Euro to Naira Exchange Rate Today (Latest Update)

Check out the Euro to Naira Exchange Rate today.

What is the current Euro to Naira exchange rate in Nigeria’s black market space today?

There is price and exchange rate fluctuation in the currency market, and as a result, changes in currency selling and purchasing prices from other countries occur on a daily, weekly, or monthly basis.

However, this article will give you an update on the Euro to Naria exchange rate in today’s black market.

Let’s take a look at the Euro buying and selling rate in naira.

Also check: Dollar to Naira Exchange Rate in Black Market Today

Euro To Naira Exchange Rate

The euro to Naira exchange rate is approximately ₦860 in Nigeria today. However, the initial Euro rate was noted at around ₦800 at the beginning of last month. This increase in the exchange rate corresponds to a 0.9% increase in the Euro rate against Naira.

Although these rates are subject to unexpected changes due to the instability of the forex market, they are overly high, to say the least.

The result of such a high exchange rate for the euro is that Nigerians spend so much to buy so little, especially when it comes to foreign or imported goods. Also, consider Nigerians who have to pay for medical and educational bills in this foreign currency.

History of European currency (Euro)

According to Wikipedia, the euro (symbol: €; currency code: EUR) is the official currency of 20 of the 27 member states of the European Union. This group of states is officially known as the euro area or, commonly, the eurozone, and includes about 344 million citizens as of 2023. The euro is divided into 100 euro cents.

The euro was launched on January 1, 1999. It has been an aim of the European Union (EU) and its predecessors since the 1960s.

The Maastricht Treaty entered into force in 1993 after difficult negotiations, with the goal of establishing an economic and monetary union for all EU states save the United Kingdom and Denmark by 1999 (even though Denmark has a fixed exchange rate policy with the euro).

Even though the currency was established in 1999, it was unknown to many people and was primarily used for electronic payment and accounting, the notes and coins began to circulate in 2002. It quickly replaced the former national currencies and gradually expanded behind the rest of the EU.

The Lisbon Treaty established the Eurogroup, together with the European Central Bank, as its political authority in 2009.

The euro is the second-largest reserve currency as well as the second-most traded currency in the world after the United States dollar.

Eurozone members

The 20 participating eurozone members (countries that use the euro) are:

1. Austria
2. Belgium
3. Croatia
4. Cyprus (Northern Cyprus uses the Turkish lira)
5. Estonia
6. Finland
7. France (Including outermost regions of French Guiana, Guadeloupe, Martinique, Mayotte, Réunion, Saint Barthélemy, Saint Martin, and Saint Pierre and Miquelon).
8. Germany
9. Greece
10. Ireland
11. Italy
12. Latvia
13. Lithuania
14. Luxembourg
15. Malta
16. Netherlands (Only the European part of the country is part of the European Union and uses the euro. The Caribbean Netherlands introduced the United States dollar in 2011. Curaçao, Sint Maarten and Aruba have their own currencies, which are pegged to the dollar).
17. Portugal
18. Slovakia
19. Slovenia
20. Spain

EU members not using the euro

The EU member states not in the Eurozone are Bulgaria, the Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden.

History of the Nigerian currency(Naira)

Nigeria’s monetary unit is the naira. The Nigerian naira is divisible into 100 kobo. The naira was launched in 1973 when the country decimalized its monetary system and substituted the naira for the Nigerian pound, which was divided into shillings (the country used the British pound sterling when it was a British colony).

The Central Bank of Nigeria is the only authority for the issuance of banknotes and coins in Nigeria. The coin values range from half a kobo to one naira. Banknotes range in denomination from 5 to 500 naira.

The majority of the banknotes include images of prior political leaders crucial in Nigeria’s history, such as Sir Abubakar Tafawa Balewa, Nigeria’s first prime minister, on the 5-naira note and Nnamdi Azikiwe, Nigeria’s first president, on the 500-naira note.

let us take a look at the Nigerian currency:

Reasons Why Naira is so Poor Against Euros?

Nigeria is a sovereign country with a population of over 200 million people. The country boasts vast mineral resources, including large deposits of crude oil.

Add that to the favourable agricultural landscape and you begin to understand that Nigeria is a blessed nation.

So it’s quite bewildering that such a nation would have a currency that performs so poorly against other foreign currencies – almost N900 for one Euro.

The reasons for this are not far-fetched. We highlight them below.

1. Untapped mineral resources

As was earlier said, Nigeria is a country that’s immensely blessed with so many natural resources, not just oil.

We have huge deposits of limestone, iron ore, lead, coal, columbite, bitumen, and even gold.

These resources are largely untapped, and even when they are, the funds go into private pockets instead of the economy.

Nigeria has left most of the aforementioned mineral resources to lie fallow while all eyes are on the exploration of crude oil.

Overdependence on crude oil has threatened to bring the country to its knees economically. As a result, the nation’s currency has continuously been devalued.

2. Excess Importation

What does Nigeria export besides oil? You have to rack your brains to answer that. A country cannot have a strong currency when it imports almost everything and exports next to nothing.

As a nation, it’s alarming to note that Nigeria still imports frivolities such as toothpicks, eggs, palm oil, plantain, spoons, clothes, and even premium motor spirit (fuel).

It’ll be difficult to have a strong currency when we take so much and offer so little.

3. Lack of Love for Home Made Products

We are also at fault in the sense that most Nigerians would rather buy a foreign-made product than Nigerian-made. The few Nigerians who have managed to set up production industries are poorly patronized by their fellow citizens.

Since we’d rather buy foreign goods, go to foreign schools, eat foreign foods and patronize foreign experts, we’ll always need foreign exchange and foreign currencies will remain superior to ours.

This unfortunate occurrence came as a result of colonial mentality, where our former colonial masters encouraged us to consume anything foreign and avoid anything local as unhealthy.

Even after the departure of the colonial masters, that mindset still remained with us.

4. Lack of Standard Economy Management

The government has the responsibility of bringing the economy back to life, but sadly, it has failed on so many fronts. Funds are constantly being looted by government officials while financial institutions are failing in their duties of making the economy robust.

Businesses are folding up and the recession has set in. The result is a gross devaluation of the Naira against other foreign currencies.

Lovely Facts About Europe You’d Appreciate Knowing.

How much do you know about the Euro? Here are some facts you should know before we proceed.

1. It’s not as old as Naira. True. In 1999, the Euro went into use electronically and in 2002, Euro notes and coins went into circulation.
2. The Euro notes in circulation include €500, €200, €100, €50, €20, €10, and €5. Coins of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, €1, and €2 are available.
3. The Euro symbol, €, came from the Greek alphabet ‘epsilon’ with two parallel horizontal lines crossing the middle of the alphabet.
4. Euro coins are developed with machine-readable features to protect against the circulation of fake coins.
5. The European Central Bank (ECB) monitors and governs the production and circulation of the Euro.

Tips for Getting the Best Euro to Naira Rate

Monitor  geopolitical events

Some political scenarios may have an impact on the Naira-Euro exchange rate. For instance, export costs and inflation rates may either improve the strength of currencies or weaken them. So monitor any event that can impact exchange rates.

Check the mid-market rate.

The mid-market rate can help you figure out if the Euro-Naira exchange rate may be seen as good or bad. To determine this, explore information on websites like Bloomberg. You can also conduct a Google search to understand the mid-market rate.

Stay away from peak currency transfer times

There can be a lot of bustles and activities at particular times of the day or week than others for euro-naira transfers, which can also result in higher rates. There is usually a lot of transfer currency in the middle of the working week, with Monday being among the busiest days. This can have an impact on currency exchange rates.

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