Canadian Dollar to Naira 2023 [OFFICIAL & BLACK MARKET RATE]

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Canadian Dollar to Naira 

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Canadian Dollar to Naira Exchange Rate Introduction Continues Below

Moving forward, this page is dynamic as a result of the fluctuation of the Canadian Dollar to Naira rate either in black market or commercial banks. In that case, this page is regularly updated immediately when there is a sudden change in the rate of Canadian Dollars to Nigeria Naira. 

100 dollar to naira black market rate

How Much Is Canadian Dollar to Naira Black Market

LAGOS PARALLEL MARKET RATE: March 17, 2023 (BLACK MARKET): Canadian Dollar to Naira exchange rate in black market today.

March 17, 2023 Black market Canadian Dollar to Naira exchange rate: 1 Canadian Dollar to Naira = ₦560

Parallel market in Lagos (canadian dollar exchange rate on black market today)

The local currency opened at ₦560 per C$1 at the parallel market otherwise known as the black market, today, March 17, 2023, in Lagos Nigeria, after it closed at ₦560 per C$1 on March 17, 2023. 

Although the Canadian dollar to the naira opened at ₦560 to C$1 today on the parallel market, Kindly note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, also known as the black market. Because of this, the Central Bank of Nigeria has instructed anyone who needs currency to contact their bank, insisting that the I&E window is the only known exchange.

Note: Naira to canadian dollar is at N335.12/C$1 on the official market as a result of a slight adjustment to the CBN exchange rate setting the CBN exchange rate at N335.12/C$1.

Honestly, if you only have a few thousand canadiAN dollars in Nigeria right now, you are absolutely rich enough.

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How Much Is Canadian Dollar to Naira Today In Black Market | Canadian Dollar to Naira today

Black Market Canadian Dollar to Naira Rates – To continue with, the current CAD to Naira exchange rate for today. View CBN and black market exchange rates for Canadian Dollar to Naira. Convert CAD to Naira at this rate, or convert Canadian Dollar to Naira at the latest black market or parallel market rates.

Are you aware that many Nigerians like to exchange their foreign currency, especially canadian dollars to naira, via black market because the exchange rates are far better than what the commercial banks offer.

Are you aware of the Aboki FX Canadian Dollar to Naira? Their exchange rate is also included here so you can easily check each exchange rate for the currency you want to exchange on the parallel market. Aboki fx is highly recommended if you intend to use black market exchange rates from Canadian Dollar to Naira today.

Current rate of Canadian Dollar to Naira Black Market Today 2023

What is the current exchange rate of Canadian Dollar to Naira in the black market? You may have already known that the dollar exchange rate on the black market sometimes differs significantly from the exchange rate on the website of the Central Bank of Nigeria.

The prices you will see below are the current CAD to Naira exchange rates. As we said in the beginning of this article, we always update the latest prices every day to keep you informed. The dollar exchange rate to naira is the current Canadian dollar exchange rate. The percentage varies by bank and black market.

Canadian Dollar to Naira Black Market Rate Today

If you ask a question like how much is the Canadian Dollar to Naira today in black market, you will find your answers below.

Canadian Dollar to Naira (CAD to NGN)	Black Market Exchange Rate Today
Buying Rate	1 CAD = ₦575.
Selling Rate	1 CAD = ₦560.

What is the official Canadian Dollar to Naira exchange rate today? | How much is Canadian Dollar to Naira 

Now that you have known the rate of Canadian Dollar to Naira black market today, let’s move on to the official rate for CAD to Naira. Have said earlier that black market rates are always different from CBN rates. The Naira is currently trading at 323.78 naira per canadian dollar. The Nigerian economy has been affected by the exchange rate of the Canadian Dollar to Naira. how much is Canadian Dollar to Naira today in black market

When Naira falls, inflation tends to happen. And this will affect the economy. Thus, it will affect the whole population of Nigeria.

If you intend to purchase a product on a foreign website, you will have to use your mastercard or visa card. The official Canadian Dollar to Naira exchange rate will be used for the transaction. This means that Black Market exchange rate is only applicable to physical transactions, not online transactions.

