The Canadian Dollar has entered the third week of February 2026 with a sense of stability, holding its ground just below the 1,000 Naira mark in the official window. As the Nigerian Foreign Exchange Market opened for trading on Monday, February 16, the movement between these two currencies reflected a broader trend of resilience for the Naira, which has managed to maintain a steady footing against several major global peers recently.
In the official market, the Canadian Dollar started the day at approximately 993.90 per Naira. By mid-morning, there was a very slight shift, with the rate averaging around 994.43. This current position marks a notable period of consolidation for the local currency. Just a couple of weeks ago, the Canadian Dollar was trading at highs of around 1,020, but it has since retreated. Financial experts tracking the data for Reports suggest that the Central Bank of Nigeria’s recent liquidity strategies and the implementation of the Electronic Foreign Exchange Matching System have played a significant role in smoothing out the volatility that often characterizes Monday morning sessions.
Meanwhile, the informal or parallel market continues to operate with a slight premium, though it remains free from the frantic speculative spikes seen in the past. In major hubs like Lagos, Abuja, and Kano, Bureau De Change operators are currently quoting the Canadian Dollar within a range of 1,065 to 1,080. Traders on the ground indicate that while there is consistent demand largely from parents paying tuition for students in Canada and individuals processing migration-related transfers the available supply is currently meeting these retail needs quite well.
The gap between the official bank rates and the street rates has remained relatively narrow, which many see as a sign that the market is beginning to trust the transparency and availability of funds through official banking channels. For those keeping a close eye on the numbers today, the official NFEM rate sits at 994.43, while the parallel market remains steady between 1,065 and 1,080.
Looking ahead, the trajectory of the Canadian Dollar against the Naira will likely follow the general performance of the Naira against the US Dollar. With national external reserves remaining stable and the Central Bank taking a proactive approach to market interventions, the expectation is that the exchange rate will stay within this current range for the rest of the week. Investors and travelers alike will be keeping an eye on global oil prices and upcoming economic data from Canada for any signs of a shift in the coming days.
