This page is all about the official CBN rate of Canadian Dollar To Naira today, the current rate of Canadian dollar to naira black market, and additional information regarding the Canadian dollar to naira exchange rate in 2022.
As you have already known, Canadian dollar to Naira exchange rate is not stagnant. The two currencies’ exchange rate keeps fluctuating as a result of Nigerian economy.
This might also be of interest to those of you located in Canada who wish to know the exchange rate between the Canadian Dollar and Nigerian Naira maybe because you are preparing to send CAD to friends or relations in Nigeria, or those of you who live in Nigeria who are expecting Canadian Dollar from friends or relatives in Canada.
This page will provide you with current Black Market or Aboki rates for the Canadian Dollar to Naira today in Nigeria. You can simply bookmark this page and you will receive real-time updates.
In this article by Humortainment, you will find all the information you will need about the Canadian Dollar to Nigerian Naira.
Canadian Dollar To Naira Exchange Rate
As the official currency of Canada, the Canadian Dollar is often abbreviated as CAD. 100 Cents makes 1 CAD. A conversion factor of 6 significant digits is used for the Canadian Dollar.
Meanwhile, Nigeria’s currency is the Nigerian Naira, which is denoted by the “₦” symbol sign or abbreviated as NGN. 100 kobo makes ₦1. The NGN conversion factor has 4 significant figures.
It is important to note that the Canadian Dollar(CAD) is quite different from the United States Dollar(USD).
How Much Is Canadian Dollar To Naira Black Market Rate
Here you can always find the latest exchange rate between the Canadian Dollar and Nigerian Naira.
You can check this regularly in order to get an accurate conversion rate. In this case, the current Canadian Dollar To Naira Exchange Rate Today in the Black Market, or Aboki as it is widely known, is given below.
Canadian Dollar To Naira Black Market: Buying : 1 CAD = ₦474 Selling : 1 CAD = ₦480
This simply means that for every CAD1 you have, you will be exchanging it for ₦480, but if you have Naira and you wish to have Canadian Dollar, you will exchange ₦474 to receive CAD1 in the black market, or Aboki.
And like I said before, always check this spot for an updated conversion rate of the Canadian Dollar to Naira.
Nigeria Naira To Canadian Dollar Black Market Rate
Naira to Canadian Dollar Black Market Rate: Buying: ₦474 = CAD 0.0021 Selling: ₦480 = CAD 0.00208
Also Read: 20 Best Stock Market Simulator Apps In 2022
CBN Official Rate Of Canadian Dollar To Naira
The official rate of Canadian Dollar to Nigerian Naira exchange rate (CAD–NGN) as of 20 Jun 2022:
Official Rate of 1 CAD = ₦323.1221
How Much Is Canadian Dollar To Naira Today In Black Market | Canadian Dollar To Naira Today
According to our checks for today, Canadian dollars are selling for ₦471 each, which means if you have 1 Canadian dollar, you could exchange it for just ₦471.
CAD is being traded at ₦471 in Black Market(Lagos) today, Monday, June 20, 2022.
How Much Is Naira To Canadian Dollar Today In Black Market | Naira To Canadian Dollar Today
Official Rate of ₦1 = CAD 0.0309
Current Rate Of Canadian Dollar To Naira Black Market Today 2022
We bring to you CAD/NGN (Canadian Dollar to Naira) exchange rate today from the Black Market Lagos, Nigeria rate:
|Canadian Dollars (CAD)||Nigerian Naira (NGN)|
Current Rate Of Canadian Dollar To Naira Black Market Today 2022
|Nigerian Naira (NGN)||Canadian Dollars (CAD)|
Convert Canadian Dollar To Naira
|Canadian Dollars (CAD)||Nigerian Naira (NGN)|
Convert Naira To Canadian Dollar
|Naira (NGN)||Canadian Dollar (CAD)|
How is Canadian Dollar Currency Founded?
The Canadian colonies gradually moved away from the British pound and adopted currencies linked to the United States dollar. With Confederation in 1867, the Canadian dollar was established.
By the mid-20th century, the Bank of Canada was the sole issuer of paper currency, and banks ceased to issue banknotes.
