Ultimate guide to foreign exchange in Nigeria5 min read
source foreign exchange Nigeria – Have you been in a search to locate best ways to source foreign exchange in Nigeria? Are you interested in foreign exchange? This post is detailed to guide you through in your journey to have more insight about foreign exchange in Nigeria.
Trends of today shows the significance of foreign exchange in Nigeria and how different business have emerged from Nigeria in order to stabilize the exchange rates that are increasing rapidly in the country.
Though the Central Bank of Nigeria (CBN) is doing her best to fix the foreign exchange in Nigeria and crises that pops up due to the exchange fees that one has to pay before you can convert any foreign currency in Nigeria.
The issue with foreign exchange in Nigeria has been a serious one since the past few years and Nigerian citizens who may like to purchase goods from abroad, study abroad or do some business transactions have been whiling on the rate of foreign exchange in Nigeria.
Incase if you see any abbreviation in this post, FX means the same as Foreign Exchange.
Nigeria’s main source of foreign exchange is the U.S Dollars ($); the reason for this is that U.S Dollars is widely used in different nations and it is as well one of the most popular currency in the entire universe.
Most goods sold abroad are being price tagged in Dollars and this calls too much people requesting for the foreign exchange in Nigeria.
Since our super head bank (CBN) cannot meet the demand of foreign exchange among Nigeria citizens that needed to exchange their foreign currency to local currency, CBN have allowed other exchange units, companies and individual to assist her, in order to make sure that her citizens meets up with their request at appropriate time.
Some Nigerian citizens who ventured in online jobs receives their payment in foreign currencies and this increases the demand for foreign exchange in Nigeria.
Below are some systematic plans that were introduced by CBN to aid foreign exchange in Nigeria.
Foreign Exchange In Nigeria – Travel Allowance: Required Documents
Anyone who wish to be enrolled in this will obtain PTA upon presentation of the following to the bank which he is currently using.
- The user needs to have his country’s international ID or passport as the case may be
- Present your international air return ticket
- A valid visa to country where you’ll like to travel to, or applicant Green card or residents permit
- You will equally need to have BTA during your presentation to this category.
- Present a valid evidence of business registration; that is – certificate of in corporation
- Original letter of nomination from corporate body stating the purpose of the visit.
Foreign Exchange In Nigeria – For Payment Of Medical Bills
The fact that Nigerian citizens sometimes travel from one location to another, the foreign exchange in Nigeria is also interested to know the well-being of its citizens.
Below funs access conditions holds for everyone
- Eligible applicant will present a valid completed form A.
- They will present letter of reference from a specialist hospital in Nigeria.
- Well recognized travel documents including passport, visa and ticket are to be presented.
- A typed letter with recognized signature issued by overseas specialist Doctor stating the cost of the treatment.
Foreign Exchange In Nigeria – For Travel Allowance
This is the full meaning of below acronyms that are frequently used in travel allowances:
PTA means Personal Travel Allowance while BTA stands for Business Travel Allowance.
These are the allowances that people who love travelling are being given to when travelling outside of Nigeria.
Few people who are permitted to deal with foreign exchange are given the right to market foreign exchange to home citizens are travelling citizens.
Below are few category of people that can be eligible for this amazing allowance:
- Individual travelers who are 18 years of age and above.
- Recognized institutions will be entitled to obtain business travel allowance
- PTA or BTA will not be obtained at the same time within the same year.
- Only eligible account holders with the intending bank of choice shall be allowed to obtain a minimum of $4000 per quarter for PTA and $5000 for BTA per quarter.
- PTA can only apply to journeys of five hours or its equivalent in flight time.
Foreign Exchange In Nigeria – For Payment Of School Fees
Because of how standard some countries system of education is, some Nigerian citizens who love education and wanted the best of it travels outside of the country to obtain degrees in the various courses of their choice.
Foreign exchange in Nigeria for these category of people are limited to the following:
- Institutions that are located within Nigeria, quoted in foreign currencies are not eligible to access this fund.
- The fund is dominated in USD and can subsequently be converted to the equivalent of the currency on the bill.
- The user will show his or her letter of admission designed with his schools letter head
- The expected money will be released to the user when all the necessary forms are completed and stamped
What system of foreign exchange do we operate in Nigeria?
Due to high demand of foreign exchange in Nigeria, the country allows her citizens to access multiple exchange rates as this will help her citizens to meet their demand at the right time.
Some recognized foreign exchange in Nigeria are being the CBN, international money transfer companies, inter banks etc.
Why do we demand foreign exchange?
Since many Nigerians receives funds from abroad either from works they do, from goods they import, or from friends; this increases the high demand for foreign exchange in Nigeria.
Nigerians usually transact in U.S Dollar and this multiplies the rate of which foreign exchange are being transacted in the country.
Do banks convert foreign currency? – source foreign exchange Nigeria
A good number of standard banks in Nigeria will convert your foreign currency to a local currency (Naira) for you.
If you have account with any of these banks and you receive a foreign currency probable U.S Dollar, they will convert it to you at an amazing rate.
We hope to have given you a detailed info relating to the foreign exchange in Nigeria. For questions or suggestions, use the comment section. It’s free! source foreign exchange Nigeria