Canadian Dollar To Naira Black Market Exchange Rate Today

Introduction

Are you planning to travel to Nigeria or do business with someone in Nigeria? If yes, then you must be aware of the exchange rate of the Canadian dollar to Nigerian Naira. The Naira is the official currency of Nigeria, while the Canadian dollar is the official currency of Canada. In this article, we will discuss the current exchange rate of the Canadian dollar to Naira in the black market.

The Canadian Dollar

The Canadian dollar is the official currency of Canada. It is abbreviated as CAD or C$. The Canadian dollar is the fifth most traded currency in the world, and it is considered a commodity currency because of Canada's extensive natural resources.

The Nigerian Naira

The Nigerian Naira is the official currency of Nigeria. It is abbreviated as NGN. The Naira was introduced in 1973 to replace the pound sterling as Nigeria's official currency. The Nigerian Naira is one of the least valuable currencies in the world.

The Black Market Exchange Rate

The black market exchange rate is the exchange rate of a currency outside the official channels. In Nigeria, the black market exchange rate is also known as the parallel market exchange rate. The black market exchange rate is usually higher than the official exchange rate because of the scarcity of foreign currency in Nigeria.

The Current Canadian Dollar To Naira Black Market Exchange Rate Today

As of today, the current Canadian dollar to Naira black market exchange rate is 1 CAD to 351 NGN. This means that if you want to exchange 1 Canadian dollar, you will get 351 Nigerian Naira in the black market.

Factors Affecting The Canadian Dollar To Naira Black Market Exchange Rate Today

Several factors affect the Canadian dollar to Naira black market exchange rate today. Some of these factors include:

1. Political Instability

Political instability is one of the major factors affecting the Canadian dollar to Naira black market exchange rate today. Nigeria has a history of political instability, which affects the country's economy and foreign exchange rates.

2. Inflation

Inflation is another factor affecting the Canadian dollar to Naira black market exchange rate today. Nigeria has a high inflation rate, which makes the Naira less valuable.

3. Oil Prices

Oil prices also affect the Canadian dollar to Naira black market exchange rate today. Nigeria is an oil-producing country, and the price of oil affects the country's economy and exchange rates.

4. Foreign Exchange Reserves

Foreign exchange reserves also affect the Canadian dollar to Naira black market exchange rate today. Nigeria's foreign exchange reserves determine the country's ability to defend its currency against fluctuations in the foreign exchange market.

Conclusion

In conclusion, the Canadian dollar to Naira black market exchange rate today is 1 CAD to 351 NGN. Several factors affect the exchange rate, including political instability, inflation, oil prices, and foreign exchange reserves. If you are planning to travel to Nigeria or do business with someone in Nigeria, it is essential to be aware of the current exchange rate to avoid any losses.

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