The main issuing body of Euro is the European Central Bank with headquarters in Frankfurt am Main, Germany.Ībout 19 European countries that are within eurozone makes use of the Euro as their official currency. With over €1.3 trillion in circulation, Euro is the most traded currency in the foreign exchange market after the USD. It aim and objective is to facilitate free trade and economic activities in the Eurozone axis of participating countries.īeing a new currency, Euro has successfully outperformed most currency and climb to the 2nd position in the forex exchange market.Įuro comes in the following denomination: €500, €200, €100, €50, €20, €10, and €5. As you go about transacting, let's give you a few hints and fact about Euro.Įuro is a currency introduced to harmonise and perfect a Single European Market. Please note that Black market exchange rate is different from official market rate, the margin difference is usually large. The symbol for Euro is € and the exchange rate of Euro to Naira in the black market in Lagos today is. To convert Nigerian Naira to Dollars or determine the Nigerian Naira Dollar exchange rate simply use the currency converter on the right of this page, which offers fast live exchange rate. Although when the currency was about to be launched, there were series of problems encountered. The point listed above are the some important facts about the Euro. Bank notes of various denominations and coins were introduced early 2001.United Kingdom and Denmark are the two countries that have recently and successfully opt out from the Union.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 States Dollar to Nigerian Naira Follow Share 840.0400 Nov 17, 7:13:00 PM UTC Disclaimer search Compare to EUR / NGN 917.1137 EUR0.058 JPY / NGN 5.6177 JPY0.14 GBP / NGN.The Treaty of Maastricht of 1992 that saw the establishment of rules that govern the currency. 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 study brings into perspective another way of looking at the long-run relationship between the Naira-Dollar exchange rate and Nigeria's trade balance.Keywords: Foreign exchange rate, foreign exchange market, Imports, Exports, The balance of trade, Nigeria.JEL Classifications: F14, F31, 024. The study recommends that government should sustain efforts at promoting exports and reducing imports to improve the trade balance. 10 thousand Nigerian nairas to US dollars Convert NGN to USD at the real exchange rate. Volatility in the Naira-Dollar exchange rate was found to be related to the volume of imports to and exports from Nigeria in the long run with no short-run effects because of the pass-through effect to domestic inflation. Analyze historical currency charts or live Nigerian naira / US dollar rates and get free rate alerts directly to your email. The study employed both the autoregressive distributed lagged (ARDL) and exponential generalized autoregressive conditional heteroscedasticity (EGARCH) models to test for the short and long-run relationships between changes in the Naira-Dollar exchange rate and the volume of imports and exports. The volatility of the naira exchange rate was calculated from the model. Data for all variables, except volatility, were sourced from the Central Bank of Nigeria (CBN), the National Bureau of Statistics (NBS), and the International Financial Statistics. 7.91759596 Nigerian Naira: 0.1 United States Dollar: 79.1759596 Nigerian Naira: 1 United States Dollar: 791.759596 Nigerian Naira: 2 United States Dollar: 1583.519192 Nigerian Naira: 3 United States Dollar: 2375.278788 Nigerian Naira: 5 United States Dollar: 3958.79798 Nigerian Naira: 10 United States Dollar: 7917. We analyzed the effect of volatility in the Naira-Dollar exchange rate on the volume of imports to and exports from Nigeria between 19.
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