Naira vs CAD: Nigerian-Canadian Woman Expresses Concern after Seeing New Exchange Rate

• The exchange rate of the Canadian dollar (CAD) to the Nigerian naira has left a Nigerian-Canadian woman feeling conflicted
• The selling and buying rate of the US dollar at the black market has dropped below N1,400 per dollar, with the naira also gaining against the Canadian dollar
• While the woman believes that the appreciation of the naira feels like a relief, she admitted a worrying concern with respect to her exchange power

Sherry Rahman, a Nigerian-Canadian, has reacted to the consistent appreciation of the Nigerian naira.

Sherry, a cybersecurity career coach in the diaspora, noted that the Canadian dollar (CAD) fell below N1k for the first time in a long while.

Naira vs CAD: Nigerian-Canadian woman's concern

In a tweet on February 18, Sherry shared a screenshot from an international exchange platform showing that one CAD is now equal to N995.

Sherry admitted that she feels conflicted by the appreciation of the naira. While it feels like a relief for those back home, Sherry admitted that her exchange power is diminishing.

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She pointed out that she would feel happier if the appreciation would reflect on Nigerians by making life a little easier for them. She wrote:

"For the first time in a long while, the Cad has fallen below ₦1,000.

"As a Nigerian-Canadian, I feel conflicted. On one hand, it feels like relief, even a small, symbolic hope for the naira. On the other hand, my exchange power is shrinking.

"But if this shift makes life a little easier for people in Nigeria, then I’m happy, and that matters more than my personal conflict.

"For context, in 2020 when I first exchanged naira to CAD, the rate was about 1 CAD to ₦285."

At the moment, the naira seems to have gained even more against the CAD, with Wise platform now reporting one CAD to N973.

Legit.ng reported that the naira had also gained against the US dollar, pound sterling and euro.

See her tweet below:

Canada-Naira: Exchange rate sparks conversation

Legit.ng has compiled some reactions to the woman's tweet below:

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@OzyOmaa said:

"This is good news. The reason why people jubilate is because they don’t understand Economics. The higher the inflation of the Naira, the more worthless it is. That’s why you think you are sending the same amount of CAD for bigger NGN but the NGN still can’t cover expenses."

@LeonnotUris said:

"I remember a guy I met at my first job in Canada saying he is praying the Naira keeps collapsing against the CAD. I just looked at him weirdly and decided that his case may be beyond selfishness; it might have a little to do with witchcraft."

@cityboyyrr said:

"Even GBP is going down everyday! Something is happening, as long as it’s a plus for the people and there is actually a proper effect because things only go up in Nigeria, it doesn’t come down."

@NigeriaKops said:

"Our purchasing power in Canada dropped so bad. Remember when $50 could cater for your groceries for a week?"

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@blighticon said:

"It's a big win on both sides. But here comes a problem; price of goods in Nigeria. Eg: If at N1200 per CAD a cement cost N10,000, you have to send 8.3CAD. Now, the exchange rate is N995 and the cement's price remains the same or increases, you've to send 10.1CAD or more."

@am_frosh_olami said:

"May God bless you more. One imbecile is praying for $1 to reach 20k Naira simply because she earns in dollars. People tried to educate her about it, but she refused to learn. The Govt is wicked but the people are wicked-er."

@GodsonChinweuba said:

"Naira to CAD is above 1K as you can see. This is what you should be checking not the other way round. This is for us who earn Naira. What you shared is CAD to Naira. And that’s for those who earn CAD and wants to convert to Naira."

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Banks release new rate as naira weakens

Meanwhile, Legit.ng previously reported that Nigerian banks have released a new exchange rate after the naira weakened

On the Nigerian Foreign Exchange Market (NAFEM), the Central Bank of Nigeria disclosed that the naira depreciated slightly by N2.15, or 0.16%, to N1,338.11/$1 from N1,335.96/$1.

While against other major currencies, it fell by N10.27 to N1,817.02/£1 and by N5.88 to N1,585.12/€1. Market observers attributed the relative stability to Nigeria’s rising external reserves.

Source: Legit.ng