As of today, Wednesday, November 29, 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.