The Canadian dollar to Naira exchange rate in the black market, also known as the parallel market, is currently ₦950.00 per $1. This rate marks a shift from ₦900.00 per $1, where it closed on Sunday, December 3, 2023.
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
- Buying Rate: ₦900
- Selling Rate: ₦950
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.