Exchange Rate of Canadian Dollar CAD to Naira in the Black Market Today
Today the Canadian Dollar to Naira Black Market rate in Lagos, Nigeria is ₦ 1,200.00 as of 9 May 2024.
1 CAD = ₦ 1,200.00
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How much is the Canadian Dollar to Naira in the Black Market today?
The rates often vary slightly from city to city in Nigeria such as in Abuja, Lagos, Port Harcourt, Kano, and Calabar. Usually, this difference is not more than ₦ 5.00.
However, the rate contained here is sourced from the Lagos Market which is ₦ 1,200.00.
Check out other Canadian Dollar CAD to Naira rates below:
- Canadian Dollar CAD to Naira FX (Forex) Market Rate
- The Canadian Dollar CAD to Naira CBN Rates
- Canadian Dollar CAD to Naira Bank rates
Buying and Selling Canadian Dollar and Naira Black Market Terminologies Defined
The buying rate refers to the amount in Naira that one receives after exchanging his/her 1 CAD in any of the market segments that is the Central Bank of Nigeria, FX Market, Nigerian Banks, Western Union, MoneyGram, or from the black market traders.
The selling rate is the reverse of the buying rate which is the value the traders in the above markets will sell 1 CAD to you when you pay in Naira, and it is always higher than the buying rate.
You must get acquainted with these terms when you want to trade or exchange dollars to Naira in various financial institutions or money exchangers.
The Canadian Dollar CAD
The Canadian Dollar (CAD), the official currency of Canada, is generally accepted in Nigeria where it has high diasporan remittance. A subunit of the CAD is known as 1 Cent, and the symbols of Cent and CAD are (¢) and C$ respectively.
It is issued by Bank of Canada – Banque du Canada.
The Nigeria Naira (NGN)
The official currency used by Nigeria is known as the Naira and its subunit is called 1 kobo. The Central Bank of Nigeria issues and regulates the currency. The symbol for the Naira is ₦, while the code is NGN.