Euro To Naira Black Market Today

The Nigerian black market exchange rate for the Euro to Naira peaked today, March 7, 2024, at ₦1,757.173.

This surge underscores a significant appreciation of the Euro, which has gained at least 46% in value against the Nigerian Naira over the past year.

This trend highlights the continuing depreciation of the Naira in the parallel market, also known as the black market, where a majority of foreign currency conversions in Nigeria take place.

The parallel market rate, which is often more favourable than rates offered by commercial banks, is determined by supply and demand dynamics outside of government or Central Bank of Nigeria (CBN) regulation.

Bureau De Change Operators, commonly referred to as Abokis, are pivotal to this market. They facilitate faster and more convenient transactions for those needing to exchange currencies.

The current rate means that acquiring Euros for travel, education, medical, or other personal and business purposes has become increasingly expensive for Nigerians.

Specifically, exchanging 100 Euros now costs N175,717.30, while €1000 will set one back by ₦1,757,173.00, reflecting the sharp depreciation of the Naira against the Euro in the informal market.

The depreciation of the Naira affects the cost of imports, potentially leading to higher prices for goods and services, further exacerbating the country’s inflationary pressures.

The government and the Central Bank of Nigeria have attempted various measures to stabilize the Naira and narrow the gap between the official and parallel market rates.

However, the persistent volatility in the black market suggests that more comprehensive economic reforms and strategies are needed to address the underlying issues of foreign exchange scarcity, reliance on oil revenues, and the broader economic challenges facing Nigeria.