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euro to naira exchange rate in black market

EURO TO NAIRA EXCHANGE RATE IN BLACK MARKET TODAY, MARCH 2017

Euro To Naira Exchange Rate In Black Market Today March 2017 – 1 Eur to Ngn { Updated Daily }

If you are wondering how much is euro to naira exchange rate in black market, then NaijaQuest is here for you.

The exchange rate of Euro to Naira today in the parallel market other wise known as black market is:

N390 per one euro – Buy Rate

N400 per One euro – Sell Rate

.euro to naira exchange rate in black market

While the exchange rate of Naira to Euro today in parallel market is € per One Naira

This exchange rate is ridiculous to say the least I mean how would you justify such FX rate? indeed, there are some factors that comes into play to put the FX the Naira at such a drowning position. Some of these reasons would be discussed below and it would do we Nigerians some good to tackle them before it gets out of hand.

Some Of The Major Causes Why The Euro To Naira Exchange Rate In Black Market Today Is This High

1. OVER DEPENDENCY ON IMPORTATION

The rate at which we import is quite alarming, we import almost everything and anything they can. In contrast, we export little to nothing compared to what we import. What then do you think is the implication of this? It means our importers would demand more of foreign currencies therefore raising their value at the expense of our own Naira.

2. OVER DEPENDENCY ON OIL EXPORT REVENUE

Nigeria as a country lacks economic diversification and only depends on the revenue gotten from oil. Now with the falling price of oil in the global market as oil had been discovered in other parts of the world, the value of Naira would continue to fall with response to the fall of the oil price except if we diversify our economy.

3. THE EXCESSIVE DEMAND FOR FOREIGN CURRENCIES IN THE COUNTRY.

This is in fact one of the major reasons why Naira is losing it value in the world market. Businesses now in Nigeria demands to be paid in foreign currencies like the dollars, pounds or euros rather than the currency of the land. This act though frowned upon by the Government, Nigerians still practice it and this had in turn been the reason for the falling value of Naira.

4. OBSESSION FOR FOREIGN PRODUCTS AND SEVICES

Many Nigerians prefer foreign goods and services to our local products and services. Name it is it education, construction, writings or what have you, this single act had strengthen the foreign currency against our own Naira.

5. LOOTING OF PUBLIC FUND

over the years, government officials had looted our public fund and instead of them to invest this to at least better the economy, they take this money to foreign countries. This had not helped the Naira.

6. LOST OF TRUST IN THE ECONOMY

Political instability, skewed government policies, terrorism and other vices had made many foreign and even local investors lost interest in the country’s economy, this in itself had devalued the Naira.

The 6 points listed above are some of the major reasons why euro to naira exchange rate in black market today is very high

It is crucial we try our best to stop the Naira from devaluation to protect our dignity and respect as a country by encouraging more of exportation, consumption of local goods and services and prevention of public officers from looting our national funds.

There you have it on ” euro to naira exchange rate in black market today, month of March 2017 “, share your thought and suggestions with us through the comment box and kindly like us on facebook @ facebook.com/9jaquest or follow us on twitter @ twitter.com/naijaquest. Thanks

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20 comments

  1. i will like to be notified pls every day

  2. I will like to be notified everyday.

  3. Please see me daily exchange rate every day. Thanks

  4. Hi,
    how do I convert euro to dollar in Nigeria.

  5. Please I will like to be notified everyday. Thanks

  6. I will like to be notify everyday

  7. I will like to be notify everyday about euro to naira..help please…

  8. Hello, I would like to know the exchange rate euro to Naira? If you offer good rate I will exchange few thousands of euro.

    Many thanks as I await your feedback.

    • Hellow Abua Godwin,
      The current euro to naira exchange rate is updated in the post. Also note, Naijaquest.com is an information portal, we do not sell nor buy. All information are provided freely
      we update the rate daily

  9. I did like to b updatedtoo.

  10. I will also like to be notify everyday about Euro to Nira

  11. I will like to be updated on daily basis about Euro to Naira.

  12. Please, enlight me on how to send euro from Nigeria

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