Do you have plans to JAPA soonest and Canada is your destination or you have some body already there who sends you Canadian dollars.
Then you should not allow yourself be cheated by money changers also known as Bureau De Change operators.
Today in the black market, a Canadian dollar (CAD) exchanges at the rate of ₦630 when buying and ₦610 when selling.
Also for those changing the U.S. dollar to Naira, it is changing at the rate of ₦747 and sold at ₦744 in the black market.
This simply means that as of today, the exchange rate of the CAD is ₦289 above the Central bank’s official market exchange rate while the Dollar is also ₦286 above it’s official exchange rate.
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Exchange Rate Of Other Currencies
Other currencies that performs well on the black market are the Euro and the British Pounds among so many other currencies.
The Euro to Naira is the second most traded currency, it traded at ₦810 when buying and ₦795 when selling respectively in the black market.
Next is the Pound to Naira exchange rate which is pegged at ₦930 when buying and ₦916 when selling in the black market.
About Black Market
According to Investopedia.com, the black market, is an economic activity that takes place outside government-sanctioned channels.
It is an illegal market where transactions usually occur “under the table” to let participants avoid government price controls or taxes.
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The goods and services offered in a black market can be illegal, meaning their purchase and sale are prohibited by law, or they can be legal but transacted to avoid taxes.
Illegal markets are also known as illegal markets, shadow markets, or underground markets.
Dollar to Naira Rate for Past 7 Days
| Date | Buy | Sell |
| May 11, 2023 | 747 | 743 |
| May 10, 2023 | 740 | 736 |
| May 9, 2023 | 738 | 734 |
| May 8, 2023 | 738 | 735 |
| May 7, 2023 | 740 | 735 |
| May 6, 2023 | 738 | 733 |
| May 5, 2023 | 738 | 734 |