Canada began issuing its own coins shortly after Confederation. In the 20th century, Canada has issued many commemorative coins into circulation, temporarily replacing current coinage designs.
There also exists a long history of numismatic coin issues.
Canadian Dollar Today
Since 76.7% of Canada’s exports go to the U.S., and 53.3% of imports into Canada come from the U.S., Canadians are interested in the value of their currency mainly against the U.S. dollar.
Although domestic concerns arise when the dollar trades much lower than its U.S. counterpart, there is also concern among exporters when the dollar appreciates quickly.
A rise in the value of the dollar increases the price of Canadian exports to the U.S. On the other hand, there are advantages to a rising dollar, in that it is cheaper for Canadian industries to purchase foreign materials and businesses.
The Bank of Canada currently has no specific target value for the Canadian dollar and has not intervened in foreign exchange markets since 1998.
The Bank’s official position is that market conditions should determine the worth of the Canadian dollar, although the BoC occasionally makes minor attempts to influence its value.
On world markets, the Canadian dollar historically tended to move in tandem with the U.S. dollar.
An apparently rising Canadian dollar (against the U.S. dollar) was decreasing against other international currencies; however, during the rise of the Canadian dollar since 2002, it has gained value against the U.S. dollar as well as other international currencies.
In recent years, dramatic fluctuations in the value of the Canadian dollar have tended to correlate with shifts in oil prices, reflecting the Canadian dollar’s status as a Petro currency owing to Canada’s significant oil exports.
The Canadian dollar’s highest ever exchange rate was US$2.78, reached on July 11, 1864, after the United States had temporarily abandoned the gold standard.
Unlike other currencies in the Bretton Woods system, whose values were fixed, the Canadian dollar was allowed to float from 1950 to 1962.
Between 1952 and 1960, the Canadian dollar traded at a slight premium over the U.S. dollar, reaching a high of US$1.0614 on August 20, 1957.
The Canadian dollar fell considerably after 1960, and this contributed to Prime Minister John Diefenbaker’s defeat in the 1963 election.
The Canadian dollar returned to a fixed exchange rate regime in 1962 when its value was set at US$0.925, where it remained until 1970.
As an inflation-fighting measure, the Canadian dollar was allowed to float in 1970.
Its value was appreciated and it was worth more than the U.S. dollar for part of the 1970s. The high point was on April 25, 1974, when it reached US$1.0443.
The Canadian dollar fell in value against its American counterpart during the technological boom of the 1990s that was centered in the United States and was traded for as little as US$0.6179 US on January 21, 2002, which was an all-time low.
Since then, its value against all major currencies rose until 2013, due in part to high prices for commodities (especially oil) that Canada exports.
The Canadian dollar’s value against the U.S. dollar rose sharply in 2007 because of the continued strength of the Canadian economy and the U.S. currency’s weakness in world markets.
During trading on September 20, 2007, it met the U.S. dollar at parity for the first time since November 25, 1976.
Inflation in the value of the Canadian dollar has been fairly low since the 1990s. In 2007 the Canadian dollar rebounded, soaring 23% in value.
On September 28, 2007, the Canadian dollar closed above the U.S. dollar for the first time in 30 years, at US$1.0052.
On November 7, 2007, it hit US$1.1024 during trading, a modern-day high after China announced it would diversify its US$1.43 trillion foreign exchange reserve away from the U.S. dollar.
By November 30, however, the Canadian dollar was once again at par with the U.S. dollar, and on December 4, the dollar had retreated back to US$0.98, through a cut in interest rates made by the Bank of Canada due to concerns about exports to the U.S.
Due to its soaring value and new record highs at the time, the Canadian dollar was named the Canadian Newsmaker of the Year for 2007 by the Canadian edition of Time magazine.
Since the late 2000s, the Canadian dollar has been valued at levels comparable to the years before the swift rise in 2007.
A dollar in the mid 70 cent US range has been the usual rate for much of the 2010s
History of Nigeria Naira (Pre-colonial – Present)
During the pre-colonial era, different cultures used a variety of items as means of exchange. These included cowries, manilas, beads, bottles and salt amongst others.
The first major currency issue in Nigeria was undertaken sequel to the colonial ordinance of 1880 which introduced the Shillings and Pence as the legal tender currency in British West Africa.
