For those with ties to both Canada and Nigeria, knowing the latest exchange rate between the Canadian Dollar (CAD) and the Nigerian Naira (NGN) is important. Whether you’re sending money to loved ones, conducting business, or planning a trip, staying informed about the currency fluctuations can significantly impact your finances.
Official (CBN) vs. Black Market Rates
The official exchange rate is determined by the Central Bank of Nigeria and authorized market participants. However, due to restrictions on foreign exchange access, a black market often emerges, offering different rates. Black market rates tend to be higher than official rates, reflecting the increased demand for foreign currency through unofficial channels. While tempting, participating in the black market is illegal and carries significant risks.
Factors influencing the rate
Several factors influence the CAD-NGN exchange rate, including:
- Oil prices: Nigeria’s economy heavily relies on oil exports. When oil prices are high, the Naira strengthens against the CAD. Conversely, lower oil prices weaken the Naira.
- Canadian economic performance: A strong Canadian economy can lead to a higher CAD value against the NGN.
- Interest rates: Central bank interest rates in both countries affect the attractiveness of their currencies. Higher rates in Canada can attract investment, strengthening the CAD against the NGN.
- Political and economic stability: Political instability or economic challenges in Nigeria can weaken the Naira.
How Much Is Canadian Dollar to Naira Black Market Rate Today, 8th May 2024?
As of today the Black Market exchange rate for Canadian Dollar to Naira is roughly ₦1100 This means that for every Canadian Dollar you exchange, you receive approximately 1100 Nigerian Naira. However, it’s important to remember that official rates often differ from what you encounter in the real world.
How Much is Canadian Dollar to Naira in Black Market Today?
As of Today, Canadian Dollar is bought around ₦1100 and sold around ₦1200 in the black market. The table below shows the buying and selling rate of Canadian Dollar in the black market.
| Canadian Dollar to Naira | Black Market Today |
|---|---|
| Buying Rate | ₦1100 |
| Selling Rate | ₦1200 |
Here are some sources for tracking the black market rate:
- AbokiFx: Although the Central Bank of Nigeria banned this website, many Nigerians still use it as a reference point. Please note that information on this website might not be entirely accurate due to the ban.
- Street traders: You can ask street traders who deal in currency exchange for the current rate. However, be cautious and compare rates from multiple sources before making a transaction.
- News reports: Some Nigerian news outlets publish articles with the latest black market rates.
It’s important to be note that the black market rate can fluctuate throughout the day and may vary depending on your location. The black market rates displayed on this page are compiled from various online sources, including media outlets. The actual rates you encounter when buying or selling foreign currency may differ from those listed here. This platform does not set or determine foreign exchange rates.
Convert Canadian Dollar To Naira in Black Market/AbokiFX?
Canadian Dollar to Naira Black Market rate conversion table. Convert CAD to NGN
| Amount in Canadian Dollar ($) | Canadian Dollar to Naira Black Market Rate in Naira |
|---|---|
| 1 Canadian Dollar ($1) to Naira | 1,100 |
| 5 Canadian Dollars ($5) to Naira | 5,500 |
| 10 Canadian Dollars ($10) to Naira | 11,000 |
| 20 Canadian Dollars ($20) to Naira | 22,000 |
| 50 Canadian Dollars ($50) to Naira | 55,000 |
| 100 Canadian Dollars ($100) to Naira | 110,000 |
| 150 Canadian Dollars ($150) to Naira | 165,000 |
| 200 Canadian Dollars ($200) to Naira | 220,000 |
| 300 Canadian Dollars ($300) to Naira | 330,000 |
| 350 Canadian Dollars ($350) to Naira | 385,000 |
| 400 Canadian Dollars ($400) to Naira | 440,000 |
| 450 Canadian Dollars ($450) to Naira | 495,000 |
| 500 Canadian Dollars ($500) to Naira | 550,000 |
| 550 Canadian Dollars ($550) to Naira | 605,000 |
| 600 Canadian Dollars ($600) to Naira | 660,000 |
| 700 Canadian Dollars ($700) to Naira | 770,000 |
| 800 Canadian Dollars ($800) to Naira | 880,000 |
| 900 Canadian Dollars ($900) to Naira | 990,000 |
| 1000 Canadian Dollars ($1,000) to Naira | 1,100,000 |
| 1300 Canadian Dollars ($1300) to Naira | 1,430,000 |
| 1500 Canadian Dollars ($1500) to Naira | 1,650,000 |
| 1600 Canadian Dollars ($1600) to Naira | 1,760,000 |
| 1800 Canadian Dollars ($1800) to Naira | 1,980,000 |
| 1900 Canadian Dollars ($1900) to Naira | 2,090,000 |
| 2000 Canadian Dollars ($2,000) to Naira | 2,200,000 |
| 3000 Canadian Dollars ($3000) to Naira | 3,300,000 |
| 5000 Canadian Dollars ($5000) to Naira | 5,500,000 |
| 10000 Canadian Dollars ($10,000) to Naira | 11,000,000 |
FAQ
How much is One Canadian Dollar ($1) to Naira in the black market today?
As of today, 8th May 2024, the exchange rate for $1 to Naira in the black market in Lagos, Nigeria, is around ₦1100.
How much is 100 Canadian Dollar ($100) to Naira today in the black market?
If you’re looking to exchange $100 to Naira in the black market today, you would multiply the exchange rate by the amount. Using the provided rate of ₦1100 to $1, $100 would be approximately 110,000.
Thanks for reading. Do you have a question? Please leave a comment below. Also tell us the exchange rate in your area. You are our source as well.
