It is a commonly known fact that expatriates worldwide send money to Nigeria on monthly basis. This country is also a country in Sub-Saharan Africa that receives a major percentage of international remittance on a yearly basis. Nigeria is a country that is on the path to development and so far, the government has been unable to provide good educational, health and living opportunities. This compels a major proportion of the population to move abroad to make a better living. But they do leave family members behind who rely on these immigrants for financial support. The reliance on international remittance is so much that it was found that around eighty-three percent of the federal government’s budget in 2018.
Following the modifications to Diaspora transfer restrictions, remittances into Nigeria soared fivefold, from a weekly average of $5 million to more than $30 million, according to Central Bank Governor Godwin Emefiele.
After the naira plummeted to 500 nairas on the illicit market in November, Nigeria changed the currency of remittance payments to the dollar. On Thursday, the illicit market put the naira at 485 per dollar.
Remittances, or money transfers, are the second-largest source of foreign exchange receipts in Nigeria, Africa’s largest economy, behind oil profits. According to the World Bank, $26.4 billion was paid to Nigeria in 2019.
Sometimes, when people send money to Nigeria online, they want to know how long will the money take before it can be received at the other end. There is no standard answer for this query is the time required for the online money transfer can vary depending on the choice of the medium.
The use of banks to send money globally is not a new concept. It has been practised since ages and is still one of the most popular and preferred mediums of money transfer. The reason behind this is the fact that money transfer through banks is highly secure. There is a lesser risk of theft or money loss during transit. But in terms of time, this is a method that takes the longest. The bank transfer usually takes anywhere from one to three days for the money to be sent to Nigeria. Therefore, this method may be the most reliable, it is not the best choice if you are in an urgency to send money.
Online Money Transfer:
The process to send money globally has become a lot easier and less of a hassle all thanks to the facility to send money online. One can send money to any part of Nigeria anytime you want to. The process is extremely simple and convenient. The best thing about the facility of online money transfer is the fact that one does not need to go to any bank or agent physically. The entire process is based online and the money can be transferred at the cost of a few simple clicks. All that is needed is a smartphone or a laptop and a steady internet connection.
Another amazing aspect of online money transfer is the fact that it is quicker than the bank transfer method. Through online money transfer, money can reach the destination within twenty-four hours. This makes the use of online money transfer perfect for emergencies when one needs a quick way to send money back home.
Service providers like ACE Money Transfer are preferred by many Nigerian customers for their amazing services and quick money transfer.