How much is a Canadian dollar to naira today in the black market?
The black market, or parallel market, serves as an unofficial platform for trading foreign currencies, diverging from the rates set by the Central Bank of Nigeria (CBN).
Individuals and businesses resort to the black market due to limited access to the official market, often attributed to scarcity, restrictions, or regulatory constraints.
Fluctuations in the black market exchange rate between the Canadian dollar (CAD) and Nigerian naira (NGN) are influenced by daily shifts in currency supply and demand, alongside broader economic variables like inflation, political instability, and governmental policies.
Typically, the black market rate surpasses the official rate, indicating a weaker position for the naira in this unofficial market segment.
Today’s Black Market Exchange Rate for Canadian Dollar (CAD) to Nigerian Naira (NGN)
• Buying Rate: ₦1,075.00 per Canadian dollar
• Selling Rate: ₦1,085.00 per Canadian dollar
As of March 21st, 2024, purchasing 1 Canadian dollar in the black market would require ₦1,085.00, while selling 1 Canadian dollar would yield ₦1,075.00.
It’s important to note that slight variations in these rates may occur based on geographical location and dealer preferences.
Comparison with the Official Exchange Rate
The official exchange rate for the Canadian dollar to Nigerian naira, as of today, March 21st, 2024, stands at ₦927.47 per US dollar, as determined by the CBN.
This rate serves as the benchmark for CBN transactions and interventions in the foreign exchange market, extending its influence to other major currencies like the euro, pound sterling, and Chinese yuan.
The disparity between the black market rate and the official rate, termed as the parallel market premium, reflects the extent of deviation between the formal and informal currency markets.
It also serves as an indicator of confidence levels in the naira and the effectiveness of CBN’s monetary policies.
