As of today, Friday 15th December, 2023, the Canadian dollar to Naira exchange rate in the black market, also known as the parallel market, is currently ₦870.00 per $1.
Note: The rates are subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
Euro To Naira (EUR to NGN) Black Market Exchange Rate Today
CAD to Naira (CAD to NGN) | Black Market Exchange Rate Today |
---|---|
Buying Rate | ₦900 |
Selling Rate | ₦870 |
Factors Influencing Foreign Exchange Rates
Inflation Rates: Inflation directly impacts black market exchange rates. A stabilized Nigerian economy and controlled inflation benefit the Naira.
Interest Rates: Rising interest rates harm the economy, causing it to contract and leading to a fall in the value of the Naira.
Government Debt: National debt impacts investor confidence, influencing the influx of funds into the economy.
Speculators: Speculators can affect the Naira-to-dollar exchange rate by stockpiling money in anticipation of gains.
Conditions of Trade: Favorable trade terms increase the value of the Naira to the dollar, but Nigeria is currently experiencing a trade deficit.