Do you know that 100 Canadian Dollars is approximately ₦107,064.10, in the black market today?
If you don’t know that’s probably because you have no business with the exchange rate of the Canadian dollar.
But if you are studying in Canada, travelling to Canada or importing goods from Canada for your business, then you will need to read this article.
The black-market rate for the Canadian Dollar (CAD) against the Naira today stands at ₦1,070.641.
This rate provided by bureau de change operators, reveals the fluctuating tendency in the parallel market.
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A situation that varies from what operates with the official rates of the Central Bank of Nigeria (CBN).
You see, the black-market operators operate outside the regulated financial system.
They do so with prices heavily influenced by the interplay of supply and demand.
What you must know however, is that this market segment often presents a higher risk and cost for currency transactions.
Again, this is due primarily to its unregulated nature and the potential for scams.
What we know as of today is that the Canadian Dollar’s black market exchange rate is significantly higher than the official rate.
In the black market, 100 Canadian Dollars are trading for ₦107,064.10, while CAD1000 exchanges for around ₦1,070,641.00.
This discrepancy between the official and black-market rates highlights the broader economic pressures and the informal market’s response to currency valuation and demand.
Traders and businesses engaging in these markets must navigate the complexities of fluctuating rates and the inherent risks of unregulated trading environments.
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Economic analysts and policy makers are disturbed about the existence of the parallel market and its divergent rates from the official market rate.
This reflects the ongoing challenges in stabilising the Naira and curbing reliance on informal currency exchanges.
