The Canadian Dollar (CAD) maintained a stable position against the Nigerian Naira during early trading on Friday, January 23, 2026, as the foreign exchange market continued to show signs of consolidation toward the end of the third week of the year.
Official Market Performance
At the Nigerian Foreign Exchange Market (NFEM), the Canadian Dollar exchanged at an average rate of ₦1,028.53, reflecting marginal movement from the opening rate of about ₦1,029.88. The slight shift indicates a mild strengthening of the Naira as trading progressed, with overall activity remaining calm.
Market analysts attribute the stability of the Canadian Dollar at the official window to sustained liquidity support by monetary authorities across major currency pairs. In addition, demand for the Canadian Dollar remains steady, driven largely by education-related payments and business travel allowances, which continue to rank among priority transactions in the market.
Parallel Market Rates
In the parallel market, the Canadian Dollar traded at higher levels, consistent with recent trends. Bureau De Change operators in key commercial centres such as Lagos and Abuja quoted the currency between ₦1,070 and ₦1,095.
Despite the premium over the official rate, the gap between both markets has remained relatively narrow in recent weeks, suggesting improved stability in the broader foreign exchange environment.
As trading continues, market watchers expect the Canadian Dollar to remain within its current range, barring any major shifts in demand or policy direction.
Canadian Dollar Holds Steady Against Naira on January 23, 2026
