EURO TO NAIRA EXCHANGE RATE TODAY BLACK MARKET NOVEMBER 2018

EURO TO NAIRA EXCHANGE RATE TODAY BLACK MARKET NOVEMBER 2018 { UPDATED DAILY }

1 EUR To NGN

Todays post looks into the current Exchange rate of the euro to naira.

The Exchange Rate For Euro To Naira In The Black Market Today November 2018

  • Buy 406 => 1 EUR

  • Sell 412 => 1 EUR

Seriously looking at that Exchange rate one can actually say that is ridiculous and not good at all but come to think of it there are factors responsible for this poor Exchange rate.

And it would be very thoughtful of Nigerians to use the above factors look for solution and tackle the delema before it gets out of hands.

Before we get to that let’s check this out

EURO TO NAIRA EXCHANGE RATE TODAY BLACK MARKET NOVEMBER 2018

EURO TO NAIRA EXCHANGE RATE TODAY BLACK MARKET NOVEMBER 2018

Top 10 Interesting Facts About The Naira.

  1. The naira was introduced in 1973 to replace the British pound as the official currency of Nigeria.
  2. The first coins that were introduced were ½, 1, 5, 10, and 25 kobo.
  3. The first notes that were introduced were for the 50 kobo, 1 naira, 5, naira, 10 naira, and 20 naira.
  4. N50 notes were not introduced until 1991.
  5. N100 notes were not introduced until 1999.

  6. N200 notes didn’t exist until 2000.
  7. N500 notes were introduced in 2001.
  8. N1000 notes were introduced on October 12, 2005.
  9. The CBN is the only organization authorized to print/manufacture the naira note.
  10. The name Naira was coined by the late Nationalist, Chief Obafemi Awolowo when he was the Federal Commissioner for Finance. He coined Naira from Nigeria by collapsing the country name and arrived at the currency name.

I believe that above are some of the interesting facts you need to know about the Naira.

Some Of The Major Causes Of The High Exchange Rate Of The Euro To Naira Today Black Market.

  • High Demand For Foreign Product.

There is a very high demand for foreign product in the country and this has strengthen the foreign currency over the local Nigeria currency.

  • Looting Of Public Funds / Corruption.

We are all aware of the ways top government officials and leaders loot the funds of this nation truth be told that billions are being looted and these looted funds are being changed to dollar and kept in foreign accounts in turn devalue our currency.

  • Over Dependency On Oil.

Have you heard this saying of a farmer putting all his eggs in one basket that’s the case of nigeria whereby all the economy of the country is focused on oil.

Unlike other countries of the world whereby they fo other things like manufacturing or even health, Nigeria as a country is dependent on oil as it’s source of national income so with the fall of the oil prices the naira has also gone low.

  • Over Dependence On Importation

We would not end this post without saying a bit on this as this is a key factor too.

There are far more higher imports than exports and these has drastically Increased the euro over the naira because the transaction is been done in euro our local currency tends to crumble.

The points listed above are some of the reasons why the naira is devalued and it would be best if we try and change things before it gets out of hand.

So thats it on euro to naira exchange rate today black market for November 2018.

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