Official Exchange Rate Of Canadian Dollar To Naira
Canadian Dollar (CAD) is the official currency of Canada, while Naira (NGN) is the official currency of Nigeria. The exchange rate of Canadian Dollar to Naira is an essential factor for those who are involved in international trade or travel between the two countries. In this article, we will discuss the official exchange rate of Canadian Dollar to Naira, factors affecting the exchange rate, and how to convert CAD to Naira.
Official Exchange Rate of Canadian Dollar to Naira
The official exchange rate of Canadian Dollar to Naira varies from time to time, depending on the foreign exchange market. As of August 2021, the official exchange rate of Canadian Dollar to Naira is 300 NGN to 1 CAD. This means that for every Canadian Dollar exchanged, you will get 300 Naira in return.
Factors Affecting Exchange Rate
The exchange rate of Canadian Dollar to Naira is affected by various factors. Some of these factors include:
- Political stability in both countries
- Interest rates in both countries
- Inflation rates in both countries
- Trade balance between the two countries
- Foreign investment and capital flows
These factors affect the demand and supply of Canadian Dollar and Naira in the foreign exchange market, which ultimately leads to a change in the exchange rate.
How to Convert CAD to Naira
If you want to convert Canadian Dollar to Naira, there are various ways to do so. You can use online currency converters, visit a local bank or bureau de change, or use mobile banking applications. However, it is essential to note that the exchange rate offered by banks and bureau de change may differ from the official exchange rate due to various factors.
It is also important to check the fees and charges associated with the conversion before making any transaction. Some banks and bureau de change may charge a commission or service fee for converting currency, which could affect the final amount you receive.
Conclusion
The official exchange rate of Canadian Dollar to Naira is an important factor for those who are involved in international trade or travel between Canada and Nigeria. The exchange rate is affected by various factors, and it is crucial to keep track of the exchange rate to make informed decisions when converting currency. Always check the fees and charges associated with the conversion before making any transaction.