The Canadian Dollar (CAD) has seen a period of relative stability against the Nigerian Naira during early trading on Friday, January 23, 2026. As the third week of the year draws to a close, both the official and parallel markets are reflecting a broader trend of currency consolidation in the Nigerian foreign exchange landscape.
Official Market Trends
In the Nigerian Foreign Exchange Market (NFEM), the Canadian Dollar is currently trading at an average rate of 1,028.53 per Naira. The market opened the day with the CAD positioned at approximately 1,029.88, showing a very slight appreciation for the Naira as the session progressed.
This performance in the official window follows the central bank’s efforts to maintain liquidity across multiple currency pairs beyond the US Dollar. Financial analysts observe that the Canadian Dollar’s movement today is largely influenced by steady mid-market rates and a consistent supply of foreign exchange intended for education and business travel allowances, which remain high-priority sectors for CAD demand in Nigeria.
Parallel Market Performance
The parallel market continues to hold a premium over the official rate, though the gap remains within the stable margins observed throughout the month. In major hubs like Lagos and Abuja, Bureau De Change operators are quoting the Canadian Dollar between 1,070 and 1,095.
Traders report that while there is consistent demand for the Canadian Dollar—primarily driven by Nigerians funding tuition fees and immigration-related expenses—the market has not experienced the volatile spikes seen in late 2025. The availability of CAD in the informal sector is reportedly adequate to meet the current retail demand, preventing significant upward pressure on the rate.
Summary of Current Rates
- NFEM (Official) Opening: 1,029.88
- NFEM (Official) Current: 1,028.53
- Parallel Market Range: 1,070 – 1,095
The stability of the CAD-NGN pair today is seen as a reflection of the broader resilience of the Naira. With Nigeria’s foreign reserves showing signs of growth and the central bank maintaining a transparent price discovery mechanism, the outlook for the remainder of the quarter suggests a continuation of this range-bound trading.
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The Canadian Dollar (CAD) has remained stable against the Nigerian Naira in early trading on Friday, January 23, 2026. Both the official and parallel markets show a trend of currency consolidation in Nigeria’s foreign exchange landscape.
In the Nigerian Foreign Exchange Market (NFEM), the CAD is trading at an average rate of 1,028.53 per Naira, with a slight appreciation for the Naira as the day progresses. Financial analysts attribute this stability to steady mid-market rates and a consistent supply of foreign exchange for education and business travel allowances.
In the parallel market, the Canadian Dollar is quoted between 1,070 and 1,095 by Bureau De Change operators in major hubs like Lagos and Abuja. Despite consistent demand for the CAD, driven by tuition fees and immigration expenses, the market has not experienced significant fluctuations. The availability of CAD in the informal sector meets current retail demand, maintaining a stable rate.
Overall, the stability of the CAD-NGN pair reflects the broader resilience of the Naira. Nigeria’s foreign reserves are growing, and the central bank’s transparent price discovery mechanism augurs a continuation of range-bound trading for the near future.
Original Source: Vanguard News