The units of coins managed by the Bank of England were one shilling, one penny, 1/2 penny and 1/10 penny and were distributed by a private bank, the Bank for British West Africa till 1912.
From 1912 to 1959, the West African Currency Board (WACB) issued the first set of banknotes and coins in Nigeria, Ghana, Sierra Leone and the Gambia.
The highest banknote denomination was one pound, while the one shilling coin was the highest coin denomination.
On 1st July, 1959 the Central Bank of Nigeria (CBN) issued Nigerian currency banknotes, while the WACB-issued banknotes and coins were withdrawn.
It was not until 1st July, 1962 that the currency was changed to reflect the country’s republican status.
The banknotes which bore the inscription, ’FEDERATION OF NIGERIA‘, now had, ‘FEDERAL REPUBLIC OF NIGERIA’, inscribed at the top.
The notes were again changed in 1968 following the misuse of the currency banknotes during the civil war.
Sequel to the decision by the government to change from the metric to decimal, the name of the Nigerian currency was changed in January, 1973.
The major unit of currency which used to be £1 ceased to exist and the one naira which was equivalent to ten shillings became the major unit, while the minor unit was called the kobo; hundred of which made one naira.
On 11th February 1977, a new banknote with the value of twenty naira (₦20) was issued.
It was the highest denomination introduced at the time as a result of the growth of the economy; the preference for cash transactions and the need for convenience.
The banknote was the first in Nigeria to bear the portrait of a prominent Nigerian citizen, the late Head of State, General Murtala Ramat Muhammed (1938-1976) who was the torch bearer of the Nigerian Revolution in July, 1975.
The note was issued on the 1st anniversary of his assassination as a fitting tribute to a most illustrious son of Nigeria. He was declared a national hero on 1st October 1978.
On 2nd July, 1979, new currency banknotes of three denominations, namely ₦1, ₦5 and ₦10 were introduced.
These notes were of the same size i.e. 151 X 78 mm as the ₦20 note issued on 11th February, 1977. In order to facilitate identification, distinctive colours were used for the various denominations.
The notes bore the portraits of three eminent Nigerians, who were declared national heroes on 1st October, 1978.
The engravings at the back of the notes reflected various cultural aspects of the country.
In April 1984, the colours of all the banknotes in circulation were changed with the exception of the 50 Kobo banknote to arrest the currency trafficking prevalent at the time. In 1991, the 50K and ₦1 were both coined.
In response to the expansion in economic activities and to facilitate an efficient payments system, the ₦100, ₦200, ₦500 and ₦1000 banknotes were introduced in December 1999, November 2000, April 2001 and October 2005 respectively.
On 28th February, 2007, as part of the economic reforms, ₦20 was issued for the first time in polymer substrate, while the ₦50, ₦10 and ₦5 banknotes; as well as ₦1 and 50K coins were reissued in new designs, and the ₦2 coin was introduced.
On 30th September, 2009 the redesigned ₦50, ₦10 and ₦5 banknotes were converted to polymer substrate following the successful performance of the ₦20 (polymer) banknote.
Thus, all lower denomination banknotes were now printed in the polymer substrate.
Finally, the CBN, as part of its contribution towards the celebration of the nation’s 50th anniversary of Nigeria’s Independence and 100 years of its existence as a nation, issued the ₦50 Commemorative polymer banknote on 29th September, 2010; and the N100 Commemorative banknote on 19th December, 2014 respectively.
What Is The Real Meaning Of Exchange Rates?
Exchange rate, the value of one country’s money against another country’s money. For example, Canadian Dollar to Naira, Euro to Dollar, and so on.
The exchange rate is “fixed” when the countries use gold or another agreed standard and each currency is worth a certain size of the metal or other standard. Exchange rates “float” when supply and demand or speculation drives up the exchange rate (unit conversion).
When a country imports large quantities of goods, demand increases the exchange rate for that country, making the imported goods more expensive for buyers in that country.
When goods become more expensive, demand falls and money in this country becomes cheaper than money in other countries.
Then the country’s goods will become cheaper for buyers abroad, demand will grow, and exports from that country will increase.
