Money Cook

Foreign money exchange in Nigeria is possible?

Hi, Most probably she is trying to defraud me. Her story is about foreign exchange in nigeria. There is more detail but not necessary to write here. She says she came to Nigeria from America. But the banks don't approve american dollars to exchange. Only I wanna know that is exchange foreign money in Nigeria impossible? What is money exchange conditions and rules in Nigeria? Can't we exchange our dollars or euros in banks? Thanks in advance.

Public Comments

1. Any bank in Nigeria will readily accept USD in exchange for Naira (the local currency). In addition, you have currency changers in most large towns, but they are generally less favourable. Finally, you have Western Union franchisees nearly at every corner, where you can sell/purchase USD against Naira, also at a price. In these offices, you can also receive monies from abroad (but not send money abroad). Also, if you are travelling abroad, you are entitled to a Personal Travel Allowance or a Business Travel Allowance, i.e. you can purchase from a bank USD or any other foreign currency at reduced (as in more favourable) terms. Unformally, you will find money changers at every street corner of the business district. You change there if you want, at your own risk. I prefer to ask established businesses with which I trade on a normal basis. If they can't help me, they will recommend someone trustworthy.