Euro to Naira Black Market Exchange Rate: October 2023 Price Update
The Euro to Naira Black Market rate is the unauthorized rate of exchange between Euro and the Naira. This black market rate differs due to some factors such as market forces or influence, financial factors and economic factors.
What is Black Market?
Black Market can be said to be an unofficial or unauthorized market place where the exchange of goods and services occur.
This kind of transaction occurs in order to evade some government regulations. In this case, black market could be a place where currency exchange takes place.
The Euro to Naira Black Market Rate
The black market rate for today between the euro and naira is 1095 naira to 1 euro at a buying rate and 1095 at a selling rate.
Many people make use of the black market exchange rate instead of the regular bank rate due to the high and salivating exchange rate the former offers.
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Factors Contributing to the Boom in Black Market
The factors are listed below:
1. Less Access to Forex: The foreign exchange in Nigeria can be less accessible and difficult due to some certain restrictions. This has made many opt for the black market exchange.
2. Differences in Exchange Rate: Often times, a wide gap exist between the black market rate and the official bank rate due to varied economic conditions, this makes people seek a more comfortable and affordable rate for transactions.
3. Unstable Economy: An economy that is unstable has made many want to change their own local currency to a more stable foreign currency.
CSN Team.
