CAD to Naira Black Market | Canadian Dollar Rate Today (2024)

How Much is Canadian Dollar to Naira Black Market Today: This post contains the current CAD to Naira exchange rate.

You’ll find answers to “Canadian Dollar to Naira today black market”, “1 Canadian Dollar to Naira price now”, “Naira to Dollar black market”, and also “CAD to NGN black market rate and official rate”.

CAD to Naira Today

The official exchange rate for Candian Dollar to Naira today is trading around ₦337.00 to ₦339.00, which is almost the same as yesterday’s closing price of ₦339.39.

At the monthly market open April 1st, CAD to Naira was trading at ₦343.35. That means there’s been a regular fluctuation in CAD/NGN since the beginning of the month.

Having known Today Canadian Dollar to Naira rate in the official market, let’s now see how much is CAD to Naira black market rate today.

Related: Dollar to Naira Black Market Exchange Rate Today

Canadian Dollar to Naira Black Market Today

The Canadia Dollar to Nigerian Naira (CAD/NGN) black market rate for today Tuesday, 02 May 2023 is trading around ₦555 to ₦560.

Note that this may vary based on location. That is the CAD black market rate in Lagos today may be different from the exchange rate in Abuja.

Looking for the CAD to Naira black market rate history? Below are the rates for the past 7 Days.

Black Market Naira to Canadian Dollar

Naira to CAD black market rate is around 0.0013 CAD per 1 Naira.

On the other hand, the official rate for 1 Naira to Canadian Dollar is 0.0022 CAD.

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How to Convert Canadian Dollar to Naira

Converting CAD to naira can be interpreted in multiple ways. If you want to know the numbers, that is if you’re seeking aboki Canadian dollar to naira today, or how much is Canadian dollar to Naira today official rate, you can simply multiply the amount of CAD you have with the current dollar price. In other words one CAD to Naira or 1 Canadian Dollar to naira.

After knowing what the rate is, you can then take the CAD note and proceed to a currency converter,  then get the money converted to Naira.

About the Canadian Dollar (CAD) and Nigerian Naira (NGN)

The Canadian dollar is the official currency of Canada, while the Nigerian Naira is the official currency of Nigeria.

The exchange rate between these two currencies is important for international trade and commerce, as it determines the relative value of goods and services exchanged between the two countries.

However, exchange rates are dynamic and constantly changing due to various factors, which we’ll explore in more detail below.

History of CAD and Naira Exchange Rate

To understand the current exchange rate between CAD and NGN, it’s useful to look at historical rates and trends. Over the past five years, the exchange rate has fluctuated between 270 NGN to 340 NGN per Canadian dollar, with an average rate of around 300 NGN per Canadian dollar.

The current exchange rate of black market Canadian dollar to Naira rate, as well as the official exchange rate is slightly higher than the five-year average. However, exchange rates are influenced by a variety of factors, which we’ll explore in more detail below.

Factors affecting the CAD to NGN exchange rate

There are many factors that can affect the exchange rate between CAD/NGN. These factors include economic conditions, global events and market trends, and political factors.

Economic conditions

The economic conditions in Canada and Nigeria can have a significant impact on the CAD to NGN exchange rate. Key economic indicators include GDP growth, inflation rates, and interest rates.

In Canada, the economy has been growing steadily in recent years, with GDP growth of 3.8% in 2022. Inflation rates have been relatively low, with an average rate of 2.7% over the past five years. Interest rates have also been low, with the Bank of Canada keeping its benchmark interest rate at 0.50% since the onset of the COVID-19 pandemic.

In Nigeria, the economy has been more volatile in recent years, with GDP growth of 3.1% in 2022. Inflation rates have been high, with an average rate of 15.0% over the past five years. Interest rates have also been high, with the Central Bank of Nigeria raising its benchmark interest rate to 18% in 2023 to combat inflation.

Global events and market trends

Global events and market trends can also have a significant impact on the official, as well as CAD to Naira black market rate. For example, changes in oil prices can have a major impact on the Nigerian economy, as oil exports account for a significant portion of the country’s GDP.

In recent years, oil prices have been relatively stable, with Brent crude oil prices averaging around $70 per barrel over the past five years. However, any major fluctuations in oil prices can have a significant impact on the Nigerian economy and the Canadian Dollar to Naira exchange rate.

