Listed below are some of the foreign exchange brokers who can offer you a better currency exchange rate when transferring money abroad. Or search our list of approved FSA brokers
It is advised that if you are making regular payments to use a foreign exchange broker to ensure you get the most out of your exchange rate.
Currency for Nigeria
The Nigerian Naira (NGN)is now the official currency of Nigeria which is divided into 100 kobo. Nigeria's is mainly a cash used country and it is illegal to change money on the street
Credit Cards accepted
Credit card fraud is a problem and visitors are advised against the use of credit cards throughout the country we would suggest that if you need to take a card take a prepaid card as you can only spend the amount loaded on the prepaid credit card. Always check with your credit card company for details of merchant acceptability and other services which may be available before you go on holiday or travel aboard / overseas
Traveller's cheques
Facilities for changing travellers cheques are also very limited. Prior to travel, visitors should ensure they have a variety of currency options available to them (Sterling, US dollars or Euros) in cash.
Currency restrictions
Currency: Naira (N) = 100 kobo. Notes are in denominations of N500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of N1
Import of local currency is limited to N20 in notes and must be declared on arrival. Export of local currency is restricted to N20 in notes. Import of foreign currency is unlimited, but it must be declared on arrival; export is limited to the amount declared
Sending money to Nigeria is easy just open an account with a money transfer broker then once your account is opened you can then transfer money to Nigeria and even make regular transfers. Use compare money transfer to see foreign exchange companies offering currency deals.
Paying your mortgage, Importing or exporting, paying oversea suppliers? No matter who you intend to pay use a foreign exchange broker it is cheaper than using high street banks.