The black market, commonly referred to as Aboki market value for the canadian dollar, is usually higher than the exchange rate at the bank, which is usually regulated by the Central Bank of Nigeria (CBN). The CBN exchange rate is the rate at which you can buy or sell dollars as quoted in CBN dollars to naira portal at cbn.gov.ng. how much is Canadian Dollar to Naira

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How is Canadian Dollar Currency Founded?

The original inhabitants of Canada were the First Nations and Inuit who traded in goods on a bartering basis. Various items played the role of currency, such as copper, wampum and beaver pelts. Wampum belts, made of numerous tiny shells, were used by indigenous peoples in eastern Canada to measure wealth and as gifts.[1] Wampum belts were also used as currency during the early colonial period, and were recognised as legal tender in the early Dutch and British colonies.

Indigenous peoples also traded furs with European traders for trade goods such as weapons, cloth, food, silver items, and tobacco. During the long period of the fur trade, the beaver pelt was universally accepted as a medium of exchange by indigenous peoples and European traders alike, to the point that beaver pelts, called “Made Beavers”, were used as a unit of account by the Hudson Bay Company, to establish consistent pricing of all its trade goods.[3][4]

The Ojibwe in eastern Canada were noted for mining and trade in copper.[citation needed] Special objects, such as copper shields, had special economic and social value. The Haidas of the west coast used copper shields as a measure of status and wealth.

New France: 1608–1763

Chronic shortage of coins

With the foundation of Quebec in 1608, French settlement and trade began. The early French colonists bartered goods and also used French coins. The basic unit of currency was the denier or penny. Twelve deniers made a sol or sou, and twenty sols made a livre of New France. However, there was a recurring problem: there was never enough hard currency. Even though the French government sent silver coins from France, such as the “double tournois”, the coins tended to be taken out of circulation by merchants, who used them to pay their taxes and buy European goods, as well as hoarding the coins for personal financial security. To deal with the shortage, the French government authorized the use of coins limited to New France, the monnoye du pays. These coins had an assigned value higher than coins used in France (the monnoye de France) but the New France coins were not successful because they had no value outside the colony. Spanish-American coins minted in Mexico, such as the piastre, would sometimes come in through secret trade. The colonial government adopted a practice of over-stamping these coins with a fleur-de-lys and a Roman numeral indicating the weight of silver, and thus value. The over-stamped coins were then permitted to circulate.

Playing card money

By 1685, the coin shortage had grown so severe that colonial authorities resorted to using playing cards as currency.

Reproduction of playing card used as money

The first issue of playing card money was by Intendant Jacques de Meulles. In 1685, he needed to pay soldiers for their services in a recent campaign. His funds, both government and personal, were exhausted, and he did not want to borrow money at the rate offered by merchants. Instead, he issued three denominations of playing card money (15 sols, 40 sols, and 4 livres). Playing cards were marked with the amount on the back and were given to soldiers as compensation. They were redeemed three months later, when more coins became available.[3][8]

Although in the form of a promissory note, namely a promise by the colonial government to pay the soldiers when more coinage was available, the playing cards began to circulate as a medium of exchange. This was the first issue of paper money by a Western government. The card money did not meet with the approval of the French government, which was concerned that the cards were too easily counterfeited, and discouraged the colonial authorities from issuing the card money. Nonetheless, even when more coins did arrive from France, the cards continued to be used. The Intendant issued more card money the next year, 1686, with further issues in later years.[3] The Governor, Louis de Buade de Frontenac, gradually saw the value of the paper currency and agreed to the expanded use, but as time went by, the use of card money contributed to a rise of inflation. In 1717, the colonial government withdrew all card money from circulation, redeeming the cards at 50% of their face value, and burning the cards.[8][9]

Reproduction of playing card money (10 sols)

The withdrawal of card money did not solve the problem of a chronic shortage of coinage. In 1722, the government introduced copper coins, but they were not well received. The lack of coinage contributed to a recession.[10]

