The Nigerian black market exchange rate for the Euro to Naira has witnessed a significant surge, reaching ₦1,699.47 as of today, March 4, 2024.
This development marks at least a 46% appreciation of the euro against the Nigerian naira over the past year, highlighting the ongoing volatility in the foreign exchange market.
The black market, often utilized by individuals and businesses for currency exchange due to its accessibility and the immediate availability of foreign currencies, plays a crucial role in the day-to-day financial transactions of numerous Nigerians.
Particularly, professionals in the technology sector who earn their income in euros through freelance projects and permanent remote positions find themselves frequently converting their earnings to naira at rates offered by local street currency exchangers, colloquially known as ‘Aboki’. 
Moreover, the exchange rate impacts a diverse group of individuals including expatriates from various European countries working in Nigeria, who require conversion of euros to naira for local expenditures.
Nigerian parents with children pursuing education in Europe, alongside local entrepreneurs, importers, and airline companies, are also significantly affected as they navigate the exchange market to fulfill their overseas financial commitments or repatriate funds back to Nigeria.
As the exchange rate stands at ₦1,699.47 for buying and fluctuates between ₦1,710.00 to ₦1,735.10 for selling per euro, the financial implications for both personal and commercial transactions are profound.
For instance, converting 100 euros now costs approximately N169,947.40, and €1000 exchanges for around ₦1,699,474.00, underscoring the heightened costs for transactions involving the European currency.
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