Keep yourself updated for easy euro to naira and vice versa conversions!
If you are a European or Nigerian trader who often travels between the two countries then first and foremost inconvenience that can be faced by you is conversion of currencies. You often need to convert euro to naira or vice versa in order to perform economic activities in any of the two countries without any difficulty or inconvenience. In this article we will not only update you with brief history of both the currencies but will also educate you about how you can easily do the currency conversion without any legal or economic problem.
Brief history of Euro!
The Euro currency came into being with origination of European monetary system in 1979. Initially 12 countries out of 15 European Union countries were the members of this Eurozone. Later 4 other countries joined the Eurozone in between 2007 to 2009.
The major problem faced by the countries having Euro as their second currency was high level fluctuation of Euro against dollars as well as against their local currencies. In order to bring stabilization in Euro these countries had to maintain uniform interest rates throughout the European Union which created lot of problems for economies of Germany and France.
With acceptance of the Maastricht treaty, the Euro was accepted as an accounting currency in these countries on 1 January 1999. However , instability in the Euro was further curbed by ceasing the local currencies of the European Union countries. Now the Euro was the only legal tender in all the European Union countries.
Acceptance of the Euro as legal tender not only made the economy of European countries strong but also improved their global presence by many folds. Apart from that exchange rate volatility also eased down by many folds across various European Union nations by acceptance or Euro as a uniform currency.
Sneak peak in the history of Naira!
Before Naira was accepted as a legal tender in Nigeria in the year 1973, Nigerian currency went under lot of changes and reformations. Nigeria has used cowries and manila as its currency before The West African Currency Board issued currency noted from 1912 to 1959. In 1962 old currency notes were withdrawn by the board issuing new legal tenders symbolising new status of the country. These legal tenders were again withdrawn in 1968 after the cases of currency being misused in the war. After all the upheavals, Naira was accepted as the legal tender of Nigeria.
One Naira is equivalent to ten shillings. Naira can be broken into smaller currency called Kobo. 100 kobo is equivalent to 1 Naira. On the first assassination of the Nigerian state head, the Central bank of Nigeria issued the first currency note of denomination as high as 20 naira. This act not only symbolised the announcement of the country growing on the path of free economic development but it also strengthened the economy of the country. With the sole motive of economic expansion and trade interaction on global platform, currency notes of denomination 50, 100, 200, 500 and 1000 were introduced.
Tips to convert euro to naira or vice versa without any legal or financial trouble!
You will be requiring approximately 340 naira in order to get 1 euro. The process of currency exchange can easily be carried out at Central bank of Nigeria or at any other international foreign currency exchange institution. All you have to do is keep yourself updated and do your homework well in advance so that you don’t end up being the victim of any fraud institution offering currency exchange at mind boggling rates.
First and the foremost thing that has to be done is to visit the official website of Central bank of Nigeria where latest currency exchange rates are updated on daily basis. It is very important to realise that the bank exchange rates are just for the reference or guidance as most of the international currency exchange institutions do not offer rates as competitive as banks. You will need to compare the rates of various institutions and then decide from where you will get your currency exchanges.
If you happen to be in Nigeria and travelling to Europe then you can directly go to Central bank of Nigeria and get the currency exchanged on producing your passport at the bank. It is better you get some currency exchanged in advance so that you can get a cab at airport or some food to eat when you reach Europe. Remaining currency can easily be exchanged at airport in Europe or other institutions in Europe by showing your passport, visa and other required documents. Once the officials check everything is in order they will issue euro in any denomination you want.
If you are a trader then having an international credit card can help a lot. When your client deposits money in euro, you can easily withdraw it in the form of Naira anywhere you want.