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Canadian Dollar To Naira Black Market Exchange Rate Today { 1 CaD To Ngn

Canadian Dollar To Naira Black Market Exchange Rate Today { 1 CaD To Ngn

How much is canadian dollar to naira black market exchange rate today !, you are in the right place for daily update of the current parallel market rates to Nigerian naira

Conversion of Canadian Dollar To Naira Black Market Exchange Rate Today { 1 CaD To Ngn

  • 1 CAD To Ngn : 293

Canadian Dollar To Naira Bank Rate 

  • Gtbank : 300

  • Fidelity Bank : 291

how much is Canadian dollar to naira black market exchange rate today 1 cad to ngn.jpg

What We Need To Know About Both Currency

When placed side by side, It shows the strength or weakness the Cad exhibits when its value is Compared to the Nigerian Naira.
The Canadian Dollar serves as the official currency of the Canadian people. They are neighbours to the united states of America. They use the currency code ‘ CAD ‘ and is symbolised by C$. It has been in circulation in Canada since 1858.

The Prices Difference

The Canadian dollar is almost half of the Usd. CBN officially sells it a rate that many found favourable to an extent. However, Black Market has increased the price with half of the original amount, that means the buyer would get it at a price that is half-way more than the original CBN price..

In this same vein, Banks have increased their exchange rate with just a little fraction above the original. But it should be noted that prices also differ. The banks with the lowest prices among them are GtBank and Ecobank, while Skye Bank has the highest exchange rate. The reasons these banks have the right to do this is because CBN has floated Naira and has given banks the free rein to increase the rates to an extent.
Nevertheless, it will be a thing of concern not to look at the black market. The prices are higher than any other place, and it is very disturbing. This should serve a thing of concern for the stakeholders.
It is no longer news that Naira is really regaining its strength these days, and it would be a thing worthy of note if we begin to have faith that the strength will cotinue to grow.

The Strength of CAD in comparison With the Naira

The strength of the Canadian Dollar is relatively higher. Naira is weak when it is exchanged with Dollar. In essence a person that has just a few hundred thousands would be regarded as millionaire when his money is placed against Naira, and a person that has a million dollars would be seen as a middle class in Canada. So while the recent improvement in the value of the Naira is a welcome development, statistics shows that there is still quite a long way to go and the federal government of Nigeria must start looking into policies that will further boost the currencies performance if any reasonable progress is to be made in the long run. In doing this, the naira not only achieves stability but attains a higher value in the international community.

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tags : how much is Canadian Dollar to Naira Exchange Rate , convert 1 CAD to Naira ,  convert naira to cad

Updated: July 19, 2017 — 5:17 pm

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