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Price Of Euro To Naira Black Market Today

Price Of Euro To Naira Black Market Today
Price Of Euro To Naira Black Market Today

The Euro has experienced a staggering 46% appreciation against the Nigerian Naira over the past year, setting a new benchmark in the black market exchange rate today, March 13, 2024, at N1,758.548.

This development highlights the dynamic and often unpredictable nature of the foreign exchange market in Nigeria, particularly in the parallel or informal sector.

The Euro’s robust performance reflects broader trends in the global economy and has significant implications for Nigerians engaging in transactions that require Euros, such as those traveling to Europe for business, education, or leisure.

The current exchange rate underscores the escalating cost of accessing foreign currencies in Nigeria, where the majority of such transactions are facilitated by Bureau De Change Operators, colloquially known as Abokis.

These operators have become the backbone of foreign currency exchange within the country, often offering more competitive rates than commercial banks.

Their operations, characterized by speed and convenience, however, operate outside the regulatory purview of the Nigerian government and the Central Bank of Nigeria (CBN).

This lack of regulation means that exchange rates in the black market are primarily influenced by the forces of supply and demand, leading to significant fluctuations that can impact the overall economy.

As of today, the conversion rate of 1 Euro stands at N1,758.548 in the black market. This rate translates to N175,854.80 for 100 Euros and N1,758,548.00 for 1,000 Euros, reflecting the substantial cost for individuals and businesses needing to transact in Euros.

The post Price Of Euro To Naira Black Market Today appeared first on Naija News.

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