Naira To Euro Aboki Blackmarket Exchange Rate Today
The Naira to Euro Aboki Blackmarket rate as of today is between N1250 – N1270. If you are buying the Euros with Naira, you would buy it at the rate of N1270. However, if you want to convert your Euros to Naira, the rate is N1250. In this article, you will find out the analysis of the Naira/Euro exchange rate.
Euros Rate
Naira Rate
Buying Rate: N1250
Selling Rate: N1270
Naira To Euro Aboki Blackmarket Exchange Rate This Week
In the week starting from December 14, 2023 – December 20, 2023, they have been stability in the dollar currency to the Nigerian currency at the black market. On Sunday and Monday (earlier in the week) they have been no increase in the rate of buying and selling of the naira to the dollar. However, on Tuesday, there has been a slight increase in the buying and selling rate of the two currencies. Here is a layout of how the two currencies are performing so far this week:
Buying Rate
Selling Rate
December 14, 2023
Buying Rate: N1250
Selling Rate: N1270
December 15, 2023
Buying Rate: N1250
Selling Rate: N1270
December 16, 2023
Buying Rate: N1250
Selling Rate: N1270
December 17, 2023
Buying Rate: N1247
Selling Rate: N1260
December 18, 2023
Buying Rate: N1247
Selling Rate: N1260
December 19, 2023
Buying Rate: N1230
Selling Rate: N1250
December 20, 2023
Buying Rate: N1230
Selling Rate: N1250
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Advantages Of Black Market Exchange Rate
Here are some of the most important advantages of the black market exchange rate:
Foreign Currency Availability
Black markets frequently provide access to foreign currencies that are scarce or closely controlled by the official exchange rate system.
Higher Exchange Rates
When compared to official rates, black market rates can often provide better exchange rates, potentially resulting in enhanced purchasing power for people who use the black market.
However, you must assess the drawbacks, which frequently outweigh the supposed benefits:
Legality: In many countries, black market transaction is prohibited and can result in legal penalties such as fines and jail.
Absence of openness: Due to the absence of openness and consumer safeguards in black market transactions, individuals are prone to fraud and scams.
Economic Instability: A country’s capacity to manage inflation and preserve currency rate stability might be hampered by widespread usage of the black market.
The development of a black market can syphon resources away from the legal economy, lowering tax revenues and impeding economic progress.
FAQ
How much is 1 Euro in the black market today in Nigeria?
1 Euro in the black market today is N1270. This rate may have slight differences where you live.
How much is $100 to Naira in the black market?
$100 to Naira in the black market is N127,000
What is the Euro to naira bank rate today?
The Euro to naira bank rate is $1 = N1270.
What is 1000 Euros in the black market?
1000 Euros to naira in the black market is N1,270,000.
How much is $10 to naira?
$10 to naira is N12,700. This may have slight differences where you live.
Conclusion
The rates may differ slightly if you intend to buy from a different vendor.
