Euro to Naira Exchange Rate – How Much is the current euro to naira exchange rate in the Nigeria black market space today.
Most times, I do wonder why on earth should a whole Nigerian currency, the naira be placed in such low esteem in the world market.
However, it’s an established fact that prices do rise and fall in the currency marketplace and as such, changes are being made daily, monthly, or yearly on currencies selling and buying prices from different countries.
Today, we will certainly get to know how much is the Euro to naira exchange rate today in the Black market.
Let’s take a look at the euro buying and selling rate in naira;
BLACK MARKET PRICES:
Buying Rate in naira per euro: ₦585
Selling Rate in naira per euro: ₦592
Euro To Naira Exchange Rate
Euro to Naira exchange rate is ₦592 in Nigeria today. However, the initial Euro rate was noted as ₦ ₦597 at the beginning of last month. This increase in the exchange rate corresponds to a 0.84% decrease in 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.
Reasons Why Naira is so Poor Against Euro?
Nigeria is a sovereign country with a population of over 170 million people. The country boasts vast mineral resources including large deposits of crude oil.
Add that to the favorable agricultural landscape and you begin to understand that Nigerian 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 – over N400 for one Euro. The reason for this is 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 toothpick, eggs, red oil, plantain, spoon, 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. See Dollar to Naira
3. Lack of Love for Home Made Products
We are also at fault in the sense that, most Nigerians will 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 formal 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 Euro You’d Appreciate Knowing.
How much do you know about the Euro? Here are some facts you should know before we proceed.
- It’s not as old as the Naira. True. In 1999, the Euro went into use electronically and in 2002, Euro notes and coins went into circulation.
- 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.
- The Euro symbol, €, came from the Greek alphabet ‘epsilon’ with two parallel horizontal lines crossing the middle of the alphabet. 1usd to NGN
- Euro coins are developed with machine-readable features to protect against the circulation of fake coins.
- The European Central Bank (ECB) monitors and governs the production and circulation of the Euro.