CAD to NGN Exchange Rate Today
Canadian Dollar to Nigerian Naira conversion for Canada's 100,000+ Nigerian community. Track CAD/NGN rates for remittances from Toronto, Calgary, Edmonton to Lagos, Abuja, Port Harcourt families.
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Sending 1,000.00 CAD → NGN
Mid-Market Rate
After Fees
Exchange rate: Real-time mid-market rate from OpenExchangeRates API. Transfer fees: Based on typical provider fees.Note: Providers may offer different exchange rates than the mid-market rate shown. Always check the provider's website for their actual exchange rate and final pricing before sending.
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Frequently Asked Questions
What is the Canadian Dollar to Nigerian Naira exchange rate?
The CAD to NGN exchange rate has experienced extreme volatility, swinging from ₦600-1,200+ per C$1 as Nigeria grapples with forex reforms and currency devaluation. Canada's 100,000+ Nigerian diaspora—concentrated in Toronto, Calgary, and Edmonton—makes this a critical North American remittance channel. Lagos operates multiple exchange windows: CBN official rates, I&E window rates, and street market rates, creating arbitrage opportunities but also confusion. Nigerian-Canadian professionals, skilled workers, and students must monitor rates continuously given monthly fluctuations of 10-20%. Real-time mid-market rates update every 30 minutes via OpenExchangeRates data.
How can Nigerians in Canada send money to Nigeria?
Nigerian-Canadians utilize Canada's robust remittance ecosystem: Remitly (strong Canadian presence, Nigerian bank integration), WorldRemit, SendWave (competitive CAD-NGN rates), Western Union/MoneyGram (nationwide Nigerian access); or Canadian bank wires (RBC, TD, Scotiabank—costly at C$40+ fees). Toronto (Scarborough, North York), Calgary, and Edmonton senders benefit from comparing final NGN delivery—naira instability creates 3-5% rate variations hourly. Many use mobile notifications to catch favorable conversion windows.
Why is the naira weak against the Canadian dollar?
The CAD-NGN exchange gap (₦800-1,200 per loonie) highlights contrasting economic fundamentals: Nigeria's petroleum monoculture versus Canada's diversified resource base. Lagos's chronic forex shortages force the CBN into complex multi-tier pricing (official, I&E, parallel), while persistent 15-25% inflation erodes naira value. Both currencies are commodity-linked, but Canada's stability contrasts with Nigerian volatility. For 100K+ Nigerian-Canadians remitting C$2B annually, the widening spread increases family purchasing power but reflects Nigeria's deepening forex crisis.
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?
Toronto Nigerians sending C$1,000 monthly maximize value when loonie exceeds ₦900, gaining ₦900K versus ₦750K at ₦750. Nigerian Canadians (100,000+ community, fastest-growing African diaspora) remit C$2B annually to Lagos, Abuja, Port Harcourt families. Naira volatility (2023 unification crashed from ₦460 to ₦900) creates timing opportunities. Rate optimization from ₦750 to ₦900 yields ₦150K variance monthly on C$1K flows—meaningful for Calgary or Edmonton Nigerian diaspora financing family support, Abuja property, or business capital during CBN policy transitions.