Convert your NGN to CAD
NGN to CAD Comparison Table
| Feature | NGN (Nigerian Naira) | CAD (Canadian Dollar) |
|---|---|---|
| Currency Code | NGN | CAD |
| Symbol | ₦ | $ |
| Issuing Authority | Central Bank of Nigeria | Bank of Canada |
| Economic Strength | Developing, resource-based economy | Developed, diversified economy |
| Exchange Rate Volatility | High | Relatively stable |
| Popular Use Cases | Domestic transactions, remittances | Domestic and international transactions, trade, investment |
| Digital Payment Adoption | Growing adoption, mobile money prominent | High adoption, advanced infrastructure |
| Inflation Rate | Historically high | Low inflation |
| Interest Rates | High | Lower than Nigeria |
| Foreign Exchange Reserves | Moderate | Substantial |
| Foreign Direct Investment (FDI) | Increasing, resource-focused | Significant, diverse sectors |
Key Observations:
- The NGN is a currency of a developing economy with high volatility, while the CAD is from a developed, diversified economy with relative stability.
- Canada has a more advanced digital payment infrastructure compared to Nigeria.
- The interest rate differential between the two countries is significant.
Related Currency Pairings
| African Currencies | Asian Currencies |
| NGN to DZD NGN to BIF NGN to CDF NGN to GNF | NGN to AZN NGN to BHD NGN to BND NGN to BTN |
| European Currencies | North America Currencies |
| NGN to BAM NGN to BGN NGN to BYN NGN to CAD | NGN to GTQ NGN to GYD NGN to HNL NGN to JMD |
7 Facts About the Canadian Dollar
- Historical Roots: Replacing the Canadian Pound in 1858, the Canadian Dollar unified the country’s currency.
- Floating Currency: The Canadian Dollar operates on a floating exchange rate, meaning its value fluctuates based on economic conditions.
- Central Bank Control: The Bank of Canada is responsible for issuing and managing the Canadian Dollar, influencing monetary policy.
- Resource-Rich Economy: Canada’s abundance of natural resources, such as oil and minerals, significantly impacts the Canadian Dollar’s value.
- Dollar Diplomacy: While a distinct currency, the Canadian Dollar’s value is often influenced by the performance of the US Dollar due to close economic ties.
- Unique Coinage: Canada is known for its distinctive coin designs, with the loonie (one-dollar coin) and toonie (two-dollar coin) being particularly famous.
- Digital Evolution: Like many countries, Canada is experiencing a shift towards digital payments, with credit and debit cards becoming increasingly popular.
Top Banks in Nigeria and Canada to Exchange Your Naira for Canadian Dollar
| Country | Bank Name | City |
|---|---|---|
| Nigeria | Access Bank Plc | Lagos |
| Nigeria | United Bank for Africa (UBA) | Lagos |
| Nigeria | Zenith Bank Plc | Lagos |
| Canada | Royal Bank of Canada (RBC) | Toronto |
| Canada | Toronto-Dominion Bank (TD) | Toronto |
| Canada | Bank of Nova Scotia (Scotiabank) | Toronto |