We update this post every day to give the correct exchange rate between the Canadian Dollar and the Nigerian Naira.
The information contains CAD to NGN banks rate and CAD to NGN black market rate.
Table of Contents
- Canadian Dollar to Naira Exchange Rate
- Canadian Dollar MoneyGram Rate
- The Canadian Dollar
- The Canadian Economy
- History of the Canadian Dollar
- Brief History of the Naira
- Economic Ties Between Canada and Nigeria
- How Exchange Rates are Determined
- Factors Affecting the Canadian Dollar to Naira Exchange Rate
- Impact of Exchange Rate Fluctuations
- How to Convert Canadian Dollar to Naira
- Tips for Getting the Best Exchange Rates
Canadian Dollar to Naira Exchange Rate
- Buying @ 1 CAD = 1,163 Naira
- Selling @ 1 CAD = 1,169 Naira
Canadian Dollar MoneyGram Rate
- Receiving @ ₦1,160 per CAD
The exchange rate for buying or selling Canadian Dollars (CAD) depends on who you buying for.
Although there may be a price range, the actual price will depend on your vendor and the time of purchase.
The Canadian Dollar
The CAD is the official currency of one of the American giants – Canada.
The symbol used for the Canadian Dollar is either $ or C$ the reason for the C$ is to distinguish the Canadian Dollar from other dollars. The Canadian Dollar is subdivided into 100 cents; this means that 100 cents are equal to 1 CAD.
Owing to the image of a loon on the one-dollar coin. The currency is also referred to as the loonie by foreign traders and analysts who transact with it.
The currency is accounting for about 2% of all the global reserves. The Canadian dollar is known to be the fifth most-held reserve currency in the world, U.S. dollar, euro, yen, and pound sterling are the first to fourth, respectively.
The CAD is very popular with most central banks of the world today. It is because of Canada’s economic soundness, the government’s strong sovereign position, and the stability of the country’s political and legal systems.
The Canadian Economy
- Canada is rated the 9th biggest economy in the world.
- The Canadian economy is very stable and wealthy.
- The unemployment rate in Canada is just about 7.2%.
- The major industries you will find in Canada are; chemicals, paper products, food products, wood, minerals, and transportation facilities.
- Canada’s major exported products are aircraft, timber, plastics, petroleum, telecommunications devices, crude, electronics, and machinery.
- Every country imports one thing are the other from another country. In the case of Canada, their major imported products are; machinery, equipment, motor vehicles, durable goods, chemicals, electricity, and electronics.
- Up to 71% of Canada’s Gross Domestic Product (GDP) is accounted for by the service industry.
History of the Canadian Dollar
Origin and Development
The Canadian Dollar was first introduced in 1858, replacing the Canadian pound. It is commonly abbreviated as CAD and symbolized by $ or C$ to distinguish it from other dollar-denominated currencies.
Economic Significance
The Canadian Dollar is a major currency in the global economy, widely traded on the forex market. It is influenced heavily by commodity prices, particularly crude oil and natural gas, due to Canada’s significant exports in these sectors.
- The province of Canada adopted the Canadian Pound far back in 1841.
- A decade after in 1851, Canada passed legislation that brought about the pound sterling.
- Just two years after in 1853, the standard gold money was introduced in Canada.
- In 1858 the was the introduction of the decimal coinage.
- In the year 1867, Canada, Nova Scotia, and New Brunswick united to become the Dominion of Canada. Still, with a united currency were also united from the three states.
- After four years, that was in the year 1871; Prince Edward Island joined the Dominion of Canada.
- During World War 1, the gold standard was abandoned temporarily and later dissolved in 1933.
- During the Second World War, the Canadian dollar exchange rate was pegged to the US Dollar. The rate was 1.1 CAD = 1 USD.
- In mid-1949, the use of the British Pound was terminated, and the Dollar remained fixed at the same rate as the CAD. 1.1 CAD = 1 USD.
- In the 1950s, Canada decided to have a floating currency.
- In 1962 their currency became a pegged exchange rate, exchanged at 0.925 USD = 1 Canadian Dollar.
- The page’s rate kept on not until 1970 when the Canadian dollar became a floating currency.
Brief History of the Naira
Origin and Development
The Naira was introduced in 1973, replacing the Nigerian pound. Named after Nigeria, it symbolizes the country’s post-colonial identity and economic aspirations.
Economic Significance
The Naira is the official currency of Nigeria, playing a vital role in its economy, especially in the oil and gas sector.
Economic Ties Between Canada and Nigeria
Trade Relations
Canada and Nigeria share significant trade relations, with both countries exporting and importing a variety of goods. Canada exports machinery, wheat, and aircraft to Nigeria, while Nigeria exports oil, cocoa, and rubber to Canada.
Investment and Business Links
There are substantial investments from Canadian companies in Nigeria, particularly in the energy and mining sectors. These investments reflect strong business ties between the two countries.
How Exchange Rates are Determined
Market Forces
Supply and demand in the forex market are primary determinants of exchange rates. High demand for a currency increases its value, while low demand decreases it.
Government Policies
Government interventions, such as trade restrictions and tariffs, can impact exchange rates.
Central Bank Interventions
Central banks may intervene in the forex market to stabilize or adjust the national currency’s value.
Factors Affecting the Canadian Dollar to Naira Exchange Rate
Economic Stability
The economic health of Canada and Nigeria impacts their currencies’ values. Strong economies typically bolster currency value.
Political Stability
Political stability or instability can affect investor confidence and influence currency strength.
Inflation Rates
Higher inflation in a country typically devalues its currency compared to others with lower inflation.
Interest Rates
Higher interest rates offer lenders in an economy a better return relative to other countries. Consequently, higher interest rates attract foreign capital and cause currency appreciation.
Impact of Exchange Rate Fluctuations
On Import and Export
Exchange rate fluctuations can make exports cheaper or more expensive, impacting trade balances.
On Foreign Investment
Currency strength influences foreign investment decisions. A stronger currency can attract investment, while a weaker currency might deter it.
On Everyday Consumers
For consumers, exchange rate changes can affect the cost of imported goods and travel expenses.
How to Convert Canadian Dollar to Naira
Online Conversion Tools
Several websites and apps provide real-time exchange rate conversions, making it easy to convert Canadian Dollar to Naira.
Bank Conversion Rates
Banks offer currency conversion services, though their rates may vary and include additional fees.
Currency Exchange Services
Dedicated currency exchange services can offer competitive rates, often with lower fees than banks.
Tips for Getting the Best Exchange Rates
Timing Your Transactions
Exchange rates fluctuate, so timing your conversion can save money. Watching market trends can help you decide the best time to exchange.
Using Reliable Services
Ensure you use reputable exchange services to avoid scams and get fair rates.
Avoiding Hidden Fees
Be aware of hidden fees that can significantly affect the amount you receive after conversion.
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