Do you know that movement of some Nigerians to Canada is one reason the country’s currency is gaining momentum here in Nigeria?
People want to the money for payment of school fees in the Western nation and that is giving impetus to the currency.
Indee, most countries in the world have one challenge or the other that the government is trying so hard to resolve.
So, challenges are not peculiar to Nigeria alone.
However, most of these countries have good institutions and responsible governments, something that is lacking in Nigeria.
This is one reason people will want to go and study in the nation to get access to their documents.
Seeking Canadian dollars now brings to reality the truth about the forex market in Nigeria.
Are you aware that in Nigeria, the most patronised access foreign exchange is in the black market.
CAD And Naira Black Market Exchange Rate
The Canadian dollar is fast becoming GOLD, the currency is towing the path of the U.S. dollar, the British pound and Europe’s euro.
Before now, unemployment used to be the major headache of the Nigerian government. Today, however, the major problem we face is that of foreign exchange.
Have You Read: Dollar Exchanges At ₦1045 In The Black Market
The dollar is scarce. Sadly, it is needed in every facet of the Nigerian economy for the economy to run.
There is currently no ground for comparison between the Canadian dollar and the Naira.
As of today, in the black market, the exchange rate of the Cad to the Naira is ₦800.
So, in case your relatives abroad just sent you some Canadian dollars or you are planning to travel to Canada, here is what you should know.
You will have to part with ₦800 to get 1 Cad in the black market according to their exchange rate.
See how much money a person with just 5,000 Canadian dollars will have in Niaira.
| Canadian Dollar to Naira | Naira |
|---|---|
| 1 Canadian Dollar | ₦800:00 |
| 5 Canadian Dollar | ₦4,000:00 |
| 10 Canadian Dollar | ₦8,000:00 |
| 20 Canadian Dollar | ₦16,000:00 |
| 50 Canadian Dollar | ₦40,000:00 |
| 100 Canadian Dollar | ₦80,000:00 |
| 200 Canadian Dollar | ₦160,000:00 |
| 500 Canadian Dollar | ₦400,000:00 |
| 1000 Canadian Dollar | ₦800,000:00 |
| 2000 Canadian Dollar | ₦1,600,000:00 |
| 5000 Canadian Dollar | ₦4,000,000:00 |
