Euro to Naira Black Market Rate Today 12 June 2023 [EUR to NGN]

Euro to Naira black market rate today and the CBN official rate. How much is the Euro to Naira rate today, 12th June 2023? You convert your Euro to Naira at these rates, or you convert your Euro to Naira exchange rate at the most recent black market or parallel market rate.

Newsone reports that Nigerians prefer to exchange foreign currency, particularly the euro to Naira, on the black market since the conversion rate is much higher than what the bank offers.

On this page, you can discover all the facts and the current rate for euro to Naira, both the CBN and the black market rate.

Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.

The parallel exchange rate (black market rate) is always different from the CBN rate. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy.

As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.

The black market rate for euro is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.

Newsone Nigeria reports that the dollar to naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those available on the black/parallel market.

Euro to Naira Black Market Rate Today, 12th June 2023

euro to naira black market exchange rate today – black market euro to naira exchange rate can be accessed in the table provided below by this Newsone reporter.

Factors Influencing Foreign Exchange Rates

Here are some causes of the dwindling euro to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is brought under control, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will lead to an increase in the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.