Due to the state of the Nigerian economy, for most of the time, the Nigerian Naira has been unstable over the exchanges. The Nigerian Naira fluctuates daily and it affects its’ exchange rate against other currencies of the World. One of such currencies is the Canadian Dollar (CAD). The Canadian Dollar is not a too popular foreign currency in Nigeria but business relations between Nigeria and Canada has made the Canadian Dollar among the top demanded in Nigeria.
FOREIGN EXCHANGE BETWEEN NIGERIA AND CANADA
Many Nigerians engage themselves in businesses, both international and local scale. Canada is one of the Foreign countries where most Nigerians engage themselves in business activities so the Canadian Dollar is usually demanded at the Foreign exchange market. Many people may not know but Nigeria and Canada has a long and running business history.
If we could recall back in 2016, Nigeria was Canada’s biggest bilateral merchandise trading, the total bilateral merchandise trade that year was estimated to be about $1.88 billion. Also in 2016, Canadian product imports from Nigeria totaled about $1.57 billion. The major products exported from Nigeria into Canada include rubber, lead, cocoa, mineral fuels, oils and processed foods amongst others. Nigeria became Canadas’ third largest export market in Africa after the total exports into Nigeria totaled $313.5.
This and other factors have made the flow and demand of the Canadian Dollar high in Nigeria.
This is the Canadian Dollar to Naira Black Market Exchange Rate Today being 7th of January, 2019.
NGN – CAD
SELL: N275 PER CAD
BUY: N290 PER CAD
Though the Canadian Dollar to Naira Black Market Exchange Rate Today is relatively high, we can see that the Nigerian Naira has appreciated a little against the Canadian Dollar when compared to the previous exchange rate. As at 1st of January, 2019 it was sold at N280 per CAD and Bought at N295 per CAD.
The current Naira to Canadian Dollar exchange rate can also be attributed to the fact that few weeks ago, the Canadian dollar strengthened to its highest against the greenback as oil prices and stocks climbed. Domestic data also showed further gains in relation with the interest rate decision by the Bank of Canada to be carried out next week.
On the other hand, the Nigerian Naira seems to be gaining it’s strength as many certain factors has been implemented to make the Naira stable. But it is expected that the coming elections may have a negative impact on the Naira on the exchanges.
We can admit that the current exchange rate of the Naira against the Canadian Dollar is affecting the forex traders dealing on the Nigerian currency.