Send Money to Nigeria
Compare the best exchange rates and lowest fees for transfers to Nigeria
Send Money to Nigeria
Exchange Rate Trend
→ EUR to NGN Conversion Table
Convert EUR to NGN
| EUR | NGN |
|---|---|
| 1 | 1,705.21 |
| 5 | 8,526.05 |
| 10 | 17,052.10 |
| 25 | 42,630.25 |
| 50 | 85,260.50 |
| 100 | 170,521.00 |
| 500 | 852,605.00 |
| 1,000 | 1,705,210.00 |
| 5,000 | 8,526,050.00 |
| 10,000 | 17,052,100.00 |
Convert NGN to EUR
| NGN | EUR |
|---|---|
| 1 | 0.0006 |
| 5 | 0.0029 |
| 10 | 0.0059 |
| 25 | 0.0147 |
| 50 | 0.0293 |
| 100 | 0.0586 |
| 500 | 0.2932 |
| 1,000 | 0.5864 |
| 5,000 | 2.9322 |
| 10,000 | 5.8644 |
Why Compare Money Transfer Rates to Nigeria?
When sending money to Nigeria, exchange rates and fees can vary significantly between providers. By comparing rates, you could save a substantial amount on your international transfer.
Our comparison tool shows you real-time rates from trusted money transfer providers, helping you find the best deal for sending NGN to Nigeria.
We Compare These Providers
How to Send Money to Nigeria
- Compare rates: Use our comparison tool to find the best exchange rate and lowest fees
- Choose a provider: Select the money transfer service that offers the best value
- Create an account: Sign up with your chosen provider (if you haven't already)
- Enter transfer details: Specify the amount and recipient's bank details in Nigeria
- Send your money: Complete the transfer and track it until delivery
Understanding Nigerian Exchange Rates: CBN vs Parallel Market
When sending money to Nigeria, it's important to understand the difference between exchange rates:
Official CBN Rate
The Central Bank of Nigeria (CBN) sets the official exchange rate. This rate is used for official government transactions, imports of essential goods, and some authorized business dealings. Banks and official channels typically use rates close to the CBN rate, but access may be limited.
Parallel Market Rate (Black Market)
The parallel market rate, sometimes called the "black market" rate, reflects actual supply and demand for foreign currency. This rate is typically higher than the CBN rate and is what most Nigerians use for everyday currency exchange. The gap between CBN and parallel rates can be significant.
Which Rate Will My Recipient Get?
International money transfer services like Wise, Remitly, and Western Union typically offer rates between the CBN and parallel market rates. The rates shown on our comparison tool reflect what each provider actually offers, helping you find the best value for your transfer to Nigeria.
Tip: Always compare the actual NGN amount your recipient will receive, not just the exchange rate. Some providers may show attractive rates but charge higher fees.
Tips for Getting the Best Rate When Sending Money to Nigeria
International money transfers involve two main costs: the transfer fee and the exchange rate markup. Here's how to minimize both and get more NGN for your money:
- Compare multiple providers: Exchange rates and fees vary significantly. A provider with "no fees" might offer a worse exchange rate, costing you more overall.
- Check the mid-market rate: The mid-market rate (shown on Google or our converter) is the "real" exchange rate. The closer a provider's rate is to this, the better the deal.
- Send larger amounts less frequently: Many providers charge flat fees, so sending £1,000 once is often cheaper than sending £100 ten times.
- Pay by bank transfer: Debit and credit card payments often incur additional fees. Bank transfers are usually the cheapest funding method.
- Time your transfer: Exchange rates fluctuate constantly. If your transfer isn't urgent, monitor rates and send when they're favorable.
- Avoid airport and bank bureaux: Traditional banks and airport exchanges typically offer the worst rates with the highest markups.
Understanding Exchange Rate Markups
When you send money to Nigeria, providers make money in two ways: explicit fees and hidden exchange rate markups. The exchange rate markup is the difference between the mid-market rate and the rate offered to you.
