How Much Is 1 CAD (Canadian Dollar) in Nigeria? 2025 Guide

In Nigeria’s ever-evolving economic landscape, understanding the value of foreign currencies like the Canadian Dollar (CAD) is essential for travelers, students, immigrants, and businesses engaged in international trade. The Nigerian Naira (NGN), Nigeria’s official currency, fluctuates against global currencies due to factors like foreign exchange policies and market demand. We’ve crafted this in-depth guide to provide you with a precise, up-to-date answer to the question, “How much is 1 Canadian Dollar in Nigeria?” as of April 2025, alongside historical trends, conversion methods, and practical applications to ensure you’re fully informed.

Current Exchange Rate: 1 CAD to NGN in April 2025

As of April 8, 2025, the value of 1 Canadian Dollar (CAD) in Nigerian Naira (NGN) varies slightly depending on the source and market type—official or parallel (black market). We’ve gathered data from reliable financial platforms and local insights to present the most accurate figures:

• Official Rate: Based on mid-market rates from sources like Xe.com, 1 CAD equals approximately ₦1,092.69 NGN as of April 4, 2025, at 06:00 PM UTC. By April 8, this rate has adjusted slightly to around ₦1,100–₦1,116 NGN, reflecting daily forex movements.
• Parallel Market Rate: In Nigeria’s black market, where many individuals and businesses exchange currency, 1 CAD fetches between ₦1,116 and ₦1,154 NGN, according to posts on X and local bureau de change (BDC) updates on April 8, 2025.
• Bank Rates: Commercial banks like Zenith or GTBank typically offer slightly lower rates, ranging from ₦1,080 to ₦1,100 NGN, factoring in their margins and fees.

These figures highlight a premium in the parallel market, driven by demand for foreign currency amid Nigeria’s forex liquidity challenges.

Historical Value of 1 CAD in Nigeria

To grasp the current worth of 1 CAD, we’ve traced its performance against the NGN over time:

• April 2024: 1 CAD averaged ₦823.90 NGN, a low point in the past year, per exchange-rates.org data.
• October 2024: The rate peaked at ₦1,244.01 NGN, the highest in a decade, fueled by naira depreciation.
• January 2025: Post-holiday fluctuations saw 1 CAD at ₦1,029.45 NGN, a temporary dip.
• April 2025: Stabilizing around ₦1,100–₦1,116 NGN, reflecting a 1.50% year-to-date increase from January.

Over the past decade, the CAD has appreciated by +660.33% against the NGN, underscoring Nigeria’s economic shifts and the Canadian Dollar’s relative stability.

Factors Influencing the CAD to NGN Exchange Rate

Several elements determine how much 1 Canadian Dollar is worth in Nigeria. We’ve outlined the key drivers:

• Naira Volatility: The NGN’s value, tied to Nigeria’s oil-dependent economy, fluctuates with global crude prices and forex reserves, currently strained at ₦1,600–₦1,700 per USD.
• Canadian Economy: Canada’s stable economy, bolstered by oil exports and trade, keeps the CAD strong, with a 2025 GDP growth forecast of 1.8% by the IMF.
• Forex Policies: Nigeria’s Central Bank (CBN) interventions, like the 2023 naira floatation, impact official rates, while the parallel market reflects real-time demand.
• Global Trends: Interest rate hikes by the Bank of Canada (e.g., 4.25% in 2024) versus Nigeria’s 26.25% rate influence investor flows, affecting the CAD-NGN pair.

These factors create a dynamic exchange environment, requiring constant monitoring.

How to Convert 1 CAD to NGN

We’ve detailed the practical steps to convert 1 Canadian Dollar to Nigerian Naira:

• Online Converters: Tools like Xe.com or Wise provide real-time rates. Enter 1 CAD, select NGN, and get ₦1,100–₦1,116 (April 8, 2025).
• Banks: Visit GTBank or First Bank with CAD cash or accounts; expect ₦1,080–₦1,100 after fees.
• BDCs: Local exchange agents in Lagos or Abuja offer ₦1,116–₦1,154, ideal for immediate cash transactions.
• Apps: Platforms like Wise show ₦1,102.89 NGN per CAD with transparent fees, perfect for digital transfers.

For accuracy, we recommend checking rates daily, as they shift by the minute when markets are open.

Practical Examples of 1 CAD’s Value in Nigeria

To contextualize 1 CAD, we’ve calculated its purchasing power in Nigeria:

• Transportation: A short tricycle (keke) ride in Lagos costs ₦200–₦300, so 1 CAD (₦1,100) covers 3–5 trips.
• Food: A plate of jollof rice at a local eatery is ₦500–₦700, meaning 1 CAD buys 1.5–2 servings.
• Data: A 1GB mobile data bundle from MTN or Airtel costs ₦500, allowing 1 CAD to purchase two bundles.
• Fuel: With petrol at ₦600–₦650 per liter, 1 CAD buys roughly 1.7–1.8 liters.

