How Much Is CAD To Naira Exchange Rate Today?
International travel, commerce, and education are among several activities requiring monetary transactions.
The need to exchange one currency for the other to facilitate easy trade is a basic necessity especially when it comes to cross-border activities. The Canadian dollar to the naira exchange rate is what we’ll be discussing.
This article will be interesting to various audiences for different reasons.
For some, business travel may be reason enough. For others, moving to Canada may be in the books, while in some cases, remittances (in Canadian dollar) from the diaspora community may need to be exchanged to its naira equivalent.
Whatever your situation is, we aim to simply provide details on the cad to the naira exchange rate.
Official CAD to Naira Exchange Rates
Like most major currencies, the Central Bank of Nigeria (CBN) sets official rates for the Canadian dollar.
Now, an official exchange rate basically refers to the rate or amount set by monetary authorities (in this case the CBN) for the exchange of the naira to other currencies.
Currently, this stands at 1 CAD to N307. Like most currencies, the exchange rate will frequently fluctuate with little movement. These fluctuations are mostly driven by market forces.
It simply translates to appreciations or depreciation of the cad to the naira.
Official Exchange Rates and Markups
Despite the official cad to the naira exchange rate set by the CBN, there could be sharp practices from banks when it comes to conversions. This is mostly seen in hidden markups which end up increasing the price you pay for cad exchange.
Luckily, there are options for you to choose from when making conversions. Plus, you’re able to analyze whether you’re overpaying especially when making international transfers.
One of the ways to analyze exchange rates is by making comparisons of interbank rates. Also, consider adding money transfer services to such comparisons.
Converting from Canadian Dollar to Naira
Oftentimes, people need to know how much naira a particular Canadian dollar amount will fetch them.
To give you an idea using official exchange rates, 1 cad equals N307,93, 5 cad equals N1539.68, 10 Cad equals N3079.37 and 20 cad equals N6158.74.
Working out the exact rates is simply a matter of multiplying the official exchange rate by the Canadian dollar amount.
Canadian Dollar to Naira Black Market Exchange Rate
Since there’s an official exchange rate for cad to naira, it doesn’t reflect the true or real rates obtainable.
Black market rates are significantly different. So, instead of the $1 cad to N307 naira exchange rate obtainable at official circles, the exchange rate here is $1 cad to N395.
Exchange rates at the black market may fluctuate to as much as N400. The current exchange rate obtainable at any point in time is determined by forces of supply and demand.
Black Market Conversion Rates
When converting the Canadian dollar to naira, you’ll have varying rates.
Of course, you’ll need to multiply existing black market rates by the dollar amount. So, 5 Canadian dollars should fetch about N1,975, while $10 Cad should fetch twice the amount. This goes on and on.
Cad to naira exchange rate has been the focus with several aspects relating to exchange rates covered in detail. Now that you know better, you can easily make informed choices.
- Pound To Naira Exchange Rate Today
- Black Market Naira Exchange Rate Today
- Dollar To Naira Exchange Rate Today
- Euro To Naira Exchange Rate Today