For example, if the mid-market rate is 1 GBP = 100 NGN, but a provider offers 1 GBP = 97 NGN, that 3% difference is their markup. On a £1,000 transfer, this hidden cost equals £30.
Our comparison tool shows you the actual NGN amount you'll receive, making it easy to compare the true cost across different providers—not just their advertised fees.
Transfer Methods to Nigeria
Different providers offer various delivery options when sending money to Nigeria:
- Bank Deposit: Money is deposited directly into your recipient's bank account in Nigeria. This is usually the most convenient option and takes 1-3 business days.
- Mobile Wallet: Some countries support direct transfers to mobile money accounts, offering near-instant delivery.
- Cash Pickup: Your recipient collects cash from an agent location. This is ideal if they don't have a bank account and often arrives within hours.
- Home Delivery: In some areas, cash can be delivered directly to your recipient's address.
The availability of these options varies by provider and location within Nigeria. Check each provider's website for specific delivery options to your recipient's area.
Frequently Asked Questions
What is the best way to send money to Nigeria?
The best way depends on your priorities. For the best exchange rates, Wise typically offers rates closest to the mid-market rate with transparent fees. For speed, Remitly and WorldRemit offer instant transfers to many destinations. For large amounts, OFX and XE often provide better rates. Use our comparison tool to find the best option for your specific transfer amount and requirements.
How long does it take to send money to Nigeria?
Transfer times vary by provider and delivery method. Instant transfers to mobile wallets can arrive within minutes. Bank deposits typically take 1-3 business days, though some providers offer same-day delivery for certain banks. Cash pickup is usually available within hours. The payment method you choose also affects speed—bank transfers may take longer to clear than card payments.
What are the fees for sending money to Nigeria?
Fees vary between providers and depend on the transfer amount, payment method, and delivery option. Some providers advertise "no fees" but compensate with worse exchange rates. Always compare the total amount your recipient will receive, not just the fee. Our comparison shows the true cost including both fees and exchange rate margins.
What information do I need to send money to Nigeria?
You'll typically need your recipient's full legal name (as it appears on their ID), their bank account number and bank name, and in some cases a routing code or SWIFT/BIC code. For cash pickup, you may only need their name and phone number. The exact requirements vary by provider and delivery method.
Is it safe to send money online to Nigeria?
Yes, all providers in our comparison are regulated financial institutions with strong security measures. Look for providers authorized by financial regulators like the FCA (UK), FinCEN (US), or ASIC (Australia). These regulations require providers to protect your funds, verify identities, and maintain secure systems. Never send money through unregulated channels or to people you don't know.
Can I cancel or modify a transfer to Nigeria?
Most providers allow cancellation if the transfer hasn't been completed yet, but policies vary. Once money has been paid out to your recipient, cancellation is usually not possible. If you need to cancel, contact your provider immediately—the sooner you act, the better your chances. Modifications to recipient details may require cancelling and creating a new transfer.
What exchange rate will I get?
Exchange rates are locked in at the time of transfer for most providers. The rate you see when you initiate the transfer is typically the rate you'll receive, though some providers may quote rates that are valid for a limited time only. Rates fluctuate based on currency markets, so the rate may differ if you check again later.
What is the difference between CBN rate and parallel market rate?
The CBN (Central Bank of Nigeria) rate is the official exchange rate set by the government, while the parallel market rate reflects actual street-level trading. The parallel rate is typically higher and is what most recipients experience when converting foreign currency in Nigeria.
Which exchange rate will my recipient get in Nigeria?
Money transfer services like Wise and Remitly typically offer rates between the official CBN rate and parallel market rate. The exact rate depends on the provider and delivery method. Compare rates on our tool to see the actual NGN amount your recipient will receive.
Why is the Naira exchange rate so volatile?
The Nigerian Naira has experienced volatility due to factors including oil price fluctuations, foreign currency demand, CBN policies, and the gap between official and parallel market rates. This makes comparing rates before each transfer especially important.