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Canadian Dollar To Naira Black Market Today 6th February 2024 – Convert CAD to NGN Here

Published

9 months ago

February 6, 2024

What is the Canadian dollar to naira black market today? See the black market Canadian dollar to naira exchange rate today below. You can swap your Canadian for naira at these rates.

CityNews Nigeria has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 Canadian dollar at a certain rate now, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.

What is the Canadian dollar to naira black market today?

The local currency (abokiFx) opened at ₦1,100.00 per $1 at the parallel market otherwise known as the black market, today, Tuesday, 6 February 2024, in Lagos Nigeria, after it closed at ₦1,000.00 per $1 on Monday, 5 February 2024.

Canadian Dollar to Naira (CAD to NGN)	Black Market Exchange Rate Today
Buying Rate	₦1,000
Selling Rate	₦1,100

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling euro-to-naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

Disclaimer: CITYNEWS NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.