Current Exchange Rate Of Canadian Dollar To Naira
Introduction
The Canadian dollar is the official currency of Canada, while the Naira is the official currency of Nigeria. Knowing the current exchange rate between both currencies is essential for individuals and businesses that engage in international trade, travel or remittance. This article provides an overview of the current exchange rate of Canadian dollar to Naira, including the factors that influence it.
Current Exchange Rate
As of August 18, 2021, the current exchange rate of Canadian dollar to Naira is 292.86 Naira to 1 Canadian dollar. This means that if you want to convert 1 Canadian dollar to Naira, you will get 292.86 Naira.
The exchange rate of Canadian dollar to Naira fluctuates daily due to various factors such as global economic events, political stability, inflation rates, and trade policies. Therefore, it is important to check the current exchange rate before engaging in any transactions involving both currencies.
Factors That Influence The Exchange Rate
Several factors affect the exchange rate of Canadian dollar to Naira. They include:
Global Economic Events
The exchange rate of Canadian dollar to Naira is influenced by global economic events such as changes in interest rates, inflation rates, and trade policies. For instance, if the Canadian economy experiences a decline in inflation rates, the value of the Canadian dollar will increase, leading to an increase in its exchange rate to the Naira.
Political Stability
The political stability of a country affects its exchange rate with other countries. If a country experiences political instability, investors may withdraw their investments, leading to a decline in the value of its currency. Therefore, the political stability of both Canada and Nigeria can influence the exchange rate of Canadian dollar to Naira.
Inflation Rates
Inflation rates refer to the rate at which the general price level of goods and services increases over time. If a country's inflation rate is high, its currency value may decline, leading to a decrease in the exchange rate. Therefore, the inflation rates of both Canada and Nigeria can influence the exchange rate of Canadian dollar to Naira.
Conclusion
The exchange rate of Canadian dollar to Naira is essential for individuals and businesses that engage in international trade, travel or remittance. It is influenced by various factors such as global economic events, political stability, inflation rates, and trade policies. Therefore, it is important to keep track of the current exchange rate and the factors that influence it to make informed decisions.