As of today, Sunday, 3rd December, 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 ₦1271.00 per €1 at the parallel market.
Euro to Naira (EUR to NGN) Black Market Exchange Rate Today
Buying Rate: ₦1253
Selling Rate: ₦1271
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
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.
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.
Government Debt
National debt levels impact investor confidence and fund influx. Higher inflows can favor the Naira in the exchange market.
Speculators
Speculative activities can significantly impact exchange rates. Anticipated gains can lead to hoarding, causing fluctuations in the Naira’s value.
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.