Are you one of the online currency exchange rate searchers who want to know how much is Euro to Naira exchange rate today 2019?
You must have at one point in time rushed to Google and typed “What is the conversion of 1 EUR to 1 NGN? Right? You’ve done just that and that is why you’re on this page.
Since the establishment of structural adjustment program, Constant fluctuations in exchange rate have been the order of the day.
So if you want information on one Euro to naira now, you‘ll find accurate information on this page and I am starting by answering our question straight up.
How Much Is Euro to Naira Exchange Rate Today Black Market 2019 (Latest Update Every Day)
Daily update answer:
- The buy rate = N406 per 1 euro;
- The sell rate = N 411 per 1 euro
Central Bank of Nigeria CBN Exchange Rate Today 341.226 to $1
At present,
CBN buys at N341.226 and sell at N343.56
In 2009, the central bank of Nigeria made it possible to completely change naira against foreign currencies.
Although foreign currency is regulated through weekly auctions, the CBN controls and set exchange rate.
For some period of time now, CBN has taking up high flexibility when it comes to controlling foreign exchange.
History of Euro to Naira Bank Rate Today
On the 1st of January, 1973, our beloved currency “Naira” was introduced to Nigerians. This was 26 years before the Euro came into existence.
Thanks to the central bank of Nigeria, different notes have been issued starting with the 50 kobo to the 1000 naira.
Euros which still stand as the second most traded currency in the world was introduced on the 1st of Jan 1999 to replace the European currency unit (ECU) which had been in use since 1979.
This means that as at independence, the ECU was the recognized currency used by the European countries.
- As at independence 1 ECU = N1 and 1 NGN TO EUR was 1.47
- On January 1 1990, 1 ECU = N10
- On June 15 1998, 1 ECU = N24
- On the 1st of January when Euro was introduced to replace ECU, 1E = N108
- On February 15 2000 1E= N102
- On September 20 2002 1E = N106
- On January 1 2003 1 E = N131
- On April 1 2005 1E = N180
- On January 1 2006 1E = N156
- ON August 20 2007 1E = N170
- On march 25 2009 1E = N189
- On January 1 2010 1E = N216
- On February 5 2011 1E = N203
- On October 15 2012 1E =N210
- On September 10 2013 1E = N206
- On March 18 2014 1E = N221
- On July 10 2015 1E = N222
- On January 1 2016 1E = N217
- On May 30 2017 1E = N321
- On January 10 2018 1E = N432
- On May 6 2019 1E = N411 and 1 ngn to eur is 0
What Is 20 Euro to Naira and 2000 Euro to Naira? – Other Nigerian Currency Exchange Rates to Euro
What is 20 Euro to Naira today and how do I convert 500 euro to naira?
According to the latest update and exchange rate, it is N8, 220 & N205, 500.
To convert Euro to Naira, you multiply the exchange rate by the amount of Euro.
- 1 Euro to Naira is N411 ( 411× 1)
- 100 Euro to Naira conversion is 41,100 (411×100)
- 200 Euro to Nigeria’s currency is 82,200(411×200)
- E500 to Naira is 205,500 (411×500)
- 1000 Euros to Naira is 411,000 (411×1000)
- 1,500 Euros to Naira is 616,500 (411×1,500)
- E2,000 to Naira is 822,000 (411×2000)
- E5,000 to Nigerian currency is 2,055,000 (411×5,000)
- 10,000 Euros to Nigerian Naira is 4,110,000 (411×10,000)
- 1 million Naira in Euros is 2,433.09EUR
- 10 million E to NGN is 4,11O,000,000 (411×10 million)
What Is The Current MoneyGram Exchange Ratio Euro To Naira Today In Parallel Market?
Moneygram exchange euro to naira today at 403.2258
Moneygram helps to transfer money from one country to another online. However companies such as this are susceptible to being defrauded by dishonest customers.
Related: Abokifx daily conversion rates
What Is 1 Canadian Dollar to Naira?
Currently, 1 CAD to NGN = 268.335
Do you know that 1 CAD IN 1998 was N15? Yea record shows it rose speedily to N70 in 1999. Now we have it at N268.
Hmnn! It has really undergone serious changes. Presently banks exchange at N278 – N301.
What Is The Exchange Rate of Pounds To Naira Today?
Currently, 1 pound to Naira = N473.98
Nigeria banks exchange rate range between N477-N500. This is what we had at 1GBP = N36 in 1998 before it rose to N164 in 1999 and now we talk of N473 with black market.
