As of June 2026, the CBN official euro-to-naira rate sits at €1 = ₦1,575.35 (CBN/NFEM benchmark dated 12 June 2026; the CBN does not publish a daily euro fix). The parallel (“black”) market trades the euro at ₦1,601 (buy) and ₦1,640 (sell) as of 12 June 2026 — figures are user-submitted and indicative, with ngnrates serving as the verifiable mirror after major aggregator sites (abokifx, abokidollar, abokiforex, nairatoday) were unreachable for verification today. The euro typically runs 14–17% higher than the dollar against the naira because the EUR/USD pair itself trades around 1.16. For live rates check the CBN portal at cbn.gov.ng/rates, your bank’s mobile app, or ngnrates. Rates change daily based on FX supply, oil revenue, and EUR/USD movement on global markets.
Today’s euro-to-naira rate
| Source | Buy €1 | Sell €1 |
|---|---|---|
| CBN official / NFEM (12 June 2026) | — | ~₦1,575.35 |
| Inter-bank / NFEM | ~₦1,573 | ~₦1,586 |
| Parallel market (user-submitted, 12 June 2026) | ₦1,601 | ₦1,640 |
| Western Union (inflow) | ~₦1,645 | — |
| MoneyGram (inflow) | ~₦1,635 | — |
Buy = price you receive when selling your euros for naira.
Sell = price you pay when buying euros with naira.
Parallel-market figures are crowd-sourced and indicative. The CBN does not publish a daily euro reference rate; the ₦1,575.35 figure is its most recent benchmark (12 June 2026) as carried on the ngnrates CBN mirror.
Also check: Dollar to naira exchange rate today
Where to check the live euro rate
- CBN exchange rate portal: cbn.gov.ng/rates/ExchRateByCurrency.html — official benchmark (not updated daily for the euro).
- FMDQ NAFEM: fmdqgroup.com/exchange — interbank closing rate.
- Your bank’s mobile app: rate used to settle euro card transactions and SWIFT inflows.
- NgnRates / parallel-market aggregators: crowd-sourced parallel quotes updated through the day.
Why the euro is more expensive than the dollar
The naira is a free-floating currency tied to USD trade flows. The euro’s naira value is calculated by combining:
- The USD/NGN rate set in Nigeria’s FX market.
- The EUR/USD rate set on global FX markets — around 1.16 (one euro buys $1.16).
So if $1 = ₦1,362 and €1 = $1.157, then €1 ≈ ₦1,362 × 1.157 ≈ ₦1,575 plus bank/BDC margin. Movements in either rate change the final euro-naira figure.
How to swap euros for naira in Nigeria
1. Domiciliary account inflow
Fastest formal route. Open a EUR domiciliary account (any major Nigerian bank), receive the wire, and convert at the bank rate. Banks use the prevailing CBN/NAFEM rate plus 0.5–1% margin.
2. Western Union / MoneyGram
For person-to-person transfers from Europe. The receiver picks up naira at the agent’s published rate. WU and MG often publish slightly higher rates than CBN to attract diaspora flows.
3. Wise, Remitly, Sendwave
Online remittance apps. Cheaper fees than WU but require a Nigerian bank account on the receiver side.
4. Licensed BDCs
For physical euro cash. Limit per transaction: €5,000. Bring valid ID. Rates sit between CBN and parallel market.
5. Parallel market
Faster, no paperwork, but unregulated. Always count notes and verify with a UV light or watermark check.
Why parallel-market rates are higher
- Limited official-window supply. Banks ration FX, sending casual demand to street BDCs.
- Demand for cash holdings. Many Nigerians hold euros and dollars as a hedge against further naira depreciation.
- Travel and import demand. School fees, medical trips, and Schengen-zone travel push euro demand.
- Speculation. When traders expect the naira to weaken, they hold euros, tightening supply.
Tips for a smooth euro transaction
- Compare three sources — CBN, your bank, and a parallel-market tracker — before any large swap.
- Avoid storing all savings in one currency. Spread between naira (daily life), USD, and EUR if you have euro-denominated obligations.
- Use bank transfer, not cash, for large amounts. Cash above €10,000 must be declared at customs.
- Negotiate at BDCs. Posted rates are usually a starting point.
- Check fees on remittance apps. The headline rate may be good but fees can erode 1–3%.
Recent monthly euro-to-naira average
| Month | CBN benchmark (€1) |
|---|---|
| February 2026 | ~₦1,620 |
| March 2026 | ~₦1,605 |
| April 2026 | ~₦1,591 |
| May 2026 | ~₦1,594.52 |
| June 2026 (to date) | ~₦1,575.35 |
The euro-naira pair traded broadly flat through May 2026 as the CBN held the Monetary Policy Rate at 26.50% and rolled out a new FX Manual effective 1 June 2026 (Daily Post, 20 May 2026).
FAQs
What is the current euro-to-naira rate?
Official CBN benchmark: ~₦1,575.35/€ (12 June 2026). Parallel market: ₦1,601 buy / ₦1,640 sell per € as of 12 June 2026 (user-submitted, indicative).
Why does the euro cost more than the dollar in Nigeria?
Because €1 = ~$1.16 on the global FX market. Adding the dollar-to-naira rate produces a higher figure for the euro.
Where can I sell euro cash in Nigeria?
Best rates: licensed BDCs and your bank. Avoid hotel desks and airport counters — they offer the worst rates.
Is it legal to buy euros on the black market?
For personal use, yes. Bulk dealing in foreign currency without a CBN BDC licence is illegal.
Will the naira appreciate against the euro?
Direction depends on global EUR/USD movement and Nigeria’s FX inflows. Most analysts expect the naira to trade in the ₦1,550–₦1,700 range against the euro through 2026.
How does Western Union calculate its euro rate?
WU sets a daily corridor rate based on the CBN reference plus a markup. Recipients pick up naira at that fixed rate; sender pays a sending fee in the source country.
Read also:
Nigerian currency: naira and kobo
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