Euro To Naira Exchange Rate In Black Market Today
The exchange rate of Euro to Naira today in black market is:
EURO (GBP) BUY= 490 SELL= 500
The exchange rate is so disgusting for Nigeria a whole the giant of Africa for that matter, what could be the reason for this? Well, some of the factors that led to fall of naira among the world currencies will be examine and it can as well help us to protect the value of our naira and rescue it from further devaluation.
Reasons Why Euro To Naira Exchange Rate Is high in Black Market Today
Lack of economic diversification
Nigeria economy largely depends on oil revenue as the major source of revenue for the governments, since the time the oil price has been falling from the global market to due to the discovery of oil in some other parts of the world, the oil business is no longer bringing income Nigeria as it used to be in the past. As it is now, Nigeria government need to diversify our economy, unless we do this, the Naira will continue to fall as long as the oil price continues to fall in the world market.
Preference for foreign goods
Most of the people in Nigeria prefer to patronize foreign goods and services than goods made in Nigeria. We can’t purchase those foreign goods without using their currencies, some of the people in the country will never buy anything made in Nigeria. This is one of the reasons our Naira is losing value.
Preference for foreign currencies
Some of Nigerian business men and women prefer to do transactions in foreign currencies like Dollars, Euro, Yen and Pounds rather than Naira which is our currency. Though the federal government through The Central Bank of Nigeria is making policies to tackle this, but Nigerians are still practicing this.
Our leaders in government are looting public funds and treasures, all the money that supposed to be used for the development of our nation is being taking abroad and as matter of fact, our leaders love to convert Naira to foreign currencies, such as Dollars Euros and Pounds.
The insecurity in the country especially in the North and South South which includes; bombing, kidnaping and other social vices is one of the major reason why investors that supposed to invest in Nigeria are not coming to invest, meanwhile some investor are leaving Nigeria to other nation for their investments. This is affecting our economy and is one of the reasons why our naira is going down.
The rate of importation in Nigeria is very high, we imports so many thing, while on the other hand we export so little compared to what we import. The consequence of these is that, our importers would rely more on foreign currencies and this devalue our Naira the more.
All the listed reasons above are some of the factors that responsible for the high rate of Naira to Euro in the black market. It is very important for us Nigerians to do everything possible to ensure our Naira can compete with other currencies in the world by saying “no to foreign goods” and start patronizing made in Nigeria goods, “no to corruption” and anything that is causing devaluation for our Naira.
This is the Euro to Naira exchange rate for the month November 2016 in the black market.