What Is Dollar To Naira Bank Rate Today?
Dollar which is the generally accepted currency of the United States stands out amidst over 180 currencies in the world.
Asides the fact that the paper note is made from cotton fiber and not wood fiber, it is the most frequently used currency on the international platform. It is regarded as the world’s primary reserve.
Exchange rate in Nigerian banks will always be higher than the official rate because they add hidden extra charges.
Nigerians don’t just cash in Euros, but also dollars and I’m sure you will like to know the dollar to naira bank rate today.
Currently, the range at which banks exchange dollar to naira is at the rate of 361-380. The following are the current dollar rate to Naira of banks in Nigeria;
First bank = 380
GTB = 365
ECO Bank = 366
Wema Bank = 375
FCMB = 369
Fidelity = 369
Zenith Bank = 367
Access Bank = 366
10 Factors Affecting Increase & Fall In Price of Euro Rate In Nigerian
So what are the reasons for the rise and fall in price of Euro rate in Nigeria? Here are few factors contributing to that.
1. Inflation
The rise in prices of goods and services in a country reduce the volume or quantity of goods and services you can buy thereby reducing the value of the naira against that of euro.
Record shows Europe has low inflation rates and Nigeria has a high inflation rate. Hence, the purchasing power of Euros increases thereby increasing the value of euro to naira today.
That explains it. You have 1000 naira note and you feel you are okay. Just get few things and the money is finished.
Sometimes you may even think you’ve misplaced some money. All thanks to inflation.
2. Looting of public fund
This happens when government officials prefer to boost and aid the economy of foreign countries. This they do when they loot a huge sum of money and invest such money in Europe.
Hence the value of the euro rises and that of naira falls. This explains the rise in the exchange rate of the euro to naira today.
3. Consumption of imported goods
So many Nigerians lack appreciation for our own naija made products. We prefer to go for foreign products. In fact ordinary malaria, we prefer to travel out of our country to treat.
We forget that when we do such, we are only helping foreign countries like Europe and as such leading to rise in the value of their currency at the detriment of our beloved naira.
4. Lack of trust in Naira
Due to the fact that Nigerians don’t have peace of mind with naira, they prefer to stash a huge sum of Euro rather than saving in naira.
Why? They feel the value of Naira can fall at any time.
They forget that such deeds will only lead to more demand of euro thereby influencing the exchange rate of euro to naira today.
5. Terrorism
Foreign investors took to their heels due to the terrorist attack in the northern part of the country and as such, these have lead to a drastic reduction in their investment.
This means there is a decrease in foreign capital thereby leading to depreciation of the naira and the appreciation of euro to naira today.
6. Public debt
Nigeria’s debt is on the rise. As at 2018, Nigeria’s debt office record N22.4 trillion. Large debt leads to inflation so the country can pay back.
This spells out why the exchange rate of euro to naira today is high.
A country in huge debt scares away foreigners and investors as they won’t be ready to invest in the country’s currency if they speculate that the country may find it difficult to pay back.
When investors don’t invest, the exchange rate will rise. Besides in other to pay back debts, the country may decide to reduce the price of securities thereby leading to rise of euro and fall of naira.
7. Over dependence on crude oil
Nigeria as the 8th largest producer of crude oil has solely depended on the exportation of crude oil.
Recently foreign countries cut monthly importation from Nigeria. This leads to falling in naira and rise of Euro.
Also the drastic fall in exporting value and price of crude oil leads to high exchange rate of euro to naira today.
8. Terms of Trade
Differences between exportation price and importation prices determine the value of the currency of the two countries involved.
When the price of exporting from Nigeria is far higher than importing from Europe, there is increased demand for Naira thereby, increasing the value of euro to naira today.
However, when the exportation price is slightly higher or lower than the importation price, the naira value decreases compared to euro.
9. Scarcity
Scarcity of foreign currency leads to high exchange rate of euro to naira today as there is high competition for the little available.
10. Interest Rate
Higher interest rate allures foreign investors thereby leading to rise in the value of euro to naira today since Low interest rate leads to reduced exchange rate.
Euro to Naira Today (Summary)
Compared to how we started from independence, euro to naira today has really gone haywire. This shows how much our currency “naira” has really being devalued.
We can’t leave it to CBN alone, as individuals we should strive to take all precautions that will help the carrier of naira.
Rather than importing all our needs and wants, let’s believe in our own made goods and services. Even if it won’t go back to how it used to be, it can still be curtailed.