The exchange rate of the Canadian Dollar (CAD) to the Nigerian Naira (NGN) in the black market, as operated by informal currency traders known as Abokis, showcases a significant disparity from the official rates provided by the Central Bank of Nigeria (CBN).
As of March 13, 2024, the black market rate stands at N1,183.852 per Canadian Dollar, revealing the stark differences in currency valuation outside the formal banking sector.
The black market, or parallel market, serves as an alternative financial platform in Nigeria, catering to those seeking to exchange currencies outside the conventional banking channels.
While this market offers immediate access to foreign currencies, it also comes with higher risks, including scams and the potential for financial loss, due to its unregulated nature.
This divergence in exchange rates between the official channels and the black market is attributed to the limited regulatory oversight and the inherent risks involved in informal trading.
The demand and supply dynamics within the black market further fuel these rate discrepancies, often leading to higher costs for traders and, subsequently, the consumers.
The current exchange rate in the black market indicates that 100 Canadian Dollars (CAD) is equivalent to N118,385.20, while 1,000 CAD amounts to N1,183,852.00.
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