rate  of Euro to naira exchange rate in black market Today is:

BUY : ₦405 for 1€

SELL : 411 For 1

Factors Affecting Euro to naira exchange rate in Nigeria Today

Oil Money

Collapsing oil prices have heaped pressure on the naira.
Reserves spent
Crude sales account for up to 70% of government revenue and more than 90% of the country's export earnings.
Oil is also the source of most of the country's foreign exchange reserves.
Before the crash in oil prices, Nigeria had nearly $43 billion in reserves. By June 2016, efforts by the central bank to support the naira had pushed the figure below $27 billion.
The central bank said in mid-2016 that it would allow the naira to trade freely. But currency traders report the bank has continued to intervene in the market.

Let it float

Economists say the situation won't be entirely remedied until the government removes currency controls and truly allows the naira to trade freely.
The International Monetary Fund, in its latest report on Nigeria, recommended the government "remove the remaining restrictions and multiple currency practices, thus unifying the foreign exchange market and helping regain investor confidence."
Abdullahi would welcome change. He describes the current system of multiple exchange rates as simply "crazy."

Looting Of Public Fund

For a very long time now, government officials have looted our public fund, and instead of them to invest it in our economy, they instead take it outside the country thereby impacting negatively on our Naira.

High Demand For the Euro

Many Nigerian traders these days prefer to do business transactions in foreign currencies instead of using our naira. This also has a negative effect on its value.

Excessive Importation

Nigeria is a consumer economy, and unless this changes, we would not be able to move forward as regards our foreign exchange, because of its high demand by the traders. Hence, raising its value against our Naira.

Though in the news;
The Naira is set to be given further lift in the forex market with the Central Bank of Nigeria, CBN’s injection of another $418 million into various segments of the inter-bank Foreign Exchange market on Tuesday.
Hopefully, this will have a positive effect on our Euro to naira exchange rate in black market.

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