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Canadian Dollar To Naira Exchange Rate Today Black Market & Official Rate

1 Cad to Ngn: Canadian Dollar To Naira Exchange Rate Today { Both Official and Black Market }{ Updated Daily}

The Canadian dollar to Naira exchange rate today { Black Market } is quite high, at the expense of the Nigerian Naira. Canada is one of the 3 main countries in North America. The second two being the United States of America (USA) and Mexico. When it comes to the diplomatic relations with each other, the United States and Canada are more bonded to each other than they are to Mexico. Yet, Canada seems to be living the low key status.  { Note This Page on 1 cad to NGN Canadian dollar to Naira. we try our best to update it almost daily as there are changes in the rate/ parallel/black market }. Scroll down for Today’s Rate

This article would will discuss the exchange rate of the Canadian dollar (CAD) to the Nigerian Naira (NGN) today. After that, it would give an overview of the two currencies so you can pick one or two things from it.

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1 Cad To Ngn : Canadian Dollar To Naira Exchange Rate Today

Lagos Black market / Parallel Market Rate 

  • Black Market Rate: 286 / 300
  • Official Rate: 1CAD To Ngn 280.53
  • GTBank Canadian Dollar to Naira Exchange Rate = Ngn 286

 

The exchange rate above is for some of the most popular banks in Nigeria at the moment. Please Note, while we try our best to update with the latest fluctuation in the Market. It better to know that there could be any changes in the rate due to an instability of the parallel / black market.

Canadian Dollar To Naira Exchange Rate Today

Canadian Dollar To Naira Exchange Rate Today

THE NIGERIAN NAIRA CURRENCY

The Nigerian Naira is the official currency of Nigeria introduced on the 1st of January 1973, as the official legal tender. The Central Bank of Nigeria is the sole issuer of the Nigerian naira. This currency is been printed by the Nigerian Security Printing and Minting Company Limited mintnigeria.com and its exchange rate determined by the Central Bank depending on several factors. The Nigerian Naira exchange rate to dollar is 1 US dollar = 305.2700 Nigerian Naira { CBN rates }

Prior to independence, the exchange rate of the naira was valued at two naira’s to one pound while one naira is currently equaled to one hundred kobo and vice versa.  All of those whose portrait appeared in the nation’s currencies have at one point in time in the history provided selfless services to the nation and as a result, the national authority decided to honour them through this singular act. The Nigerian currency which is the naira when converted to certain top world currencies like the dollar, you will notice that it has lost majorly part of its value in this present time.

The Central Bank of Nigeria (CBN) ensures that monetary stability and price stability in the economy of the nation is maintained through regulation of the amount and quantity/volume of money in circulation. As a sole issuer of this legal tender, it works hand-in-hand with all commercial banks of the country, institutions, and private individuals in other to preserve the prestige and value of the national currency.

In all countries of the world, the government is solely in charge of this task, and this is because if the task of printing and minting of the nation’s currencies are left in the hands of private individuals it will be abused as this will give room for fake currencies to be in circulation all over the country, as witnessed in certain situations in the world where individuals have been caught with fake currencies.

The introduction of the naira as a legal tender into note was done by The Central Bank of Nigeria (CBN) on January 1, 1973.  Earlier on in the nation’s history, buying and selling were done through the use of cowries and manilas.

Prior to 31st March 1971, the official currency of Nigeria was still in pounds sterling, shillings and pence before the then Head of State announced the proposed move that Nigeria is to change to decimal currency which took effect from the 1st of January, 1973. The minor currency unit is called kobo, as one hundred of it would make it one Naira; as also the major currency unit is known as the Naira which would be equivalent to ten shillings. On February 28th, 2007, as part of the economic reforms, the following currency notes were reissued in new outlooks and designs and they are; N1 and 50K coins, N50, N20, N10 and N5 banknotes. While a new denomination N2 coin was also introduced.

The naira note of Nigeria has two divisions: polymer note and paper note.  

Paper note became the first type of note to be used in Nigeria and this was used generally in all nations of the world.

Polymer note was introduced into the Nigeria currency system after the advent of the paper note. This introduction that prompted its introduction was as a result of;

  •    The durability of the polymer note as against the paper note.
  •    Can endure stress and strain from the populace
  •    Its attractive nature and ability to gain public acceptance.
  •    It has the ability to avoid stains from oil, water or any other liquid substance.     

Polymer note came into use during the administration of the then GCFR President Umaru Musaar’adua 2007. This introduction was met with a high level of jubilation by millions of Nigerians all around the country.

THE CANADIAN DOLLAR CURRENCY

The Canadian dollar (CAD) is the currency of Canada, abbreviated with the dollar sign $, or sometimes Can$ or C$ to distinguish it from other dollars -denominated currencies. The Canadian dollar currency is divided into 100 cents. The Currency is the 5th most held reserve currency in the world accounting for approximately 2% of all global reserves. The first being the U.S dollars, second being the Euro, third being the Yen and fourth being the Pound Sterling.

That’s it on 1 CAD to NGN, Canadian dollar to naira exchange rate today “, share your opinion and experience with us through the comment box and kindly like us on facebook @ facebook.com/9jaquest or follow us on twitter.com @ twitter.com/naijaquest. Thanks

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Updated: August 15, 2018 — 1:55 am

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