As of today, Tuesday 19th 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.