In 1729, the continued shortage of coinage led to the reintroduction of card money, this time with the approval of the French government. The amount of new card money was initially strictly controlled and the card money was redeemable as bills of exchange in France. This approach reduced the need to transport coinage across the Atlantic. Although referred to as “card money”, this issue did not actually use playing cards, but rather plain card stock. The colonial government also issued promissory notes payable by the treasury, termed ordonnances de paiement which also circulated as currency.[3][10] However, given the state of the French finances, the government relied increasingly on treasury bills to finance the wars. By 1760, the treasury notes totalled 30 million livres, and the amount of paper money circulating in the colony was fifteen times greater than in 1750.[9]

The new card money and the ordonnances de paiement were initially successful. However, the gradual deterioration of the finances of the French government over the first half of the 18th century and the expenses of the Seven Years’ War with Britain triggered a rapid increase in the amount of paper money in circulation in the 1750s. That in turn meant that inflation became a problem, as noted by Governor Montcalm in a dispatch to the French government. The declining confidence in the paper money meant coinage was increasingly hoarded, an application of Gresham’s law. The paper money issued by the colonial government continued to depreciate, especially once the French government suspended redemption of the card money until after the end of the war with Britain.[10]

French coinage

The French government continued to ship coinage to the colonies in the 18th century, such as the gold Louis d’or.[11]

Louis d’or of Louis XIV (1709)

Although in short supply, French coinage continued to circulate in the 18th century, such as the 15- and 30-deniers.[12] These gold coins, known as the mousquetaire, were meant to pay soldiers and civil servants but did not stay in circulation very long. The name is believed to have come from the cross on the reverse of the coins, which resembled the crosses on the cloaks of the legendary musketeers.[13]

Another coinage that was used was the sol (sou). The sol was equivalent to the size of a 20th-century one-cent coin and was produced between 1738 and 1756. The Sol was rated at 12 deniers. The double sol was produced until 1764, although large shipments to Quebec and Cape Breton ended in 1756. The double sol was rated at 24 deniers.[13]

End of French rule

French rule came to an end with the conquest of Quebec by the British in 1760. The value of the card money and the ordonnances de paiement plummeted, since their value had come from the promise by the French government that they could be redeemed for coinage. Under the Treaty of Paris, 1763, the French government agreed to continue to redeem the paper money, and three years later introduced a series of government debentures to replace the paper money. However, the state of France’s government finances was poor, and by 1771 the debentures were essentially worthless.[11] After New France fell, the card money and ordonnances were redeemed at only one-quarter of their face value. As a result, the habitants of Quebec were left with a deep distrust of paper money which lasted for generations.[9] 

SOURCE: wikipedia

how much is Canadian Dollar to Naira

History of Nigerian Naira

During the pre-colonial era, different cultures used different goods as a medium of exchange. These include cowries, manilas, beads, bottles and salt amongst others.

The issuance of Nigeria’s first major currency came as a follow-up to the Colonial Decree of 1880, which made the payment of the shilling and pence legal in British West Africa. The units of coin maintained by the Bank of England were one shilling, one penny, 1/2 cent and 1/10 of a cent and were distributed by the private bank, the West African Bank of England, until 1912. Canadian Dollar to Naira black market rate today, how much is Canadian Dollar to Naira, Canadian Dollar to Naira today, Canadian Dollar to Naira black market today 2023 1 canadian dollar to naira

From 1912 to 1959, the West African Currency Council (WACB) issued the first sets of banknotes (insert hyperlink) and coins in Nigeria, Ghana, Sierra Leone and Gambia. The highest denomination of the banknote is one pound, while the one shilling coin is the highest denomination.

On 1 July 1959, the Central Bank of Nigeria (CBN) issued Nigerian banknotes while the notes and coins issued by WACB were withdrawn. It wasn’t until July 1, 1962, that the currency was changed to reflect the country’s republican status. Banknotes marked “FEDERATION OF NIGERIA” now have “FEDERAL REPUBLIC OF NIGERIA” written on them. The banknotes were changed again in 1968 following the misuse of foreign currency banknotes during the Civil War.

