At 9:30 a.m. WAT on Friday, March 27, 2026, the Canadian Dollar traded at 998.04 naira against the Nigerian Naira, marking a slight dip from the previous day’s close.
The morning rate reflected ongoing pressure on Nigeria’s currency, which has struggled to maintain stability amid inflation and limited foreign reserves. Traders in Lagos reported that demand for Canadian Dollars remained strong, particularly from students paying tuition abroad and businesses importing goods.
The exchange opened at 998.04 naira per CAD, down 73.99 naira from Thursday’s close of 997.92. naira Market data showed intraday fluctuations between 999.44 naira and 1000.71, naira underscoring the volatility that has become routine in Nigeria’s foreign exchange market.
At 9:30 a.m., dealers noted thin liquidity, with many advising clients to complete transactions early in the day before volumes picked up. Analysts said the Naira’s modest recovery over the past six months about 6 percent against the Canadian Dollar remains fragile, warning that disruptions in oil revenues or central bank interventions could quickly reverse gains.
For ordinary Nigerians, the rate carries real consequences. A student paying CAD 10,000 in tuition would need nearly 9.98 million naira today, compared to 11.7 million naira at last year’s peak. Importers of Canadian goods also face tighter margins, while households continue to feel the impact of rising costs for foreign purchases.
The sight of the CAD/NGN pair at 9:30 a.m. today captures Nigeria’s ongoing struggle with currency depreciation. While the Naira has clawed back some ground from last year’s lows, the broader trend remains uncertain, leaving businesses and families bracing for further swings in the months ahead.
