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.
Canadian Dollar to Naira Black Market Rate
- Buying @ 1 CAD = 562.00 Naira
- Selling @ 1 CAD = 563.00 Naira
Naira to Canadian Dollar Black Market Rate
- Buying @ 1 Naira = 0.0018 CAD
- Selling @ 1 Naira = 0.0018 CAD
FX Rates CAD to NGN
- CAD to NGN: 562 NGN
- NGN to CAD: 0.0018 CAD
Canadian MoneyGram Rate
- Receiving @ ₦558.00 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 giant – Canada.
The symbol used for the Canadian Dollar is either $ or C$ to 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 import 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
- 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 was 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, use of the British Pound was terminated, and the Dollar remained fixed at the same rate to 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 peghe’s rate kept on not until 1970 when the Canadian dollar became a floating currency.