Would you like to know the current value of one Canadian dollar compared to the Nigerian naira? Are you thinking about making some purchases online or traveling internationally, but you’re not sure how the currency works?
When it comes to the Abokifx Canadian Dollar to naira rate, it is essential to have a solid understanding of the exchange rate that exists between the naira and the Canadian dollar.
If you plan on doing business in a foreign country or travelling outside of the country, it is important to be aware of the current currency rate.
You can change your Canadian Dollar into Naira at this rate, or you can convert it at the rate offered on the parallel market or at the most recent rate offered on the black market.
Because Canada is a popular destination for Nigerians interested in finding work outside the country, a large number of Nigerians currently find employment in that country. They often send money back to their friends and loved ones in Nigeria and also use it for financial investments.
Because of this, the Canadian Dollar is a significant currency not just in official channels but also on the black market, which is where the vast majority of transactions take place.
In this article, we will tell you everything you need to know about the exchange rate for Canadian Dollars to Nigerian Nairas including the rate on the black market and the rate set by the Central Bank of Nigeria (CBN).
Canadian Dollar To Naira Black Market Exchange Rate Today
The value of the Nigerian currency has decreased relative to that of other major currencies in recent years and this trend has continued. The value of the currency exchange rate between the Canadian Dollar and the Nigerian naira is subject to continuous and unpredictable shifts.
In the most recent few months, there has been a general decrease trend in the rate. Even if the market goes through ebbs and flows, the exchange rates for today show that it has remained very slow throughout this time.
Today’s Black Market Exchange Rate for Canadian Dollars to Naira We provide you with a genuine exchange rate so that you can make significant cost reductions on any international money transfers you make.
The following table provides a breakdown of the current price of one Canadian dollar in naira on the black market.
|Canadian Dollar to Naira (CAD to NGN)||Black Market Exchange Rate|
As of right now, the price of one Canadian dollar in the parallel market for a Naira is N560 and N570.
It is important to be aware that the Central Bank of Nigeria does not recognize the black market (also known as the parallel market), and the bank advises individuals who are interested in foreign exchange to get in touch with their banks before carrying out any transactions.
Canadian Dollar To Naira Official CBN Exchange Rate
The rate of exchange between the Canadian dollar and the Nigerian naira on the black market is currently different from the rate offered by the Central Bank of Nigeria (CBN) and other commercial institutions.
The exchange rate that is displayed on the official website of the Central Bank of Nigeria, which can be accessed at www.cbn.gov.ng, is known as the CBN rate.
At this rate, Canadian dollars can be bought or sold in exchange for Naira. The rate at which Canadian dollars are traded on the black market is always bigger than the rate at which they are traded at the Central Bank of Nigeria (CBN).
|Canadian Dollar to Naira (CA$ to NGN)||CBN Market Exchange Rate Today|
What To Consider When Exchanging Canadian Dollars To Naira On The Black Market
On any given day, the price of one Canadian dollar in naira can be bought or sold at several different prices on the black market.
Please keep in mind that there is no centralized authority that controls the market, and the only way for dealers to inquire about the going prices of certain currencies at other places is by making phone calls to their coworkers who are located in other areas.
Because of this, it has been noted that prices have a tendency to be very low in the morning, and then to rise by several points, ultimately reaching a high point by the end of the trading day.
Many people in Nigeria have decided to take advantage of this pattern by purchasing foreign currencies in the early morning hours when the prices are likely to be at their lowest, and then selling those currencies in the afternoon when the prices have increased.
Where To Find Aboki BDC Black Market Dealers
Dealers on the black market can be found in each of the country’s main cities, although Lagos is often regarded as the country’s most important centre for the black market.
This is because Lagos is the city in which the biggest volume of foreign currency is bought and sold across the country. The areas of Lagos Island, Okota, Festac, Alaba etc all have their share of currency traders in the black market.
Take Extra Precautions If You Go To The Black Market
As was said earlier, there are no regulating agencies or authorities in place for the black market. There are times when it is possible to buy foreign currency at prices that are quite excessive.
There are also stories about people who have taken their foreign currencies to dealers on the black market, only to be informed that the money they brought was fake.
There have also been reports of instances in which people have been given fake dollars in return for their naira.
It is important to keep in mind that the majority of these exchangers operate on street corners and in markets, which means that it is possible to have your money stolen from you by robbers and people who steal purses.
Therefore, it is essential to exercise extreme caution before going to a dealer who operates in the black market; it is recommended to check this article to get an idea of the most recent posts, and then to go with a reliable companion.
Frequently Asked Questions
What Is The Rate Of Exchange Between the Canadian Dollar To Naira In The Black Market?
The buying and selling rate of the Canadian dollar to Naira in the black market is N560 and N570 while the CBN rate is N320.
Why Is It Called Black Market?
The phrase “black market” comes from the fact that this kind of illegal transaction occurs in the shadows or behind closed doors. Because transactions on the black market take place “off the books,” so to speak, they constitute an entire portion of an economy that is unable to be quantified with complete accuracy.
Is Canada’s Dollar Lower Than The US Dollar?
Yes, Canada’s Dollar is lower than the US dollar.
The cost of living is very high in both Canada and the United States. But, the cost of healthcare in the United States is quite higher than in Canada.
Canada has much more expensive housing. Even if incomes in the United States are bigger, it is much easier for Canadians to make better pay with a lower level of schooling.
Is It Possible To Make Currency Exchanges Online?
Anyone who claims to sell or purchase currency on the internet at rates similar to the black market cannot be trusted because it is hard to verify their statements.
Be cautioned because the internet is unspecified people can appear on the comment sections of blogs and forums pretending to be currency dealers to deceive those who are trusting of their intentions.
Because of this, it is not recommended to get in touch with anyone on the internet who makes the claim that they can purchase or sell currencies at rates that are determined by the black market.
The exchange rate for the Canadian dollar to Naira on the black market has been quite high and the reason for this is that the naira has been in freefall against a lot of currencies not just on the black market, but also through the official channels.
In addition to being a very important currency on the international market, the Canadian dollar is also very vital for another reason: it constitutes a large share of Nigeria’s inflows of foreign currency.