If sending money to Nigeria in a cheap way is your main aim, it may be in your best interest to read this page in its entirety. What you have to bear in mind, though, is that the best way to send money to Nigeria might not be the same for everyone simply because individual needs tend to vary.
Transfer Money to Nigeria
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
Nigerian naira (NGN) is the currency of Nigeria, and it is denoted using the symbol ₦. One naira is made of 100 kobo.
When sending money to a Nigerian bank account, you will need to provide the bank’s Swift code. Swift codes of popular banks in Nigeria are as follows:
- Access Bank PLC, Lagos: ABNGNGLA
- African Export-Import Bank, Abuja: AFXMNGLA
- Asset Management Corporation of Nigeria, Abuja: AMNGNGLA
- Bank of Industry Financial Department, Lagos: BOIYNGLA
- Central Bank of Nigeria, Lagos: CBNINGLA
Popular Currency Corridors
In 2015, around $925,000,000 was sent from Nigeria to other countries in remittances, and around $20,658,000,000 flowed into the country during the same period. Some of the most popular incoming and outgoing routes, along with the amount remitted in 2015, are listed below.
How Do I Compare Companies When Sending Money to Nigeria?
Different aspects require your attention when comparing money transfer companies that let you send money to Nigeria.
- Transfer cost. While some companies might offer highly competitive exchange rates, they may make up for it by charging high fees, and the reverse can hold true as well. An easy way to determine which company does better on this front is to look at how much money the recipient stands to receive at the end of the transfer.
- Speed. If you want to send money to a Nigerian bank account, the process will typically take anywhere between two to five business days, depending on the company you select. A quicker option is to transfer money to a cash pickup location because these tend to process almost immediately.
- Payment options. While all prominent overseas money transfer companies that let you send money to Nigeria accept payments via bank account transfers, not all accept debit cards payments, and even fewer let you pay using credit cards.
- Customer service. Customer service levels are not the same across all companies that give you the ability to send money to Nigeria. Besides, you need to check if the company you choose provides support via phone, chat, or email.
How to Send Money to Nigeria?
If you want to know how to send money to Nigeria from the U.S. or how you can transfer money to Nigeria from the UK, know that your basic options remain the same.
- Online. If you want to transfer money to Nigeria online, you can turn to your bank or a specialist money transfer company. The latter usually fare better in cost-effectiveness and speed.
- Over the phone. Some money transfer companies let their customers initiate transfers over the phone.
- In-person. If you wish to initiate your money transfer to Nigeria in person, you can contact your bank or look for a fund transfer company that has a physical location near where you live or work.
Emmanuel had been in the U.S. for more than three years before he could afford to start sending some money back home to his parents in Ibadan. He had a bank account with a leading American bank that, incidentally, allowed its customers to transfer money to Nigeria. Upon checking, Emmanuel found that he could carry out his transfers using the bank’s online banking platform.
Shortly before his first transfer, a co-worker suggested that he should take a look at what overseas money transfer companies have to offer, and this is what he learnt.
|Bank||MoneyTransfer Service 1|
|Exchange rate||USD = NGN 342.72||USD 1 = NGN 350.12|
|Amount received for $1,000||NGN 337,,579.20||NGN 350,120.00|
|Transfer time||2 to 5 business days||1 to 3 business days|
|Transfer options||Bank account||Bank account|
|Difference of||NGN 125,40.80|
Emmanuel planned to send $1,000 every two months. By running this comparison he noticed that his parents stood to receive considerably more money if he used the money transfer company instead of his bank.
Cash Pickup Locations in Nigeria
Specialist money transfer companies such as Ria, Western Union, and MoneyGram have a physical presence in Nigeria, and listed below are a few of their locations.
|Ria in Nigeria|
|Lagos Articles Dealears Market (Access Bank Plc) Banking Hall, Artcles Market Opposite Trade Fair, Ojo Lagos||Somolu 150 Ikorodu Road, Onipanu Ikeeja 11 Zone Lagos|
|Kano Kofar Ruwa 11A, Kofar Ruwa Fagge Local Government Area Kano||Access Bank Plc / Aminu Kano Teaching Hospital Branch Aminu Kano Teaching Hospital Kano State Kano|
|Western Union in Nigeria|
|Lagos Skye Bank Yaba Tech Cash Center Yaba College of Technology Lagos||Fidelity Bank PLC 5 Humani Street, Shomolu Lagos|
|Kano First Bank Nigeria PLC Kano Bompai Branch Danta Road Kano||Hotoro Branch Along Kano-Maiduguri Raod Adjacent Nnpc Depot Kano|
Safety Tips for Picking up Cash in Nigeria
The U.S. and the UK governments warn their citizens against high levels of street crime in Nigeria. These include instances of assaults, armed robberies, muggings, home invasions, car jackings, and kidnappings. If you plan to collect money from a cash pickup center, do so during daylight. Getting someone to accompany you may also work in your favor.
Do not venture into lonely areas after dark, even if you have company. Do not wear expensive watches or jewelry because perceived wealth can make you the target of a crime. If you are involved in an armed robbery, do not try to resist because it can lead to disastrous consequences.
Some parts of the country are prone to frequent curfews that result in businesses remaining shut. This may be particularly problematic if you need to collect money from a cash pickup location.
What Information Do I Need to Send Money to Nigeria?
The information you need depends on how you plan to transfer money to Nigeria.
- To a bank account. You will need to provide the bank’s name and SWIFT code, the recipient’s complete name, and the recipient’s account number.
- To a cash pickup centre. You will need to provide the recipient’s complete name. The recipient will need to provide a valid form of ID and a reference number to collect the transferred cash.
Regulations When Transferring Money To and From Nigeria
There are no currency restrictions for when you enter or exit Nigeria. However, the most you may transfer out of Nigeria is USD 2,000 or its equivalent in another currency. This limit is subject to periodic review by the Central Bank of Nigeria (CBN).
Depending on whether you wish to transfer money into a bank account or to a cash pickup centre, keep the required information at hand. Then, compare the top companies that let you send money to Nigeria and choose one according to your needs.
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