What’s the current exchange rate for Euro (€) to Naira (₦) today in the black market?
In the domain of currency exchange, an underground economy known as the black market, or parallel market, operates outside official channels, facilitating the trading of foreign currencies at rates distinct from those set by the Central Bank of Nigeria (CBN).
This clandestine marketplace serves as a crucial avenue for individuals and businesses encountering barriers 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 experiences daily fluctuations, influenced by various factors including supply and demand dynamics, inflationary trends, political uncertainties, and economic policies.
Typically, the black market rate exceeds the official rate, indicating a relative weakness of the Naira against the Euro in this unofficial segment.
Euro to Naira Exchange Rate in the Black Market Today:
As of today, March 23, 2024, the Euro to Naira exchange rate in the black market stands as follows:
– Buying Rate: ₦1,616.00 per Euro
– Selling Rate: ₦1,680.00 per Euro
This means that to purchase 1 Euro in the black market today, one would need to tender ₦1,680.00, while selling 1 Euro would yield ₦1,616.00 in Naira.
It’s important to note that these rates are subject to change throughout the day and may vary based on market dynamics and other external factors.
How does the black market Euro-to-Naira exchange rate compare to the CBN official rate?
The Central Bank of Nigeria’s official exchange rate of the Euro to the Nigerian Naira, as of today, March 23, 2024, is:
– Selling Rate: ₦1576.00
– Buying Rate: ₦1575.00
This rate is utilized by the CBN for its transactions and interventions in the foreign exchange market. Moreover, the official rate serves as the benchmark for the exchange rates of other foreign currencies, including the dollar, pound sterling, and Chinese yuan.
The disparity between the black market rate and the official rate is referred to as the parallel market premium. This premium indicates the extent of deviation between the official and unofficial markets and reflects the confidence level in the Naira and the CBN’s policies.