Sending money home to Nigeria: how to get the best deal
Nigerians abroad send billions of dollars home every year. In the first half of 2026 alone, Nigeria received $11.12 billion in personal transfers, including workers’ remittances, according to Nairametrics’ analysis of Central Bank of Nigeria data.
How much of your money actually arrives depends on the service you choose. This guide explains how to compare them.
Look at the total cost, not just the fee
Every transfer has two costs:
- The fee. This is the amount the service charges you to send money. Many services advertise zero fees.
- The exchange rate margin. This is the difference between the rate the service gives you and the mid-market rate (the “real” rate you see on Google or Reuters). Services that charge no fee often make their money here.
The question to ask is simple: for the amount I am sending, how many naira will my family receive?
How much the difference can be
The gap between services is real. In a July 2026 comparison, nairaCompare found that on a £300 transfer from the UK, the amount received varied from about ₦270,000 to ₦272,200 across three popular services on the same day. On a £500 transfer, it said the best and worst services could differ by ₦60,000 to ₦80,000.
Rates change every day, so always check on the day you send.
Five steps to a better deal
- Compare on the day. Enter the same amount on two or three services and compare the naira your recipient will get.
- Check the delivery method. Bank deposits are often cheaper than cash pickup.
- Send larger amounts less often. Fixed fees take a smaller share of bigger transfers.
- Watch for first-time offers. Many services give a better rate on your first transfer, but the normal rate may be lower afterwards.
- Check the speed. “Economy” transfers can be cheaper than “express” ones if your family can wait.
Use licensed services only
Use a licensed international money transfer operator (IMTO) or a bank. In the UK, check that the company is authorised on the Financial Conduct Authority register. In Nigeria, the Central Bank of Nigeria licenses IMTOs.
Avoid informal “black market” arrangements and strangers on social media offering better rates. If something goes wrong, you may have no way to get your money back.
A rule that helps you
Since May 2026, a CBN circular requires licensed IMTOs to reference real-time Bloomberg BMatch prices when pricing transfers, nairaCompare reported. This should make rates fairer, but differences between services remain, so comparing still pays.
Keep records
Keep your receipts and transfer reference numbers. If money does not arrive, contact the service first with your reference number. In the UK, if a complaint is not resolved, you can take it to the Financial Ombudsman Service.
Jogos Media does not receive payment from any money transfer company.
