The Euro to Naira exchange rate continues to attract attention among Nigerians engaged in online businesses, importation, and international transactions. As one of the most traded currencies globally, the Euro plays a major role in Nigeria’s foreign exchange market, both at the official CBN rate and the black market (Aboki FX) rate.
This article provides you with the latest Euro to Naira exchange rate, a conversion guide, and key information about how the black market operates in Nigeria.
Current Euro to Naira Exchange Rate
As of today, the official CBN rate for the Euro to Naira exchange stands at ₦421 per €1. However, in the black market (Aboki FX), the rate is much higher — around ₦640 per €1.
Many Nigerians prefer using the black market due to the limited availability of foreign exchange from official sources and faster transaction processes offered by street traders.
Euro to Naira Conversion (EUR to NGN)
| Euro (EUR) | Naira (NGN) – Official Rate | Naira (NGN) – Black Market Rate |
|---|---|---|
| €1 | ₦421 | ₦640 |
| €50 | ₦21,050 | ₦32,000 |
| €100 | ₦42,100 | ₦64,000 |
| €500 | ₦210,500 | ₦320,000 |
| €1,000 | ₦421,000 | ₦640,000 |
Why the Black Market Rate Is Higher
The difference between the official rate and the black market rate exists because of limited Euro supply through official banking channels. Many importers and travelers turn to Aboki FX dealers for quick access to Euros, which increases demand and drives the parallel market rate higher.
Conclusion
The Euro to Naira exchange rate continues to fluctuate due to changes in global currency markets and Nigeria’s foreign exchange policies. While the CBN rate remains around ₦421 per €1, the black market rate currently sits at approximately ₦640 per €1.
To stay updated, always check reliable currency platforms and monitor changes in both official and parallel markets before making foreign exchange transactions.
Frequently Asked Questions (FAQs)
What is the current Euro to Naira black market rate today?
The current Euro to Naira black market rate today is approximately ₦640 per €1, while the official CBN rate is around ₦421 per €1.
Why do most Nigerians prefer the black market for currency exchange?
Most Nigerians prefer the black market because it offers faster access to Euros and other foreign currencies compared to banks and official channels.
Is the Euro to Naira rate the same across Nigeria?
No. The black market rate varies depending on the city or dealer, but it typically stays within the range of ₦630 to ₦650 per €1.
Can the CBN rate ever match the black market rate?
It’s unlikely in the short term, as the difference depends on foreign currency supply and demand. However, with stronger policies and economic reforms, the gap can be reduced over time.
Also Read: Dollar to Naira Black Market Rate Today | USD to Naira
