Hope Rises for Cheaper Visa As Canadian Dollar Crashes to New Exchange Rate
- The Canadian dollar has dropped below the N1,000 exchange rate market against the naira
- The new exchange rate offers hope of lower visa fees and requirements for Nigerians relocating abroad.
- The naira has been performing strongly in both the official and unofficial foreign exchange markets.
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The naira continued its strong performance in the foreign exchange market against the world's top currenices.
One of the currencies that have felt the heat of the rising naira is Canadian dollar( CAD) which is now trading below N1,000 market in the Nigerian Foreign Exchange Market (NFEM)
Source: Getty Images
Data from the official window showed that Nigerians planning to buy Canadian dollars on Friday, February 20, 2026, for Personal Travel Allowance (PTA), school fees, or medical payments from banks will exchange at N971.12 per CAD
The new rate is a strong adjustment when compared to N1,050 CAD exchanged earlier in February.
It is similar movement for the naira in the parallel market also known as the back market.
Bureau de Change operators in Lagos who spoke to Legit.ng over the weekend quoted confirmed that the CAD exchange level has crashed.
Abudullahi one of the traders said:
“Yes, the rate has dropped. Previously, we bought and sold between N1,100 and N1,150. Today, my buying rate is N1,000, and I sell at N1,050 or N1,080, depending on the customer.”
Why the naira is improving?
The naira’s performance in the official segment has been supported by improved transparency and rising foreign reserves which has boosted liquidity.
Checks shows that as at Tuesday, February 17, Nigeria's foreign reserves stood at $48.5 billion the highest level in over 4 years.
The huge reserves gives CBN the ability to defend the naira from unexpected demand pressure and also make avaialble funds for importers.
Experts say with external reserves steady and the apex bank maintaining its intervention strategy, the Canadian dollar is will continue to trade below N1,000 exchange rate in the near term.
Aminu Gwadabe is the president of the Association of Bureau De Change Operators of Nigeria (ABCON) said:
"The CBN should also not abandon the calibration of their intervention sales to the BDCs as the catalytic actor in the foreign exchange market to continue to back the naira strength."
Source: Getty Images
Implication of falling Canadian dollar
The drop in Canadian dollar is a good news for Nigerians looking to relocate when applying for visa fees and also proof of funds among other rquirements.
The average tuition fee at Canadian universities is around 20,000CAD , which amounts to over N20 million at an exchange rate of N1,000 per dollar.
With the rate now falling below N1,000, the cost in naira is slightly lower. Also proof of funds will be lower with the new exchange rate.
Also, visa applicaion fee for the right to permanent residency which is around 2,385 CAD will now be lesser in naira with the new exchange rate.
Cost breakdown of relocating to Canada
Earlier, Legit.ng provided an insight into why Nigerians looking to relocate to Canada for work, permanent residency, or study must plan financially for every step.
Over the years, Canada has become a dream destination for many due to its quality universities, career opportunities, and potential pathways to permanent residency and citizenship.
The journey to achieving this dream starts with one question: How do I make it happen, and how much do I need?
Source: Legit.ng
