The EUR to NGN exchange rate represents the value of one Euro expressed in Nigerian Naira. This rate is determined by the foreign exchange market, where currencies are bought and sold. The exchange rate can fluctuate frequently due to various factors, including economic conditions, geopolitical events, interest rates, and market sentiment.
The exchange rate is typically quoted as the amount of the counter currency (NGN) required to buy one unit of the base currency (EUR). We use the mid-market rate for our Converter, but you won’t receive this rate when sending money. This information is for informational purposes only.
As of 19:00 PM UTC, €1,000.00 (one thousand euros) is currently worth ₦1,661,195.20 (one million six hundred sixty-one thousand one hundred ninety-five naira 20 kobos). The current exchange rate is 1661.1952. Compared to the previous closing exchange rate, the Nigerian Naira 🔻decreased by -0.01% (-176.52) against the Euro. Feel free to try converting the currency rate in reverse from Naira to Euros.
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Historical Exchange Rate Statistics
Analyzing historical data can provide insights into the volatility and trends of the EUR to NGN exchange rate. Here’s a summary of the high, low, and average rates over the last 7, 30, and 90 days:
Read also: Understanding AED to GHS
| Statistic | Last 7 Days | Last 30 Days | Last 90 Days |
|---|---|---|---|
| High | 1,672.7 | 1,717.1 | 1,800.6 |
| Low | 1,654.6 | 1,652.6 | 1,652.6 |
| Average | 1,661.3 | 1,689.3 | 1,741.5 |
| Volatility | 0.28% | 0.47% | 0.40% |
On this day last year, €1,000.00 would have been exchanged for ₦1,808,654.79, ₦147,459.59 higher than today’s rate. The most favorable exchange rate over the past seven days was ₦1,661,822.09.
Factors Influencing the Naira Exchange Rate
Several factors influence the exchange rate between the Euro and the Nigerian Naira. The Central Bank of Nigeria (CBN) is mandated to regulate Nigeria's foreign currency supply. Nigeria, being a largely import-dependent nation, consistently faces high demand for dollars. This demand is driven by imports, travel, education, and commercial activities.
Inconsistency in Nigerian government policies and tight currency controls also contribute to the widening gap between the official rate set by the Central Bank of Nigeria and the black market rates.
Gap between official and black market exchange rate widens in Nigeria
Image: Naira and CBN
Tips for Dealing with Currency Exchange
- Deal with reliable and trusted agents: Always deal with exchangers that have a physical presence.
- Check rates online beforehand: Research the current rates on our platform before you proceed with any transaction.
One of the popular places to quickly get a view of what goes on is the Bureau De Change Operators. Note that Bureau De Change (BDC) operators are licensed to operate by the Nigerian government. Also remember that there might be discrepancies in rates and it’s largely dependent on location.
Read also: Historical ZAR/NGN Data
A popular way most Nigerians and those who are tech-savvy stay updated on rates is via online media. Surfing and visiting online blogs like Nairatoday.com helps them get full insight on the ever-changing rates-and you can do this from the comfort of your home. Social media platforms are also important sources of information.
Tools and Resources for Currency Conversion
Several tools and resources are available to help you manage and monitor currency conversions:
- XE App: Manage your currencies on the go with the XE app. It has everything you need for international money transfers - easy, secure, and low fees starting at $0.
- Rate Alerts: Set free rate alerts for any currency pair to be notified at your desired rate.
- Historical Currency Rates: Analyze rate trends for any currency over a few days, weeks, months, or years.
Sending Money Internationally
Sending money abroad is easier than ever. You can send a variety of international currencies to multiple countries reliably, quickly, safely, and at a rate cheaper than most banks.
Consider using services like Ria Money Transfer for international transactions. Ria Money Transfer offers:
- Fast Transfers: Send money in seconds to your loved ones across the world.
- Safe Transfers: Feel secure knowing they’ve sent over a billion safe transfers.
- Guaranteed Satisfaction: Enjoy a no-hassle 100% satisfaction guarantee.
Image: Ria Money Transfer Logo
Read also: Converting USD to MAD
You can also use the Ria Mobile app to send money on the go. Check for great rates, enjoy faster repeat transfers with a few taps, and find the closest payout and send locations from anywhere.
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