The Canadian Dollar (CAD) maintained relative stability against the Nigerian Naira (NGN) in early trading on Friday, January 23, 2026, as currency markets in Nigeria continued to reflect a broader pattern of consolidation in foreign exchange conditions.
Both official and parallel market rates showed limited volatility, supporting optimism among forex traders and remittance recipients.
In the Nigerian Foreign Exchange Market (NFEM), the Canadian Dollar opened the day at approximately ₦1,029.88 and traded around ₦1,028.53 by mid‑session, indicating a slight firming of the Naira against the CAD as the trading session progressed.
In Nigeria’s informal or parallel foreign exchange market, Bureau De Change (BDC) operators in major trading hubs such as Lagos and Abuja quoted the Canadian Dollar at between ₦1,070 and ₦1,095.
Traders reported that demand for foreign exchange, particularly for education, travel and business purposes, remained steady, while supply levels were sufficient to meet prevailing retail needs.
Market analysts attributed the relative calm in the CAD‑NGN exchange pair to consistent forex liquidity and cautious market sentiment as the third week of the year concludes.
Observers noted that the stability in the CAD exchange rate may reflect broader currency market dynamics in West Africa, where the Naira’s performance against major currencies has shown pockets of resilience in early 2026.
Summary of Key Rates
Official Market (NFEM) Opening: ₦1,029.88
Official Market (NFEM) Current: ₦1,028.53
Parallel Market Range: ₦1,070 – ₦1,095
The current exchange rates suggest that the Naira’s performance against the Canadian Dollar remains relatively stable, a development that could benefit Nigerians planning travel, education abroad or trade transactions involving Canadian currency.
Analysts continue to monitor foreign exchange trends closely, with expectations that the CAD‑NGN pair could remain range‑bound in the near term if liquidity and supply conditions persist.