Political factors

Political factors can also influence the Candian to Naira black market rate. Government policies, trade agreements, and geopolitical tensions can all impact the exchange rate between the two currencies.

In Canada, the government has been focused on economic growth and job creation in recent years, with policies aimed at promoting investment and innovation.

The country has also signed several trade agreements, such as the Canada-United States-Mexico Agreement (CUSMA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which could have a positive impact on the economy.

In Nigeria, political instability and corruption have been ongoing challenges. The government has been implementing reforms aimed at improving the business environment and attracting foreign investment.

However, the country still faces security challenges, such as the ongoing conflict with Boko Haram, Bandits, and so on.

Forecast and predictions of CAD/NGN

Based on current economic conditions, global events, and political factors, experts have made predictions about the future of the CAD to Naira official exchange rate, as well as Canadian Dollar to Naira black market.

Some experts predict that the exchange rate could remain relatively stable over the next few years, with small fluctuations due to changes in oil prices and global market trends.

Others predict that the exchange rate could be more volatile, with significant fluctuations due to political instability and economic challenges in Nigeria. In particular, the ongoing conflict with Boko Haram and the high inflation rates could have a negative impact on the Nigerian economy and the CAD to NGN exchange rate.

Potential risks and uncertainties

As with any market, there are always risks and uncertainties that could impact the black market Canadian Dollar to Naira rate, as well as the official exchange rate in the near future. Some potential risks include:

Changes in global oil prices

Any major fluctuations in oil prices could have a significant impact on the Nigerian economy and the CAD/NGN exchange rate.

Political instability

Ongoing political instability and security challenges in Nigeria could have a negative impact on the economy and the exchange rate.

Trade agreements

Any changes to trade agreements, such as CUSMA and the CPTPP, could have a significant impact on the Canadian economy and the CAD to Naira rate.

Black Market Canadian Dollar to Naira Today – FAQ

How much is 1 Canadian Dollar to Naira?

1 Canadian Dollar to Naira is trading around ₦555 to ₦560 today.

How much is 5 Canadian Dollar to Naira?

5 Canadian Dollar to Naira is trading around ₦2,775 to ₦2,800 today.

How much is 10 Canadian Dollar to Naira?

10 Canadian Dollar to Naira is trading around ₦5,550 to ₦5,600 today.

How much is 20 Canadian Dollar to Naira?

20 Canadian Dollar to Naira is trading around ₦11,100 to ₦11,200 today.

How much is 50 Canadian Dollar to Naira?

50 Canadian Dollar to Naira is trading around ₦27,750 to ₦28,000 today.

How much is 100 CAD to Naira?

100 CAD to Naira is trading around ₦55,500 to ₦56,000 today.

How much is 150 CAD to Naira?

150 CAD to Naira is trading around ₦83,250 to ₦84,000 today.

How much is 500 Canadian Dollar to Naira?

500 CAD to Naira is trading around ₦277,500 to ₦280,000 today.

How much is 1000 Canadian Dollar to Naira?

100 Canadian Dollar to Naira is trading around ₦555,000 to ₦560,000 today.

How much is 5000 CAD to Naira?

5000 CAD to Naira is trading around ₦2,775,000 to ₦2,800,000 today.

How much is 10000 CAD to Naira?

10000 CAD to Naira is trading around ₦5,550,000 to ₦5,600,000 today.

How much is 15000 CAD to Naira?

15000 CAD to Naira is trading around ₦8,325,000 to ₦8,400,000 today.

How much is 20000 CAD to Naira?

20000 CAD to Naira is trading around ₦11,100,000 to ₦11,200,000 today.

Conclusion

The Canadian Dollar to Naira black market and the official exchange rate are influenced by a variety of factors, including economic conditions, global events and market trends, and political factors. While the current exchange rate is relatively stable, there are always risks and uncertainties that could impact the exchange rate in the near future.

As a business owner in Nigeria, it’s important to stay informed about the latest developments in the foreign exchange market. By understanding the factors affecting the CAD to Naira black market and official exchange rate, you can make predictions about the future of the market, so as to help you make informed decisions about your investments and international trade.