The Nigerian foreign exchange market opened the week with the Canadian Dollar (CAD) maintaining a steady position against the Nigerian Naira (NGN).
As of today, December 22, 2025, market data reflects a continued gap between the official Nigerian Foreign Exchange Market (NFEM) rates and the unofficial parallel (black) market.
Official NFEM Rates
In the official window, managed through the Nigerian Foreign Exchange Market (NFEM), the Canadian Dollar is trading at an average rate of 1,057.57 Naira. This figure follows a period of minor fluctuations observed during the early morning trading sessions.
Market analysts note that the official rate has seen a slight appreciation of the Naira over the last week, moving from a high of approximately 1,074.97 earlier in the month to the current levels. Financial institutions and authorized dealers are quoting bid and offer prices within a spread of 1,052.10 to 1,061.06 per Canadian Dollar for documented transactions such as school fees, medical bills, and Personal Travel Allowance (PTA).
Parallel Market (Black Market) Trends
The parallel market continues to command a premium due to higher demand for liquid cash and retail transactions. In the streets of Lagos, Abuja, and Kano, Bureau De Change operators are reporting buy rates starting at 1,065.00 Naira and sell rates reaching as high as 1,075.00 Naira per Canadian Dollar.
While the “black market” often moves in lockstep with the US Dollar, the Canadian Dollar has remained relatively stable this Monday, supported by steady global oil prices and year-end remittance inflows from the Nigerian diaspora in Canada.
Economic Outlook
The stability in the CAD-to-Naira pair is largely attributed to the Central Bank of Nigeria’s (CBN) ongoing interventions and the transparency of the NFEM window. However, experts warn that as the holiday season peaks, increased demand for foreign currency for travel and imports could put slight pressure on the Naira in the coming days.
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