Send money internationally to Nigeria (NGN) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money to Nigeria
What is the best NGN exchange rate today?
How much does it cost to send money to Nigeria?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
Sending money to Nigeria
Sending money to Nigeria just became one of the most complex remittance process in the World since this summer 2016. Indeed, the policy of the Central Bank of Nigeria brutally changed at this moment. Dozens of money transfer operators have been blocked, preventing tens of thousands of Nigerians abroad to send money back to their families, and tens of thousands of locals to send money overseas. The decision made by the Central Bank of Nigeria aims to allow only the safest three US money transfer companies to provide remittance services: Western Union, MoneyGram and RIA.
As a consequence, there are less money transfer operators than usually, and the cost of money transfers has drastically increased. Even before, the opacity in the market was a complex issue for remitters, as the delays of money transfers were too. WorldRemit was used to help people sending thousands of remittances to Nigeria so far. Its founder Ismail Ahmed said sadly: “This move is arbitrary, inexplicable & hugely detrimental to the Nigerian diaspora”. Therefore it explains why the currency exchange Bitcoin to Nigerian Naira has been thriving since.
Demographics and remittances Nigerian figures are among the top in Africa:
According to the United Nations 2013 Official Report, there are more than 1 million Nigerians are all over the World: the top 3 areas where Nigerians are the most represented are:
a/ 400’000 in Africa, including 120’000 in Cameroon
b/ 400’000 in Europe, including 50’000 in Italy
c/ 300’000 in North America, including 250’000 in the US
Nigeria is the 6th country in the World which receives the most remittances from the World, with $21 billion every year, after India, China, Philippines, Mexico and France. The market grew by 4% between 2012 and 2015, according to the World Bank 2015 report.
The top 3 foreign countries sending the most to Nigeria are:
1/ The United States with almost $6 billion in 2015
2/ The United Kingdom with almost $4 billion
3/ Cameroon counting for $2.5 billion yearly
Then Italy, Ghana, Spain, Germany, Ivory Coast, Benin and Canada are completing the top 10.
The Nigerian Exchange rate market is evolving:
The official currency in Nigeria is the Nigerian Naira (NGN), which is subdivided in 100 Kobo. The currency is controlled by the Central Bank of Nigeria.
There is a Nigerian currency crisis, as stated in June 2016, where there are 2 exchange rate markets in Nigeria: the bank market (official) and the street market, also called the parallel market. Since June 2016, the currency market fluctuates freely, as the Nigerian President gave the go-ahead for the Naira to fluctuate freely against other currencies, which should tend to make both markets converge.