If you are looking for the most recent updates on the exchange rate from Canadian Dollar (CAD) to Naira in the black market, you are in the right place.
This article will provide you with a comprehensive insight into today’s black market exchange rates, specifically focusing on the 26th September 2023.
Exchange Rate Overview
Today, we look into the black market’s vibrant dynamics, a vital hub for currency exchange in Nigeria.
Here, we are focusing on the Canadian Dollar to Naira exchange rate for 26th September 2023.
If you are in Lagos or planning a visit soon and wish to exchange your Canadian Dollars to Naira, this guide is for you.
Current Rates in the Black Market
All data is being updated continuously.
Buying and Selling Rates
As of today, the 26th of September, 2023, the rates in the black market in Lagos are as follows:
- Buying Rate: ₦800
- Selling Rate: ₦820
This means that the black market agents are buying one Canadian Dollar for ₦775 and selling at ₦800.
|Amount in CAD||Equivalent in Naira|
Also Check: Dollar to Naira 26 Sep Rates
Note of Caution
Before proceeding, it is crucial to note that the Central Bank of Nigeria (CBN) does not acknowledge the black market transactions. It advises individuals to conduct foreign exchange transactions through official banking channels.
Comparative Amounts in CAD to Naira
Curious to know how much a specific amount in Canadian Dollars converts to in Naira at the current black market rate? Find below a simplified table that breaks it down for various amounts:
This table continues, giving you a clear idea of the equivalent amounts in Naira for different values in Canadian Dollars, considering the current black market rates.
The Black Market Explained
Why is There a Black Market?
The existence of a black market, also known as parallel market or Aboki FX, is driven by the demand and supply forces of foreign currency in Nigeria. Despite the Central Bank’s directive to transact foreign exchange through banks, the black market thrives due to its convenience and the sometimes better rates offered compared to official channels.
Where Can I Find the Black Market?
Usually, the black market operates through Bureau De Change (BDC) offices situated in various parts of Lagos and other major cities in Nigeria. These BDC offices are the go-to places if you are looking to exchange Canadian Dollars to Naira at the rates mentioned above.
How Do the Rates Fluctuate?
The rates in the black market fluctuate due to various factors such as economic conditions, demand and supply forces, and geopolitical events. It is vital to stay updated with the latest rates before making any transactions to avoid any potential loss.
Tips for a Safe Transaction
Find a Reliable Dealer
If you decide to use the black market, finding a trustworthy dealer should be your priority. Ensure to transact with someone who has a good reputation and positive reviews from previous customers.
Remember, the rates can sometimes be negotiated. Don’t hesitate to bargain to get a better deal, especially when exchanging a significant amount.
Keeping abreast of the latest developments in the forex market will help you make informed decisions. You can check reliable news sources and financial websites for the most recent updates.
Today, the 25th of September, 2023, presents an interesting phase in the black market exchange rate dynamics in Nigeria. With the buying rate at ₦800and the selling rate at ₦820 for the Canadian
Dollar to Naira, one needs to tread carefully while navigating the murky waters of the black market.
We hope this guide serves as a useful resource for understanding today’s black market exchange rates and assists you in making informed decisions. Stay tuned for more updates, and remember to transact safely