Canadian Dollar To Naira Exchange Rate Today { 1 CAD to Ngn Bank Rate / Parallel Market

canadian dollar to naira exchange rate today 1 cad to ngn

Canadian Dollar To Naira Exchange Rate Today { 1 CAD to Ngn Bank Rate / Parallel Market }

The Canadian Dollar to Naira exchange rate today is the amount of current conversion of 1 CAD to Ngn when place side by side with Nigerian Naira. It shows the strength or weakness the Canadian Dollar exhibits when its value is Compared to the Nigerian Naira.

Canadian Dollar To Naira Bank Rate 1 CAD To Ngn

  • GTBank CAD To Ngn – 242

  • First Bank CAD To Ngn – 218

  • Access Bank Rate – 250

  • FCMB 

  • Standar Chartered 

  • UBA 

Canadian Dollar To Naira Exchange Rate Today 1 CAD to Ngn Bank Rate / Parallel Market

The Canadian Dollar serves as the official currency of the Canada. They are neighbours to the United States of America. Canada currency code is ‘ CAD’ and is symbolised by C$ . It has been in circulation in since 1858.

The Prices Difference Of Canadian Dollar To Naira Exchange Rate Today

The CAD is almost half of the USD. CBN officially sells it a rate that many found favourable to an extent. However, Black Market / Parallel market price far higher at half of the original amount, that means the buyer would get it at a price that is more expensive to that of the original CBN price..

In this same vein, Banks have increased their 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 at will.

Nevertheless, it will be a thing of concern 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 of Naira would be soon be strengthened when converted to Canadian Dollar.

The Strength of Canadian Dollar To Naira Exhcange Rate Today – Comparison

The strength of 1 Cad to Ngn is relatively higher. In essence a person that has just a 100 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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