The Euro is one of the commonly used, popular and highly demanded foreign currencies in Nigeria. This is because the Euro (€) is one of the world’s powerful currencies which is highly valued in the foreign exchange market. If you have been searching all over the net for the latest Euro to Naira black market exchange rate for today, consider yourself lucky to have stumbled upon this post because we will get to give you an answer to your query.
One amazing fact which you must know about the Euro is that it is not an ancient or old currency. In fact, the Euro (€) was introduced as an accounting currency on Friday, 1st of January 1999, but later on the 1st of January 2002, it became accepted and launched as a legal tender.
Just like the cases of other currencies in the foreign exchange market, the Euro to Naira exchange rate is at an ever fluctuating value. Lately, the Nigerian naira has dropped below 300 and has risen above 400 naira. Even when the Naira has gained back some amount above the Euro, it becomes visible with time that the gain was just temporary.
The value of the Euro (€) haven’t been at a static figure with the Naira in the course of the previous 16 months. There are some reasons why the Euro to Naira exchange rates changes and in this post, I would quickly run through some of the reasons why the Nigerian Naira declines against the Euro (€).
Firstly, you must know that you do not need an economist to tell you the reasons why the currencies fall and rise in the foreign exchange market. The daily activities of the Nigerian economy and some government officials are one of the common reasons why the value of the Naira declines against foreign currencies like the US Dollar and the Euro.
Asides that, a lot of Nigerians are fascinated and obsessed with foreign goods and products. They have shifted from the local good and products to getting products imported from foreign countries. This has made way for many businessmen and traders to import goods in a bid to get patronized by Nigerians. This has depreciated the Naira, thereby, becoming one of the factors why the Naira is falling against the Euro and the United States Dollar (USD).
Another reason why the Naira declines against the Euro is that there is corruption in the Nigerian economy. With the high rate of corruption and bureaucracy in government offices, there is looting of public funds. The money meant to cater for the country by providing social amenities and infrastructure are being laundered to foreign countries and this is one of the reasons why the Naira has weakened against the Euro.
Now that we have known the reasons and factors for the decline of the Naira against the Euro, let us take a look at the Euro to Naira black exchange rate for today.
Naira to Euro Black Market Exchange Rate Today January 2019.
As at today been Tuesday, 8th of January, 2019, 1 euro to naira black market exchange rate equals;