The name of the Nigerian currency was changed in January 1973 following the government’s decision to switch from metric to decimal. The base currency, previously £1, ceased to exist and one naira, equal to ten shillings, became the base unit, while the secondary unit of currency was called the kobo; a hundred of them yielded one naira.

The new twenty naira (#20) note was issued on February 11, 1977. It was the highest denomination introduced at the time due to economic growth, preference for cash transactions and the need for convenience.

The banknote is the first in Nigeria to bear a portrait of a prominent Nigerian citizen, the late Head of State General Murtala Ramat Mohammed (1938-1976), who was the torchbearer of the Nigerian revolution in July 1975. The note was issued on the 1 year anniversary of his assassination in honor of to Nigeria’s most famous son. On October 1, 1978, he was declared the national hero.

On July 2, 1979, a new currency denomination was introduced with three denominations, namely 1, 5 and 10 of the same size, namely. 151 x 78 mm, like the 20 а banknote issued on February 11, 1977. Distinctive colors have been used for different denominations for easy identification. The bill contains portraits of three prominent Nigerians who were declared national heroes on October 1, 1978. The engravings on the back of the banknotes reflect the different cultural aspects of the country.

Can I buy Canadian Dollars from the Bank?

 

Yes, you can purchase Canadian dollars from any commercial bank or bureau de exchange operator. Previously, all registered and certified currency exchange operators could purchase dollars directly from CBN, but unfortunately that has changed. You can no longer purchase canadian Dollar from Central Bank of Nigeria.

CBN recently stopped selling canadian dollars and other currencies to Bureau de Change operators. Currently you can only buy dollars from commercial banks in Nigeria. Below is the reason why CBN stopped selling dollars to currency exchange operators;

The main reason CBN halted selling canadian dollars to currency exchange operators was to curb unusual profits, which led them to sell dollars at exorbitant prices at the expense of the stability of the naira. dollar to naira black market rate today

The Nigerian currency has been negatively impacted by the greed of some currency exchange operators who sell dollars at high prices just to make money.

This suggests that only commercial banks can currently sell dollars to individuals and businesses at a fair price. Commercial banks sell dollars to individuals primarily for the following purposes; Payment of medical bills abroad, payment of school fees abroad, official travel allowances and personal travel allowances. dollar to naira black market rate today

It is always safe and cheaper to buy canadian dollars from commercial banks because their interest rates may not be as high as parallel market rates. Many banks can give you a lower interest rate based on how many dollars you buy. This method is more suitable for people who want to buy large amounts of dollars.

Just go to one of the commercial banks in Nigeria such as Zenith Bank, Guarantee Trust Bank, Access Bank, First Bank, Fidelity Bank, Union Bank and United Bank of Africa. Go straight to their customer service and ask for a dollar.

Also, it is worth noting that Some banks may not have enough canadian dollar cash, if you want to buy in bulk, you may need to buy some quantities from other banks to add.

 

What is the real meaning of exchange rates?

Exchange rate, the value of one country’s money against another country’s money. For example, Canadian Dollar to Naira, Euro to Dollar, and so on. The exchange rate is “fixed” when the countries use gold or another agreed standard and each currency is worth a certain size of the metal or other standard. Exchange rates “float” when supply and demand or speculation drives up the exchange rate (unit conversion). When a country imports large quantities of goods, demand increases the exchange rate for that country, making the imported goods more expensive for buyers in that country. When goods become more expensive, demand falls and money in this country becomes cheaper than money in other countries. Then the country’s goods will become cheaper for buyers abroad, demand will grow, and exports from that country will increase.

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What affects the exchange rate

Flexible exchange rates can change daily, but often in very small increments, less than a penny. But important economic factors such as changes in government or business decisions can affect international exchange rates. This is exactly the reason why the Canadian Dollar to Naira exchange rate is always fluctuating.

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