{"id":4499,"date":"2022-07-21T18:07:49","date_gmt":"2022-07-21T18:07:49","guid":{"rendered":"https:\/\/kobotalk.com\/?p=4499"},"modified":"2024-12-17T16:19:16","modified_gmt":"2024-12-17T16:19:16","slug":"fast-easy-and-cheap-way-to-send-money-to-nigeria","status":"publish","type":"post","link":"https:\/\/kobotalk.com\/BLOG\/fast-easy-and-cheap-way-to-send-money-to-nigeria\/","title":{"rendered":"Fast, Easy and Cheap Way to Send Money to Nigeria"},"content":{"rendered":"Reading Time: <\/span> 4<\/span> minutes<\/span><\/span>
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There is a large number of Nigerian citizens living abroad.\u00a0 UN Department of Economic and Social Affairs (DESA) put this number at 1.7 million as at 2020.\u00a0 Unofficial data puts it at between 15 and 20 million people.\u00a0 This huge diaspora population constantly send money to Nigeria.<\/p>\n

They send money either for business, investment or to their family members to help them carry out building or other projects at home.\u00a0 Available data shows that Nigerians abroad remitted about USD63.5 billion in three years between 2019 and 2021.<\/p>\n

In deed, diaspora remittances<\/a> account for 4.5% of the country’s GDP.<\/p>\n\n

However, two years ago, the Central Bank of Nigeria (CBN) released a regulatory guideline on diaspora remittances.\u00a0 According to the new policy it is no longer to possible to send Naira directly to the bank accounts of domestic receipients.\u00a0 In other words, diaspora inflows can not be received in local currency any more.<\/p>\n

What this means is that the receipient has to have a domicilliary account to receive diaspora remittances directly into his or her acount. The purpose of this policy is to halt the pressure on the Naira, increased supply of foreign exchange and moderate the worsening value of the Naira.<\/p>\n

However, there are challenges. First, there’s still a large number of Nigerians that don’t have bank accounts, let alone domicialiary accounts.\u00a0 Secondly, high transaction costs discourage immigrants to send money through bank wire.<\/p>\n

As a result, immigrant Nigerians are constantly looking for better ways of sending money home.\u00a0 Better,\u00a0 means easier, faster and cheaper money transfer services and in this post, we shall hihglight a few of these services.<\/p>\n

How to Send Money to Nigeria<\/h2>\n

It is important that you consider the following parameters in choosing a money transfer service:<\/p>\n