Euro to Naira Exchange Rate Today Black Market/Parallel Market and Bank Rate July 2018.
How much is Euro to Naira exchange rate today in black market / parallel market (Abokifx) 2018 and official and bank? Here in Naijainfoblog, we provide you with latest Naira to Euro currency rate update on daily basis.
Todays Euro to Naira Exchange Rate in Black Market.
- Buying = 1 Euro to N418 Naira.
- Selling = 1 Euro to N423 Naira.
Official/CBN Exchange Rate of Euro to Naira Today.
- Buying = 1 Euro to N372.8011 Naira.
- Selling = 1 Euro to N374.024 Naira.
Meanwhile, if you want to know Dollar rate you can check Dollar to Naira exchange rate today in our previous article.
Euro (€) is one of the most powerful currencies in the world with high foreign exchange rate and value. It is the official currency use by euro-zone (consist of about 28 countries). Naira to Euro daily update here.
This article will provides you with daily updates on euro to naira exchange rate today black market, euro to naira bank rate, 1 Euro (€) to 1 Naira (#), Naira to Euro exchange rate black market, official bank rate, current 1 euro (€) to naira (N) bank exchange rate today.
We will also digress a little to naira euro exchange rate history. How much is naira to euro exchange rate in black market today 2018.
Naira to Euro Exchange Rate Today 2018.
Euro is not only the second largest reserve currency in the world, but also the second most traded currency in the world after the US dollar. It cut my attention that many Nigerians home and abroad will need euro – naira exchange rate black/parallel market and bank rate on a daily basis considering the current economic situation of the country for offline and online transactions.
I have previously talked on GTbank Naira master card Exchange rate. You can also check here for daily update on official dollar to naira exchange rate today black market, where i explained reasons for the free fall of the Naira value and how it affects Nigerians. Most Nigerian banks charge close to black market rate with the exception of Gtbank and Zenith bank that charges very low below it.
Euro Naira Exchange Rate History 2016/2018.
- As at April 2016, Euro (€) to Naira (#) rate was N226 – N227.
- In May 2016, the exchange rate increased to N227 – N221.
- June 2016, N222 – N312.
- July 2016 euro naira official exchange rate was N314 – N355.
- August 2016 it jumps to N356 – N347.
- In September 2016 the exchange rate was N348 – N351.
- In February 2018 the exchange rate skyrocketed to N437 buyers and 442 for sellers
How To Convert Euro To Naira (Sample)
- 1 Eur = 445
- 10 Eur = 4450
- 20 Eur = 8900
- 50 Eur = 22250
- € 100 = 44500
- € 200 = 89400
- € 300 = 133500
- € 500 = 222500
- € 1000 = 445000
TOP 10 INTERESTING FACTS ABOUT EURO
We all know about the Euro, although it’s not actually an old currency like the dollar. There are also some amazing facts about it, we do not know about. This article will show you some facts about the Euro currency, you do not know about, but let’s look at a brief history before we know some amazing facts about this currency.
The Euro currency was launched or introduced as an accounting currency on January 1, 1999. The history of this currency started with the acceptance of the Maastricht Treaty. Other countries participated by fixing their domestic currencies to the Euro, the event which took place and means that local currencies were not allowed to fluctuate against the Euro and against each other.
At first, the Euro was launched as an electronic currency, it later became a cash currency and also a legal tender on January 1, 2002. The roots of the Euro existed a long time ago in the European Monetary System in 1979 which involved the creation of the European currency unit. On its launch, it replaces the old national currencies.
The Euro was implemented with the goal of creating a stable European economy, the Euro has also helped ease the exchange rate volatility among different European countries, it has also improved economic growth across Europe and offers 1 more integration among the financial markets.
The Euro has actually helped the economic market and it has made a great impact. Now below are some interesting facts about the Euro, I think we should all know about.
The European Central Bank is authorized to issue euro banknotes and coins. Each country’s national central bank is responsible for producing and circulating them.
Euro banknotes and coins for public use weren’t introduced until Jan 1, 2002.
There are seven different banknotes. They come in 5, 10, 20, 50, 100, 200 and other denominations. There are also eight different denominations of coins.
Each European currency banknote has a standard design on one side and a country-specific design on the other (Still On Exchange Rate Euro To Naira Black Market Today )
The symbol on the euro was based on the Greek epsilon character, representing “E” for Europe. The two parallel lines through the centre signify stability.
To date, 16 European Union member countries and approximately 329 million people use the euro.
Greece has been part of the eurozone, the area comprised of nations that have adopted the euro since 2001. Slovakia was the most recent country to adopt the currency doing so in 2009, Sweden is excepted to be the next.
The idea of establishing a single currency in Europe was approved upon the signing of the Maastricht Treaty on Feb 7, 1992.
The eur was actually launched in 11 countries as a virtual currency used only for non-cash and electronic transactions on Jan 1, 1999.
Denmark and the United Kingdom was the only European Union member states to opt out of using the euro as currency.
I believe above here are some important facts you can know about the euro. Although during the time of the launch of the currency, there were some problems which were faced during then like the euro has taken away the interest rate as a tool of the fiscal policy, if the local economy slows, this means that the local government cannot lower the interest rates to stimulate growth.
Even with all of these, the euro has helped a lot and besides not all countries in the EU union has accepted it, due to some effects it will have on the economy.
Now, these are some facts, what are your take on this. How do you think the euro has affected the economic growth in European countries?
Some Of The Major Causes Why The Euro To Naira Exchange Rate In Black Market Today Is This High
1. OVER DEPENDENCY ON IMPORTATION
OVER DEPENDENCY ON OIL EXPORT REVENUE
Nigeria as a country lacks economic diversification and only depends on the income gotten from oil. Now with the falling price of oil in the global market as oil had been discovered in other parts of the world, the value of Naira would continue to fall with response to the fall of the oil price except if we diversify our economy.
3. THE EXCESSIVE DEMAND FOR FOREIGN CURRENCIES IN THE COUNTRY.
This is, in fact, one of the primary reasons why Naira is losing it value in the world market. Some businesses in Nigeria now prefer to collect their charges in foreign currencies like the dollars, pounds or euros rather than the currency of the land. This act though frowned upon by the Government, Nigerians still practice it, and this had in turn been the reason for the declining value of Naira.
4. OBSESSION FOR FOREIGN PRODUCTS AND SERVICES
Many Nigerians prefer foreign goods and services to our local products and services. Name it is it education, construction, writings or what have you, this single act had strengthened the foreign currency against our own Naira.
5. LOOTING OF PUBLIC FUND
Over the years, government officials had looted our public fund and instead of them to invest this to at least better the economy, they take this money to foreign countries. This had not helped the Naira.
6. LOST TRUST IN THE ECONOMY
Political instability, skewed government policies, terrorism, and other vices had made many foreign, and even local investors lost interest in the country’s economy, this in itself had devalued the Naira.
The 6 points listed above are some of the major reasons why euro to naira exchange rate in black market today is very high
It is crucial we try our best to stop the Naira from devaluation to protect our dignity and respect as a country by encouraging more of exportation, consumption of local goods and services and prevention of public officers from looting our national funds.
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That’s all on the the official and black market of how much is Euro to Naira Exchange Rate Today 2018, euro naira bank rate. Stay tuned for Pounds to Naira exchange rate today black market and official bank rate.
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