In the realm of currency exchange, the black market (abokifx), often referred to as the parallel market, operates unofficially, facilitating the trade of foreign currencies at rates distinct from those set by the Central Bank of Nigeria (CBN).
This clandestine marketplace serves as a vital avenue for individuals and businesses encountering obstacles in accessing the official market due to factors such as scarcity, restrictions, or regulatory constraints.
The exchange rate of the Euro to the Nigerian Naira within the black market undergoes daily fluctuations, influenced by a myriad of factors including supply and demand dynamics, inflationary trends, political uncertainties, and economic policies.
Typically, the black market rate surpasses the official rate, indicating a relative weakness of the Naira against the Euro in this unofficial market segment.
How Much Is Euro to Naira Exchange Rate in the Black Market Today (AbokiFX)?:
As of today, June 13, 2024, the Euro to Naira exchange rate in the black market stands as follows:
| Euro (€) to Naira (₦) | Black Market Today |
|---|---|
| Buying Rate | ₦1,190.00 |
| Selling Rate | ₦1,230.00 |
This implies that if you intend to purchase 1 Euro in the black market today, you would need to tender ₦1,230.00, whereas selling 1 Euro would yield ₦1,190.00 in Naira.
Keep in mind that these rates are subject to change throughout the day and may vary based on market dynamics and other external factors.
Euro to Naira Black Market Exchange Rate Table for Different Denominations:
Here’s a breakdown of the exchange rate for various denominations of Euros to Nigerian Naira in the black market:
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