Exchange Rate Euro to Naira in Black Market Today
The Euro to Naira Black Market rate for today in Lagos, Nigeria is ₦ 641.00 as of 25 June 2022.
1 EUR = ₦ 641.00
How much is Euro to Naira in Black Market today?
The rates often vary slightly from city to city in Nigeria such as in Abuja, Lagos, Port Harcourt, Kano, Calabar. Usually, this difference is not more than ₦ 2.00.
However, the rate contained here is sourced from the Lagos Market which is ₦ 641.00
Check out other Euro to Naira rates below:
Buying and Selling Euro and Naira Black Market Terminologies Defined
The buying rate refers to the amount in Naira that one receives after exchanging his/her 1 Euro in any of the market segments that is the Central Bank of Nigeria, FX Market, Nigerian Banks, Western Union, MoneyGram, or from the black market traders.
The selling rate is the reverse of the buying rate which is the value the traders in the above markets will sell 1 Euro to you when you pay in Naira, and it is always higher than the buying rate.
Transacting in foreign currencies requires a clear understanding of these basic terminologies.
The Euro (EUR)
The Euro (EUR) is generally accepted as a universal currency for international trade in Nigeria. A subunit of the EUR is known as 1 Cent, and the symbols of Cent and Dollar are (¢) and € respectively.
Euro is the monetary unit and currency of the European Union( EU). It is issued by the European Central Bank for use by countries in the eurozone. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
The Nigeria Naira (NGN)
The official currency used by Nigeria is known as the Naira and its subunit is called 1 kobo. The Central Bank of Nigeria issues and regulates the currency. The symbol for the Naira is ₦, while the code is NGN.