Today Canadian Dollar (CAD) to Naira (NGN) Black Market Exchange Rate 9th March 2024

The black market is often used by individuals and businesses who cannot access the official market due to scarcity, restrictions, or regulations.

The black market exchange rate of the Canadian dollar (CAD) to the Nigerian naira (NGN) fluctuates daily depending on the supply and demand of the currencies, as well as other factors such as inflation, political instability, and economic policies.

The black market rate is usually higher than the official rate, meaning that the naira is weaker in the black market.

How much is a Canadian dollar to naira today in the black market?

The black market dollar to naira exchange rate today, 9th March 2024, is as follows:

• Buying rate: ₦1,075.00 per Canadian dollar
• Selling rate: ₦1,085.00 per Canadian dollar

This means that if you want to buy 1 Canadian dollar in the black market today, you will need to pay 1,085.00 naira, and if you want to sell 1 Canadian dollar, you will receive 1,075.00 naira.

NB: These rates may vary slightly depending on the location and the dealer. 

How does the black market Canadian-dollar-to-naira exchange rate compare to the official rate?

The official exchange rate of the Canadian dollar to the Nigerian naira, as of today, 9th March 2024, is ₦927.47 per US dollar.

This is the rate that the CBN uses for its transactions and interventions in the foreign exchange market. The official rate is also the basis for the exchange rates of other foreign currencies, such as the euro, the pound sterling, and the Chinese yuan.

The difference between the black market rate and the official rate is called the parallel market premium. The parallel market premium indicates the degree of divergence between the official and unofficial markets, and reflects the level of confidence in the naira and the CBN’s policies.