Early trade on Friday, January 23, 2026, saw a period of relative stability for the Canadian dollar (CAD) vs the Nigerian naira. As the third week of the year comes to an end, a wider trend of currency consolidation in Nigeria’s foreign exchange market is being reflected in both the official and parallel markets.
Official Trends in the Market
The Canadian dollar is now trading at an average rate of 1,028.53 per Naira on the Nigerian Foreign Exchange Market (NFEM). The CAD started the day at about 1,029.88, and as the session went on, it showed a very little increase for the Naira.
The central bank’s attempts to preserve liquidity across several currency pairs outside of the US dollar are reflected in its performance in the official window. Financial analysts note that stable mid-market rates and a continuous supply of foreign money meant for business trip allowances and education, which continue to be high-priority sectors for CAD demand in Nigeria, have a significant impact on the movement of the Canadian dollar today.
Market Performance in Parallel
Although the difference stays within the steady margins seen throughout the month, the parallel market still maintains a premium over the official rate. The Canadian dollar is quoted between 1,070 and 1,095 by Bureau De Change operators in key centers like Lagos and Abuja.
The market has not seen the erratic jumps observed in late 2025, according to traders, despite the steady demand for the Canadian dollar, which is mostly driven by Nigerians paying for tuition and immigration-related charges. According to reports, there is enough CAD available in the unofficial sector to satisfy the current retail demand, keeping the rate from significantly rising.
An overview of the current rates
Official NFEM Opening: 1,029.88 Official NFEM Current: 1,028.53
Range of the Parallel Market: 1,070–1,095
It is believed that the CAD-NGN pair’s current stability reflects the Naira’s overall resiliency. The outlook for the rest of the quarter points to a continuation of this range-bound trading, given Nigeria’s growing foreign reserves and the central bank’s transparent price discovery system.
