Euro To Naira Exchange Rate & Black Market – January 2020

The post is updated every day to give the day to the day Exchange rate of the euro. The article contains euro to naira exchange bank rate, euro to naira, black market rate, western union and MoneyGram exchange rate to the naira.

Euro to Naira Black Market Rate

  • Buying @ 1 Euro = 393.00 Naira
  • Selling @ 1 Euro  = 397.00 Naira

Naira to Euro Black Market Rate

  • Buying @ 1 Naira 0.00254 Euro 
  • Selling @ 1 Naira 0.00253 Euro

Euro to Naira CBN Rate

  • Buying @ 1 Euro = 337.71 Naira
  • Selling @ 1 Euro = 338.82 Naira

Naira to Euro CBN Rate

  • Buying @ 1 Naira 0.00296 Euro 
  • Selling @ 1 Naira 0.00295 Euro 

Western Union Rates (EUR to NGN)

  • Receiving @ ₦376.07 per €1

MoneyGram Rates (EUR to NGN)

  • Receiving @ ₦387.97 per €1

About The Euro Currency

The European Euro came into existence on the first day of January 1999. Before this date, it had been a goal of the European Union and its predecessors since back in the 1960s.

After numerous negotiations, due to the opposition from the UK, the Maastricht Treaty entered into force in 1993 with the primary goal of creating an economic and monetary union by 1999 for all European Union States except the United Kingdom and Denmark.

In the year 1999, the currency was born but just virtually and three years after which was in 2002 notes and coins began circulation.

With a short period the euro took over the former national currencies, and it slowly expanded behind the rest of the European Union.

The Euro (€) Symbol

The symbol for the European euro is a curved “E” with two cross lines €.

The euros are divided into euro cents, each of the euro cent consisting of one-hundredth of a euro.

Countries That Uses Euro

The euro currency is one of the most influential currencies in the world of today. It is used by more than 175 million European, consisting of 19 of 28 EU member countries, also some countries that are not formally members of the European Union.

The countries using the euro are:

  • Andorra (not EU member)
  • Austria
  • Belgium
  • Cyprus
  • Estonia
  • France
  • Finland
  • Germany
  • Greece
  • Ireland
  • Italy
  • Kosovo
  • Latvia
  • Lithuania
  • Luxembourg
  • Monaco (not EU)
  • Montenegro (not EU)
  • Malta
  • Netherlands
  • Portugal
  • San Marino (not EU)
  • Slovakia
  • Spain
  • Slovenia
  • Vatican City (not EU)

Some Factors affecting the exchange rate of Euro to Naira

  • Nigeria so much depends on importation products
  • Oil being the major source of government revenue
  • The demand for foreign currency by Nigerians is on the high side
  • Obsession for foreign products and services
  • Looting of public fund and banking them in foreign banks

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