Black Market Euro To Naira Exchange Rate Today, 28th November 2023

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Euro to Naira
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As of today, Tuesday, November 28, 2023, the Black Market exchange rate for Euros to Naira in Lagos, Nigeria, has been unveiled. The local currency, commonly referred to as abokiFx, began the day at ₦1,245.00 per €1 at the parallel market, displaying a marginal increase compared to the ₦1,240.00 per €1 rate observed on Monday, November 27, 2023.

Euro to Naira (EUR to NGN) Black Market Exchange Rate Today

  • Buying Rate: ₦1,230
  • Selling Rate: ₦1,245

These rates are subject to continuous fluctuations influenced by the supply and demand dynamics of the foreign exchange market.

Note: The exchange rate is susceptible to hourly adjustments, providing potential opportunities for those considering converting Euros to Naira.

Factors Influencing Foreign Exchange Rates

1. Inflation Rates: Inflation plays a significant role in determining black market exchange rates. Stabilizing the Nigerian economy and controlling inflation can contribute to the strengthening of the Naira against the Euro.

2. Interest Rates: Keep a vigilant eye on interest rates, as a rise in the rates at which banks lend money can contract the economy, leading to a depreciation of the Naira.

3. Government Debt: National debt levels impact investor confidence and fund influx. Higher inflows can favor the Naira in the exchange market.

4. Speculators: Speculative activities can significantly impact exchange rates. Anticipated gains can lead to hoarding, causing fluctuations in the Naira’s value.

5. Conditions of Trade: Favorable trade terms can enhance the Naira’s value. Nigeria’s current trade deficit, sourcing products from various countries, including China and India, plays a role in the exchange rate dynamics.


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