What Affects The Exchange Rate Of Canadian Dollar To Naira
In a flexible exchange rate system, exchange rates may change on a daily basis, but in very small amounts, often less than a penny.
However, important economic factors such as changes in government or business decisions can affect exchange rates.
This is exactly the reason why Canadian dollar to naira exchange rate is always fluctuating.
Canadian Dollar To Naira Bank Rate Today
Canadian Dollar To Naira Today: CAD 1 = ₦322.99
Canadian Dollar To Naira – Access Bank Exchange Rate Today
Canadian Dollar To Naira – Access Bank Exchange Rate Today is ₦325
Canadian Dollar To Naira – First Bank Exchange Rate Today
Canadian Dollar To Naira – First Bank Exchange Rate Today is ₦326
Canadian Dollar To Naira – Guarantee Trust Bank (GTB) Exchange Bank Rate Today
Canadian Dollar To Naira – Guarantee Trust Bank (GTB) Exchange Bank Rate Today is ₦ 329
Canadian Dollar To Naira – UBA Bank Exchange Rate Today
Canadian Dollar To Naira – UBA Bank Exchange Rate Today is ₦324
Canadian Dollar To Naira – Wema Bank Exchange Rate Today
Canadian Dollar To Naira – Wema Bank Exchange Rate Today is ₦323
Canadian Dollar To Naira – Zenith Bank Exchange Rate Today
Canadian Dollar To Naira – Zenith Bank Exchange Rate Today is ₦327
Moneygram Canadian Dollar To Naira Today
Moneygram Canadian Dollar To Naira Today is ₦350
Can I Buy Canadian Dollars From Nigeria Banks?
Yes, you can purchase Canadian dollars from any commercial bank or bureau de exchange operator.
Previously, all registered and certified currency exchange operators could purchase Canadian dollars directly from CBN, but unfortunately that has changed. You can no longer purchase Canadian Dollar from Central Bank of Nigeria.
CBN recently stopped selling Canadian dollars and other currencies to Bureau de Change operators.
Currently you can only buy Canadian dollars from commercial banks in Nigeria.
Just go to one of the commercial banks in Nigeria such as Zenith Bank, Guarantee Trust Bank, Access Bank, First Bank, Fidelity Bank, Union Bank and United Bank of Africa. Go straight to their customer service and ask for a Canadian dollar.
Why Can’t You Buy Canadian Dollar From CBN?
To curb unexplained profits, CBN halted selling dollars to currency exchange operators, and as a result, they sold dollars at exorbitant prices, which today adversely affect the stability of the dollar to naira black market rate.
The Nigerian currency has been negatively impacted by the greed of some currency exchange operators who sell dollars at high prices just to make money.
This suggests that only commercial banks can currently sell dollars to individuals and businesses at a fair price.
Commercial banks sell dollars to individuals primarily for the following purposes; Payment of medical bills abroad, payment of school fees abroad, official travel allowances and personal travel allowances. dollar to naira black market rate today
It is always safe and cheaper to buy dollars from commercial banks because their interest rates may not be as high as parallel market rates.
Many banks can give you a lower interest rate based on how many dollars you buy. This method is more suitable for people who want to buy large amounts of dollars.
Just go to one of the commercial banks in Nigeria such as Zenith Bank, Guarantee Trust Bank, Access Bank, First Bank, Fidelity Bank, Union Bank and United Bank of Africa. Go straight to their customer service and ask for a dollar.
Also, it worth noting that some banks may not have enough dollar cash, if you want to buy in bulk, you may need to buy some quantities from other banks to add.
You might want to read about Nigerian Banks And Their Customer Care Service Line
Can I Receive A Canadian Dollar Into My Naira Account?
Naira bank accounts can only receive naira currency. You cannot receive Canadian dollars into your naira account.
Although there are some ways to accept Canadian Dollars, such as Payoneer and Western Union money transfers, these are complicated to use. We recommend opening a domiciliary account instead.
I wrote an article on
- Detailed Guide On Domiciliary Account For All Bank In Nigeria
- How To Save Foreign Currency In A Nigerian Bank In 2022
- How To Buy Foreign Shares From Nigeria 2022
So that is all you should know for now about the Canadian Dollar to Naira [OFFICIAL RATE & Black Market Today 2022].
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