Canadian Dollar Trades Below ₦1000 as Nigerian Naira Shows Fresh Stability in the Official Foreign Exchange Market on February 16

The third week of February 2026 kicked off on a relatively calm note for the Canadian Dollar against the Nigerian Naira.

If you’ve been tracking the numbers closely, you’ll notice the CAD is hovering just under the ₦1,000 line in the official market — a level that once felt psychologically distant but has now become a key benchmark for traders.

As trading opened on Monday, February 16, in the Nigerian Foreign Exchange Market, the pattern looked familiar.

The Naira wasn’t making dramatic gains, but it wasn’t sliding either.

Instead, it showed the same measured resilience it has displayed recently against other major currencies.

A Closer Look at the Official Window

At the start of trading, the Canadian Dollar was priced at about ₦993.90 in the official market.

By mid-morning, it edged slightly higher to an average of ₦994.43.

The movement was modest — more of a nudge than a jump — but it signaled steady consolidation rather than volatility.

This calm comes after early February highs, when the CAD climbed above ₦1,020.

Since then, the Naira has clawed back ground.

Market watchers point to the Central Bank of Nigeria’s liquidity management tactics as a major factor.

The CBN’s consistent interventions and tighter oversight have helped cool the kind of speculative rush that used to define Monday sessions.

Another structural shift has been the implementation of the Electronic Foreign Exchange Matching System (EFEMS).

The digital bidding platform has reduced manual bottlenecks, improved transparency, and made it easier for legitimate importers to access foreign exchange.

In previous years, Monday openings often came with sharp swings fueled by pent-up weekend demand.

That pattern now appears to be fading.

Parallel Market Still Commands a Premium

Over in the parallel market — often called the black market — the Canadian Dollar continues to trade at a premium, but without the dramatic spikes that once made headlines.

Across major commercial cities such as Lagos, Abuja, and Kano, Bureau De Change operators are quoting the CAD between ₦1,065 and ₦1,080.

That spread above the official rate remains noticeable, but it is narrower compared to previous periods of currency stress.

Dealers say demand is steady, largely tied to school fee payments abroad, travel, and migration-related transfers to Canada.

Canada remains a top destination for Nigerian students and skilled migrants, which naturally sustains interest in the Canadian Dollar.

However, supply in the retail segment appears sufficient for now, helping to prevent panic-driven pricing.

Why the Gap Isn’t Widening

A few years ago, a difference of this scale between official and parallel rates might have triggered speculation and arbitrage.

Today, the gap feels more controlled.

Improved dollar inflows, steadier oil export receipts, and more consistent CBN oversight have reduced the incentive to bypass official channels.

Nigeria’s foreign reserves have also remained relatively stable in recent weeks, providing a cushion against sudden currency shocks.

Another point to consider is that the Canadian Dollar’s global performance is often influenced by commodity prices — particularly oil, given Canada’s status as a major oil exporter.

Since Nigeria is also oil-dependent, fluctuations in crude prices can affect both currencies in different ways, sometimes offsetting extreme moves in the CAD-NGN pair.

Snapshot of February 16 Rates

Here’s how the numbers line up for Monday:

• Official NFEM Opening Rate: ₦993.90

• Official NFEM Mid-Morning Average: ₦994.43

• Parallel Market Range: ₦1,065 – ₦1,080

The movement so far suggests consolidation rather than volatility.

What’s Driving the Stability?

Several forces are quietly shaping this steadiness:

• Sustained CBN interventions in the FX market

• The continued rollout and effectiveness of EFEMS

• Measured foreign portfolio inflows

• Relative calm in global oil markets

• Reduced speculative activity in the informal window

Financial analysts say the Naira’s broader performance against the US Dollar will remain the anchor.

Since the USD still dominates global trade and Nigeria’s external transactions, any sharp shift there would ripple into CAD pricing almost immediately.

What’s Next?

All eyes now turn to two fronts: global oil prices and upcoming Canadian economic data releases later this week.

Strong economic indicators from Canada — such as employment or inflation data — could strengthen the CAD globally, nudging the rate upward locally.

On the domestic side, traders will watch for any new policy signals from the Central Bank of Nigeria.

If the CBN maintains its current approach and reserves remain stable, the CAD-NGN pair is likely to trade within the current band for the rest of the week.

However, unexpected external shocks — geopolitical tensions, commodity swings, or sharp USD volatility — could quickly alter the trajectory.

Summary

The Canadian Dollar began the week just under ₦1,000 in the official Nigerian market, opening at ₦993.90 and inching up to ₦994.43 by mid-morning on February 16.

In the parallel market, it trades between ₦1,065 and ₦1,080.

While a premium still exists outside official channels, the gap has narrowed compared to past years.

Backed by CBN liquidity strategies, improved FX matching systems, and steady reserves, the Naira appears to be consolidating rather than weakening.

For now, stability defines the CAD-NGN exchange rate — but as always in currency markets, calm conditions can shift quickly depending on global and domestic developments.