These examples illustrate 1 CAD’s modest but tangible value in daily Nigerian life.

Comparing CAD to Other Currencies in Nigeria

We’ve benchmarked 1 CAD against major currencies in Nigeria as of April 8, 2025:

• 1 USD: ₦1,635–₦1,638 NGN (parallel market), significantly higher than CAD due to dollar dominance.
• 1 GBP: ₦1,995–₦2,098 NGN, reflecting the pound’s strength.
• 1 EUR: ₦1,714–₦1,801 NGN, slightly above CAD but below GBP.
• 1 AUD: ₦1,031–₦1,095 NGN, marginally below CAD.

The CAD holds a middle ground, offering stability without the premium of USD or GBP.

Where to Exchange 1 CAD in Nigeria

We’ve identified top options for converting 1 Canadian Dollar:

• Jumia Travel/Forex: Online platforms quote ₦1,100–₦1,120 NGN, with digital payment options.
• Slot Nigeria: Physical stores in Lagos and Ibadan offer ₦1,090–₦1,110 NGN, ideal for in-person swaps.
• BDCs: Agents in Computer Village or Kano Main Market provide ₦1,116–₦1,154 NGN, cash-focused.
• Banks: Zenith or UBA exchange at ₦1,080–₦1,100 NGN, secure but slower.

For the best rate, parallel market BDCs often lead, though banks ensure safety.

Why the CAD Matters in Nigeria

The Canadian Dollar holds relevance in Nigeria for several reasons:

• Education: With over 10,000 Nigerian students in Canada annually, CAD is critical for tuition payments (e.g., $20,000 CAD ≈ ₦22 million NGN).
• Immigration: Canada’s Express Entry program draws Nigerians, requiring proof of funds in CAD.
• Trade: Bilateral trade, like Canada’s $500 million exports to Nigeria in 2024, involves CAD transactions.
• Travel: Nigerians visiting Canada convert NGN to CAD for expenses.

Its stability makes it a preferred currency for long-term planning.

Read also: How Much is One Dollar in Nigeria Today? Current Exchange Rates and Economic Impact

Tips to Maximize Your 1 CAD in Nigeria

We’ve compiled strategies to optimize your CAD’s value:

• Monitor Rates: Use Xe.com or Wise for daily updates, converting when CAD peaks (e.g., ₦1,150+ NGN).
• Avoid Peak Seasons: Holiday periods like December inflate rates; aim for quieter months like April.
• Use Digital Platforms: Wise offers ₦1,102.89 NGN with low fees versus bank charges.
• Negotiate: In Onitsha or Lagos markets, haggle BDC rates down by ₦10–₦20 per CAD.

Timing and channel selection boost your returns.

Future Outlook for CAD in Nigeria

We’ve analyzed projections for CAD:

• Short-Term (2025): Analysts expect ₦1,100–₦1,200 NGN, barring major CBN policy shifts.
• Long-Term (2026): If Nigeria’s forex reserves grow with oil prices, 1 CAD may stabilize at ₦1,000–₦1,050 NGN.
• Risks: Naira devaluation could push it to ₦1,300 NGN if inflation persists above 30%.

Staying informed ensures you adapt to trends.

Practical Conversion Table for 1 CAD and Beyond

We’ve created a handy table based on ₦1,116 NGN per CAD (parallel market, April 8, 2025):

• 1 CAD: ₦1,116 NGN
• 5 CAD: ₦5,580 NGN
• 10 CAD: ₦11,160 NGN
• 50 CAD: ₦55,800 NGN
• 100 CAD: ₦111,600 NGN

This serves as a quick reference for budgeting or transactions.

Is 1 CAD a Good Deal in Nigeria?

At ₦1,100–₦1,116 NGN, 1 Canadian Dollar offers moderate purchasing power in Nigeria. It’s not as dominant as the USD but outperforms weaker currencies like the AUD. For students paying Canadian tuition or travelers, its stability is a boon, though small-scale daily use yields limited impact compared to local costs. Its decade-long appreciation suggests a reliable store of value.

Read also: How Much Is 1 Euro in Nigeria Money?

Conclusion: How Much Is 1 CAD Worth in Nigeria?

In April 2025, 1 Canadian Dollar (CAD) in Nigeria equates to ₦1,100–₦1,116 NGN officially and up to ₦1,154 NGN in the parallel market. Whether you’re exchanging at banks, BDCs, or online platforms, its value reflects Nigeria’s economic realities and Canada’s stability. For education, travel, or trade, knowing this rate empowers smarter financial decisions. Monitor trends, choose wisely, and let 1 CAD work for you in Nigeria’s dynamic market.