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Euro To Naira Exchange Rate Today In Black Market October 2018

This post covers the latest information and update on Euro to Naira exchange rate today in the black market otherwise known as black market. The selling rate today is 1 Euro equal to 417 Naira(€1 = NGN417), While buying rate is 1 Euro equal to 420 Naira (€1 = NGN420).

However, the official CBN rate (interbank rate) for Euro to Naira is €1 = NGN 353 which is a wide margin when compared with the rate in the black market. Indeed, some factors come into play to put the FX Naira at such a ridiculous position.

In this post, we are not only gonna show you the current currency rate but you will understand some important facts about the two Naira and Euros as well as the main reasons why the value of Naira depreciated in the past few years. See also; Dollar to Naira rate today.

Euro to Naira Exchange Rate

Euro To Naira Black Market Exchange Rate History

  • August 31/2017 – 425 / 431
  • September 29/2017 – 420 / 430
  • October 31/2017 – 419 / 423
  • November 30/2017 – 425 / 430
  • December 31/2017 – 420 / 426
  • January 31/2018 – 442 / 448
  • February 1/2018 – 440 / 445
  • March 29/2018 – 440 / 443
  • April 30/2018 – 436/442
  • May 30/2018 – 414/420
  • June 30/2018 – 415/420

As you can see, there is a slight improvement in the last two months as the Nigerian Naira is now getting strength against the Euros. Can this recovery trend be sustainable? Only time will surely tell.

Naira Currency Converter Results In Parallel Market Today (Selling)

  • 1 Eur = N418
  • 10 Eur = N4180
  • 20 Eur = N8360
  • 50 Eur = N20900
  • € 100 = N41,800
  • € 150 = N62,700
  • € 200 = N83,600
  • € 250 = N104,500
  • € 300 = N125400
  • € 350 = N 146300
  • € 500 = 209000
  • € 1000 = 418000
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More values will be added as we update this page so bookmark it and keep checking back for fresh update.

Brief Information About The Two Currencies

The Euro (EUR)

The Euro is the universal currency used by all countries in the European continent Austria, Belgium, Germany, France, Finland, Estonia, Italy, Greece, Malta, Portugal, Netherlands, Spain, Slovakia, Slovenia, Luxembourg, England etc.

Latest stats report has it that Euro ranks fifth in the list of the most strongest currencies in the world today. The Euro is the second largest reserve currency and also the second most traded currency in the world today after the United States Dollar (USD). Records have it that as at 2013, more than 210 million people worldwide had traded with the Euro currency. The symbol of the Euro is € and it has an inflation rate of -0.6%.

The Nigeria Naira (NGN)

The Naira is the currency used by the Federal Republic Of Nigeria which is the largest black nation in Africa. The Nigerian Naira have maintained a stand of being one of the strongest currency in Africa as at the 20th century, but getting to the 21st century especially in recent times, things have really changed negatively. The foreign exchange rate of the Nigeria Naira have been on the decline in an alarming rate. A hundred Kobo makes up a Naira and the symbol for the Kobo and Naira respectively are; Kobo and ₦. The code for the Naira is simply written as NGN.

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Reasons Why Naira Currency Value Is Suffering Against Euros

1. NIGERIA DEPENDS HUGELY ON IMPORTATION

Nigeria is a consumer country that depends mainly on imported goods and services and this has really affected the currency negatively. In contrary, the country exports just a few fraction of its products especially crude oil.

2. OVER DEPENDENCY ON OIL EXPORT REVENUE

Nigerias major exporting prowess is from oil neglecting other resources that can be harnessed for commercial and exportation purposes to diversify the wailing economic. The over dependence on income gotten from oil has degraded the Naira in one way or the other. 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.

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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.

Ref: 1, 2

Thanks for reading my post and I hope you now know the current Euro to Naira exchange rate today.

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