Cheapest way to send money to Nigeria?

Sendwave, Wise, and WorldRemit typically lead the USD→NGN, GBP→NGN, and EUR→NGN corridors. Sendwave's zero-fee model is hard to beat for transfers under $1,000.

Will my recipient receive USD or NGN?

It depends on the provider and account type. Some providers credit NGN at the official CBN rate; others credit USD to domiciliary accounts. Confirm with the recipient before initiating which they prefer.

How fast does NGN transfer take?

Bank deposits via Wise or Remitly typically credit Nigerian bank accounts within 30 minutes to 4 hours. Mobile money options (OPay, PalmPay, Kuda) are usually faster — often under 10 minutes.

Are remittances to Nigeria taxable?

Personal remittances are not subject to Nigerian income tax. However, recipients converting USD payouts to NGN should use only CBN-approved channels to comply with FX regulations.

Why has the NGN been so volatile?

The CBN unified the official and parallel exchange rates in mid-2023, removing FX controls that had held the NGN artificially strong. The currency depreciated from ~₦450 to over ₦1,500 per USD as the market repriced.

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Nigerian Naira (NGN) Live Exchange Rate & Remittance Guide

NGN · ₦ · Central Bank of Nigeria (CBN)

1 USD =

₦1373.10

Live (cached)

About the Nigerian Naira

The Nigerian Naira replaced the Nigerian pound in 1973. After decades of multiple-rate regimes and FX controls, the CBN unified the official and parallel rates in mid-2023, allowing the naira to float more freely. The currency depreciated sharply in the months that followed before stabilising.

Why NGN matters for remittance

Nigeria is Africa's largest remittance recipient and the seventh-largest globally, receiving roughly $20 billion annually. Major sending corridors are USA, UK, Italy, Canada, and South Africa. Remittances equal 4% of GDP and play a critical role in supporting household consumption.

NGN cross-rates

Live

What 1 Nigerian Naira (NGN) is worth in major currencies right now, at the wholesale mid-market rate.

Currency	1 ₦ NGN =	Inverse (1 unit in NGN)
USD USA	$0.000728 USD	₦1373 NGN
EUR Europe	€0.000627 EUR	₦1595 NGN
GBP UK	£0.000542 GBP	₦1844 NGN
INR India	₹0.068774 INR	₦14.540 NGN
AED UAE	د.إ0.002675 AED	₦373.83 NGN

USD rate is live from Wise's comparison API; other reference rates are derived from the latest USD-anchored mid-market table. Retail providers add a margin on top — see the comparison table on each corridor page for the rate you'll actually receive.

Compare NGN corridors

See live rates and the best providers for each pair.

USD→NGN GBP→NGN EUR→NGN CAD→NGN ZAR→NGN

Nigeria remittance guide

Country profile for sending money TO Nigeria — delivery methods, regulations, recipient guidance.

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NGN remittance regulations

The CBN regulates inbound remittances. Since 2020, official policy is that remittances must be paid out in USD or transferred to domiciliary accounts (FX accounts) — not converted to NGN at bank counters. This was designed to encourage formal channel use; some providers still offer NGN payout via approved partners.

How to send Nigerian Naira (NGN)

Use a CBN-approved International Money Transfer Operator (IMTO): Wise, Remitly, WorldRemit, Sendwave, and Western Union all qualify.
Decide whether the recipient wants USD payout (to a domiciliary account) or NGN equivalent at the prevailing rate.
Bank deposit to Access, GTBank, UBA, First Bank, or Zenith is the most common delivery method.
Mobile money via OPay, PalmPay, or Kuda is increasingly supported and credits in minutes.

Currency facts

ISO 4217: 566
Sub-unit: 100 kobo = 1 naira
Central bank: Central Bank of Nigeria (CBN)
Daily FX volume: $500 million/day
Symbol: ₦
52-week range (vs USD): 1,480 – 1,580

Frequently asked questions

Live rates fetched from Wise's public comparison API. For currency conversion mid-rates we display Wise's quoted rate, which has zero markup. Methodology.