The Euro to Naira exchange rate in the black market has reached a new high, with the rate standing at N1,559.767 on March 25, 2024.
This marks a significant increase, with the Euro gaining at least 46% in value against the Nigerian Naira over the past year in the unofficial or parallel market.
The black market, often driven by informal currency exchangers known locally as ‘Aboki’, plays a pivotal role in currency exchange for various sectors in Nigeria.
Technology professionals earning in Euros, expatriates needing local currency, and Nigerians with financial commitments in Europe, such as education and business transactions, frequently utilize these unofficial rates for currency conversion.
Despite the critical role it plays in the economy, the black market operates without official regulation, with rates fluctuating based on supply and demand dynamics.
This lack of oversight has led to a disparity between official and parallel market rates, prompting government efforts to stabilize and bring transparency to the currency exchange landscape.
However, it’s important to highlight that engaging in black market transactions is considered illegal in Nigeria, with the government actively trying to curtail these activities to normalize the official exchange rate.
The continued rise in the Euro to Naira rate in the parallel market underscores ongoing economic challenges and the need for effective policy measures to align the official and black market rates.
The post Euro To Naira Black Market Today appeared first on Naija News.
