If you want to know the latest information about how much a Canadian Dollar (CAD) is worth in Nigerian Naira in the unofficial market, you’ve come to the right spot.
This article will give you a detailed look at the current exchange rates in the unofficial market, with a special focus on October 6, 2023
Here, we speak in easy words so that all people can grasp the information smoothly. Now, let’s get started
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 6th October 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
Buying and Selling Rates
As of today, the 6 October, 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 ₦800 and selling at ₦820.
|Amount in CAD||Equivalent in Naira|
Also Check: Dollar to Naira 6 Oct Rates
Note of Caution
Before moving forward, know that the Central Bank of Nigeria (CBN) does not accept black market deals. They say people should use official banks for foreign money trades
Why a Black Market?
A black market, sometimes called a parallel market or Aboki FX, exists in Nigeria because people want foreign money. The Central Bank says to use banks, but people like the black market because it’s easy and sometimes has better rates.
Where is the Black Market?
You can find the black market in places called Bureau De Change (BDC) in Lagos and other big cities in Nigeria. Go there to change Canadian Dollars to Naira.
Why Do Prices Change?
Black market prices change because of the economy, how much money people want, and big events in the world. Always check the current prices before trading to avoid losing money.
Safe Trading Tips
Pick a Good Dealer
If using the black market, find someone you can trust. Choose someone with good feedback.
Talk About the Price
You can sometimes talk about the rate. Try to get the best price, especially if trading a lot.
Know the latest money news. Look at trustworthy news and financial websites for updates.