Canadian Dollar To Naira Exchange Rate Today in Black Market, July 2024

If you reside in Canada and you are eager to know the exchange rate of the Canadian Dollar to Naira because you are about to send some CAD to your friends or relations in Nigeria., or you are in Nigeria and you are expecting some Canadian Dollar from a relative in Canada, then this post is for you. You can simply bookmark this page as it will be offering you real-time updates Canadian Dollar to Naira exchange rate today in the black market or Aboki as most Nigerians will call it. 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 is commonly abbreviated as CAD or CA$. 100 Cents makes 1 CAD. The CAD conversion factor has 6 significant digits.

Must read: List of Canadian Universities Without Application Fees For International Students

The Nigerian Naira, on the other hand, is the official currency used in Nigeria. 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 to Naira if that is the conversion you are actually looking for.

Canadian Dollar to Naira Exchange Rate Today in the 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 the current Canadian Dollar To Naira Exchange Rate Today in Black Market or Aboki as widely known is listed below.

Canadian Dollar To Naira: Buying = NGN 1120 and Selling = NGN 1135

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

Must read: Pound to Naira Exchange Rate Today (Black Market and CBN)

The Canadian Dollar: Its Value and Some Important Facts You Should Know

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.

Conclusion on The Canadian Dollar to Naira Exchange Rate Today in the Black Market

I have come to understand that the exchange rate might differ based on different locations in Nigeria, but you should endeavor not to allow the difference to be that much because the figure listed in this post is derived from the Lagos parallel market.

So that is all you should know for now about the Canadian Dollar To Naira Exchange Rate Today in the Black Market or Aboki. Did you make any recent exchanges with Aboki? Kindly state the amount you were given in the comment box below.