CAD to NGN Exchange Rate Today
Canadian Dollar to Nigerian Naira conversion for Canada's 100,000+ Nigerian community. Track live CAD/NGN rates every 30 minutes for remittances from Toronto, Calgary, Edmonton to Lagos, Abuja, Port Harcourt—navigating Nigeria's evolving forex landscape.
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Frequently Asked Questions
What is the Canadian Dollar to Nigerian Naira exchange rate?
The CAD to NGN rate has been volatile, ranging from 300-1,200+ NGN per 1 CAD due to Nigeria's complex exchange rate system and naira weakness. Canada has a significant Nigerian community (100,000+), particularly in Toronto, Calgary, and Edmonton, making CAD/NGN an important Canadian remittance corridor. Nigeria operates both official and parallel (black market) rates, with CBN implementing various reforms. For Nigerian-Canadians, checking real-time rates before transfers is crucial. Our converter shows current mid-market rates updated every 30 minutes.
How can Nigerians in Canada send money to Nigeria?
Nigerian-Canadians have several remittance options: Remitly (popular for Nigeria, bank/cash pickup), WorldRemit, SendWave (low fees, good for Nigeria), Western Union or MoneyGram (extensive agent network); Canadian-Nigeria specialized corridors; or bank transfers (RBC, TD, Scotiabank offer international wires but expensive). For communities in Toronto (Scarborough, North York), Calgary, Edmonton sending to Lagos, Abuja, Port Harcourt, compare rates carefully—naira volatility means 3-5% differences are common between providers.
Why is the naira weak against the Canadian dollar?
NGN weakness (1 CAD ≈ 800-1,200 NGN) stems from: Nigeria's oil-dependent economy, CBN policy changes and multiple exchange rate windows, forex scarcity creating parallel market premiums, high inflation (15-25%+), and structural challenges. The Canadian dollar's commodity-backed strength amplifies the gap. For the 100K+ Nigerian-Canadian community (professionals, students, skilled workers), the climbing CAD/NGN rate means more naira per dollar—beneficial for remittances but reflecting Nigeria's economic difficulties requiring family support.
Do Canadian banks offer good naira exchange rates?
No. Canadian banks rarely handle NGN directly and charge $20-45 transfer fees plus 4-6% poor exchange spreads. RBC, TD, Scotiabank, BMO, and CIBC all offer terrible rates for CAD to NGN. Dedicated Nigeria remittance services are far superior: Remitly charges 2-4%, SendWave ~1-2%, WorldRemit 3-5%—all with much better rates than banks and faster delivery to Nigerian accounts. For Nigerian-Canadians sending regular family support, specialized services save 50-70% versus traditional banks.
When should I send Canadian dollars to Nigeria for best rate?
Given naira volatility, timing can yield significantly more naira. Watch: CBN policy announcements, oil price movements (Nigeria's main export), official vs parallel rate convergence, and Nigeria's inflation reports. For monthly family support, consistent transfers average out volatility. For large transfers (land in Lagos/Abuja, building projects, medical expenses), send when CAD/NGN is elevated (naira weak). Many Nigerian-Canadians use rate alerts to catch favorable moments—differences can be substantial given naira's extreme swings.