Updated: Black market exchange rate for euros and naira (January 13, 2023)

 

 Updated: Black market exchange rate for euros and naira (January 13, 2023)

This page details the current black market currency rate for exchanging naira to euros or euros to naira. The rate at which you may purchase and sell euros on the gray market is referred to as the "black market rate," sometimes known as the "parallel market rate." I'll provide you the most current black market rate for converting your money and explain all you need to know about the Euro to Naira conversion rate. This article will help you understand the current exchange rate and how to convert your money using the black market rate if you want to swap euros for naira or vice versa.

The rate at which the two currencies are exchanged in this unofficial market is known as the black market price of the Euro in reference to the Nigerian naira. The demand for the Euro, the supply of the Euro, government regulations and limits on currency exchange, as well as other variables, may cause the black market exchange rate to fluctuate dramatically from the official exchange rate set by the government.

Factors Affecting the Black Market Euro to Naira Exchange Rate

The value of the euro on the black market in respect to the Nigerian naira may vary depending on a number of variables. Here are a few instances:

Euro demand: The demand for the Euro in Nigeria is inversely correlated with the black market price. The necessity to make foreign payments, the perception of the Euro's stability in respect to the naira, or speculation about the Euro's future value may all contribute to this demand.
Euro supply: The amount of Euros available on the black market might have an impact on its pricing. The price usually increases when there is a shortage of euros. In contrast, the price will be cheaper if there are plenty of euros available.
Government regulations and limitations on currency exchange: Through its limitations on currency exchange and currency exchange rules, the Nigerian government may affect the price of the Euro on the black market. For instance, if the government places stringent restrictions on the buying and selling of foreign currency, the amount of Euro available on the illicit market would decrease, driving up the price. On the other side, if the government loosens these restrictions, the amount of Euros available will rise and the price may go down.

Black Market Exchange Rate For January 13, 2023 In Euros

Our black market exchange rate for the Euro to Naira represents the real-time price on the black market and is accurate. Below is a depiction of the exchange rate as of right now.

Black Market Exchange Rate for the Euro to Naira Today (January 12, 2023)

Selling Rate 777 

Buying Rate 757

Conclusion

You should be able to convert your Euros at a good rate on the black market now that you are aware of the current exchange rate. We appreciate you reading this article. Please consider subscribing to our blog if you want notifications on new blog entries.