Canadian Dollar to Naira exchange rate today, February 16, 2026

The Canadian Dollar (CAD) started the third week of February 2026 showing relative stability against the Nigerian Naira, trading just below the 1,000 mark in the official window. As the Nigerian Foreign Exchange Market (NFEM) opened for the Monday session, the currency pair mirrored the broader trend of Naira resilience seen against other major global currencies.

Official Market Trends

In the Nigerian Foreign Exchange Market (NFEM), the Canadian Dollar opened the trading day at approximately 993.90 per Naira. By mid-morning on Monday, February 16, the rate experienced a marginal uptick, with the currency trading at an average of 994.43.

This current valuation indicates a steady consolidation for the Naira. Over the past two weeks, the Canadian Dollar has retreated from its early February highs of 1,020, as the Central Bank of Nigeria’s (CBN) liquidity management strategies continue to yield results. Financial analysts attribute this stability to the efficient operation of the Electronic Foreign Exchange Matching System (EFEMS), which has streamlined the bidding process for importers and reduced the volatility typically associated with Monday morning openings.

Parallel Market Performance

The parallel market, or informal window, has maintained a consistent premium over the official rate, though it remains devoid of speculative spikes. In major commercial hubs like Lagos, Abuja, and Kano, Bureau De Change operators are quoting the Canadian Dollar between 1,065 and 1,080.

Traders report that while there is steady demand for the Canadian Dollar—primarily driven by education-related remittances and migration-linked transfers—the supply is currently sufficient to meet retail needs. The gap between the official and parallel market rates has remained narrow compared to previous years, a sign that the “black market” is adjusting to the increased transparency and availability of funds in the official banking channels.

Summary of Rates for February 16

• NFEM (Official) Opening: 993.90
• NFEM (Official) Current: 994.43
• Parallel Market Range: 1,065 – 1,080

The outlook for the CAD-NGN pair remains tied to the broader performance of the Naira against the US Dollar. With Nigeria’s external reserves holding steady and the CBN maintaining its proactive stance on market interventions, experts believe the Canadian Dollar will continue to trade within this range for the remainder of the week. Investors will be monitoring global oil prices and Canadian economic data later in the week for any potential shifts in the exchange rate trajectory.

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