How Much Is Euro To Naira Exchange Rate Today?
The euro is a major currency pair that sees a lot of demand from people seeking to pay for tuition, travel, business, commerce, and so on. Providing you with the euro to the naira exchange rate is what we seek to achieve here.
After reading this article, you should have a clear idea of what it will take to convert the euro to naira. By the way, the euro is the common currency used in the European Union (EU) but that’s a discussion for another day.
Without further ado, let’s focus on the topic under discussion.
|CBN OFFICIAL||BLACK MARKET||BANK RATE|
|461.7||BUY 565 / SELL 470||461.74|
Official Euro to Naira Exchange Rate
Whenever currency exchange rates are being discussed, one thing is certain; reference needs to be made to the official and black-market rates.
These rates are often found to differ significantly due to the market forces of demand and supply.
The official euro to naira exchange rate stands at €1 to N461.20. That is, for every euro sold, about N461.20 naira is exchanged. Asides from the official selling rate of the euro to naira, the buying rate is slightly different and costs around N459.99 to €1.
So far, the focus has been on the official exchange rate of the euro to naira. To have a holistic view of euro to naira exchange rates, you’ll need to also look at the non-official or black market rates.
These rates are obtainable on the ground and reflect the true state of things.
Are there Changes to Official Euro-Naira Exchange Rates?
It’s normal to ask questions such as this. However, the truth is, the CBN gets to decide the exchange rates. It sets the benchmark from which exchange rates are determined and performed. Changes to such rates will have to be adjusted by it alone.
Such changes will mostly be determined by monetary policies which are brought about by an analysis of local currency performance against major currencies.
Asides from such changes, there may be little daily fluctuations that hover around the official euro to the naira exchange rate.
Euro to Naira Black Market Exchange Rates
As mentioned earlier, this is the reality obtainable on the ground. For most people, black markets or bureau de changes are places where major currencies can easily be bought or sold.
The black market exchange rate for euro to naira ranges from €1 – N575 to N580.
It’s easy to notice that the black market selling rate of euro to the naira is significant. The CBN has stated its desire to narrow the divergence between the official exchange rates and black market rates.
However, the impacts of this action (if any at all) are yet to be seen or felt.
You may want to find out what qualifies one to gain access to official euro-naira exchange rates. The CBN still sets minimum requirements with which to access official rates.
The euro to naira exchange rate provides key information for persons seeking to transact business in the local FX market. By reading through this article, you’re able to determine what fits your needs best.
Also, you’re able to monitor fluctuations (no matter how little) to take advantage of them.
- Black Market Naira Exchange Rate Today
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