Euro To Naira Black Market Today

The Euro to Naira rate, in the Nigerian foreign exchange market, has reached a new high in the parallel market, standing at ₦1,751.351 for a single Euro.

This rate is particularly significant for Nigerians with business, educational, or tourism interests in Europe and for technology sector professionals who earn their income in Euros through freelance and remote work arrangements.

The black market, predominantly facilitated by Bureau De Change Operators known locally as ‘Abokis’, continues to thrive as the go-to source for foreign currency transactions, offering more competitive rates than those available through commercial banks.

These transactions are characterized by their speed and convenience, catering to the immediate needs of those requiring foreign currency.

Despite the convenience offered by the parallel market, it’s critical to acknowledge the legal and regulatory concerns surrounding black market transactions.

The Nigerian government and the Central Bank of Nigeria (CBN) have taken steps to clamp down on the black market. This is an effort to stabilize the official exchange rate and foster transparency within the currency exchange ecosystem.

The current rate underscores the economic challenges faced by Nigerians requiring foreign currency, with a 100 Euro transaction now costing N175,135.10 and €1000 exchanging for ₦1,751,351.00.

Such rates have far-reaching implications for the cost of international travel, education abroad, and procurement of goods and services from the Eurozone, impacting a broad section of Nigerian society.