There are millions of Euro sent to Nigeria from Ireland every year. The exact figure is not known.
With an estimated 15 million Nigerians living in countries including the United States, Ireland, the United Kingdom, Australia and Canada, remittances play a significant role in Nigeria’s economy. The World Bank estimates that in 2018 alone Nigeria received $26 billion in remittances, making it the largest recipient in Africa.
The major banks make a lot of their profits from foreign currency transactions – with margins as much as 3 or 4% on the exchange rates not uncommon. Your bank might say they won’t charge you fees or commission on currency transfers – but it’s the poor exchange rates they use that will end up costing you more.
Update February 2021 –
Following a directive from the Central Bank of Nigeria, cash pickup and bank transfers can now only be sent to Nigeria in US Dollars.
How to Send Money From Ireland To Nigeria
The currency in Nigeria is the Naira.
Because of ongoing financial issues in Nigeria – money transfer companies can currently only send US Dollars to Nigeria.
Not all of the currency transfer companies will deal with transfers to Nigeria – but we found a few that do.
World Remit WorldRemit Ltd is Authorised and Regulated by the UK Financial Conduct Authority (FCA) under the Payment Service Regulations. You can use World Remit to do bank transfers to Nigerian bank accounts. If the recipient hasn’t got a bank account they can collect the cash at any branch of FCMB Bank, Fidelity Bank, Access Bank, Zenith Bank, and Polaris Bank.
The fees are low ( example fee of just €0.69c for €1000 Euro bank transfer) and the exchange rates are better than a lot of other providers such as Paypal .
Transfermate might also be able to help you transfer large sums of money from Ireland to Nigeria. We couldn’t get an instant quote online – just an “indicative” amount of 1,992,031 – based on the interbank rate at the time. You probably wouldn’t get quite that much – but it might be worth trying them if you need to transfer money to Nigeria to see if they can beat the quotes from the others. They are based in Dublin and regulated by the Central Bank of Ireland. (Tel 01 6353776 )
Western Union is another popular company used for sending money to Nigeria.
WISE have suspended transfers to Nigeria for the time being. Wise is authorised by the UK Financial Conduct Authority under the Electronic Money Regulations .
More tips on Sending Money to the USA