Just like in the case USD, the Naira is having a free fall against the EUR in the foreign exchange market despite constant intervention by the central bank of Nigeria.
Our team are constantly monitoring the EUR /NGN (EURO to Naira) exchange rate.
The symbol for Euro is € and the exchange rate of Euro to Naira in the black market in Lagos today is. Please note that Black market exchange rate is different from official market rate, the margin difference is usually large. As you go about transacting, let’s give you a few hints and fact about Euro.
Euro is a currency introduced to harmonise and perfect a Single European Market. It aim and objective is to facilitate free trade and economic activities in the Eurozone axis of participating countries.
Being a new currency, Euro has successfully outperformed most currency and climb to the 2nd position in the forex exchange market.
Euro comes in the following denomination: €500, €200, €100, €50, €20, €10, and €5.
With over €1.3 trillion in circulation, Euro is the most traded currency in the foreign exchange market after the USD. The main issuing body of Euro is the European Central Bank with headquarters in Frankfurt am Main, Germany.
About 19 European countries that are within eurozone makes use of the Euro as their official currency.
Things You Didn’t Know About the Euro
- Plan to introduce a single currency in Europe started in 1960s: Though the currency was launched in early 90s, member states started putting adequate preparation on ground as early as 60s. The Treaty of Maastricht of 1992 that saw the establishment of rules that govern the currency.
- Only 12 Countries Used the Euro at first :Germany, Finland, Austria, Greece,Belgium, Luxembourg, Spain, Portugal, Italy, Ireland, France and The Netherlands were the very first countries that adopted the currency at first before others followed.
- United Kingdom and Denmark are the two countries that have recently and successfully opt out from the Union.
- Bank notes of various denominations and coins were introduced early 2001.
The point listed above are the some important facts about the Euro. Although when the currency was about to be launched, there were series of problems encountered.