Converting Canadian Dollar to Naira Exchange Rate

Filed in Articles, Exchange Rate by on December 15, 2021

– Converting Canadian Dollar to Naira –

Converting Canadian Dollar to Naira should not be a Herculean task. All you need is to know the CBN approved exchange rates for both currencies. Luckily, we have you covered, read below to find out the current exchange rate for January 2022. 

The Naira is the currency of Nigeria. And it is subdivided into 100 kobos. However, the Central Bank of Nigeria is the sole issuer of legal tender money throughout the Nigerian Federation.

Also, it controls the volume of money supply in the economy. This is in order to ensure monetary and price stability. The Currency Operations Department of the CBN is in charge of currency management.

However, it is said that Naira keeps depreciating against other top world currencies. In this article, we shall look at the conversion rate of Naira to Canadian Dollar.

Why Nigerians in Canada Should Pay Attention to the Exchange Rate

If you live in Canada, you should be eager to know the exchange rate of the Canadian Dollar to Naira. This is because send some CAD to your friends or relations in Nigeria.

Also, if you are in Nigeria, and you are expecting some Canadian Dollar, note. You can simply bookmark this page. As it will be offering you real-time updates on Canadian Dollar to Naira exchange rate.

However, read on. And get all the useful information you might need about the Canadian Dollar and Nigerian Naira.

The Canadian Dollar and the Nigerian Naira

The Canadian Dollar is the official currency used in Canada. And it commonly abbreviated as CAD or CA$. 100 Cents makes 1 CAD. The CAD conversion factor has 6 significant digits.

Also, the Nigerian Naira, on the other hand, is the official currency used in Nigeria. And it is represented by the “₦ sign or abbreviated as NGN. 100 kobo makes ₦1. The NGN conversion factor has 4 significant figures.

NOTE: The Canadian Dollar (CAD) is quite different from the United States Dollars (USD), you can easily check the current exchange rate of Dollar (USD) to Naira if that is the conversion you are actually looking for.

Canadian Dollar to Naira Exchange Rate Today in Black Market

This spot contains an updated exchange rate of the Canadian Dollar to the Nigerian Naira. This means that you can always check this figure periodically to get an accurate conversion rate.

So they listed the current Canadian Dollar to Naira Exchange Rate Today in Black Market below.

Canadian Dollar to Naira: Buying = NGN305 and Selling = NGN333

This simply means that for every CAD1 you have, you will be exchanging it for NGN286 in the parallel market, black market. And like I said before, always check this spot for an updated conversion rate of the Canadian Dollar to Naira.

Key Factors that Affect Increase in Canadian Dollar to Naira

➣ A rate cut leads to currency depreciation

➣ Also, the prospect of a rate hike in the US

➣ Additionally, the rising and falling of commodity prices.

Some Banks Rate for Converting Canadian Dollar to Naira

➣ Current exchange rate: 1 CAD to NGN =N333.25

➣ However, for GTBank = N366

➣ Also, for Access Bank = N361

➣ Additionally, for UBA= N316

➣Also, for First bank = N316

Note: I do not peg The Exchange rate in the black market as the CBN rate. It fluctuates daily.

Thus, this page is updated frequently with the latest exchange rates. And we advise you to bookmark this page.

Also, if you find this article useful, please share it. Thus, you can share it with friends. And always visit this web page for updates on this.

CSN Team.

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