In the latest currency update, the Nigerian Naira experienced a depreciation against the US Dollar, reaching an average exchange rate of N780/$1 in the black market on Tuesday, June 20th, 2023. Nigerian Naira Weakens Against US Dollar, Trades at N780/$1 on June 20th, 2023 These figures are according to data obtained from a P2P exchange platform.īreakdown of the peer-to-peer rates is given below: Naira/Dollar (NGN/USD) This represents a 4.16% increase from the last trading session when it recorded N800/$1. However, at the cryptocurrency P2P Exchange market, the FX rate experienced a significant appreciation, trading at a minimum of N766.75/$1 on Wednesday, 21, June 2023. MoneyTransfers.Breakdown of the currency rates is given as below: Naira/Dollar (NGN/USD)
Which provider you selected: Some platforms simply require more extended than others to finalize the transaction, and there could be different transaction types with various speeds. The same could happen on weekends or holidays What time you are sending the money: Some MTPs have cutoff times each day, so sending after that deadline will postpone processing the next transaction for the next business day. They could perform additional checks, during which your transactions will be on hold How much you are sending: The IRS requires reporting all transfers that exceed USD 10,000. Here’s an overview of what could affect the total delivery time: Most MTPs give you an estimated delivery time, and they complete most transactions within 24 hours. How long does it take to send money from Nigeria to United States? Another fast option includes using e-wallets, but there’s no option to collect cash right away, and this method usually has higher fees than MTPs. That way, the funds stay within the same MTP, which maximizes the transaction speed and often makes the money available instantly. You should also choose the option for the receiver to pick up the money at a cash collection point. Card transfers are more expensive than bank account deposits, but their advantage is that the money is processed instantly. If you agree with the previous sentence, choose credit or debit card deposits via MTPs to send money to the United States. Sometimes, your priority when sending money from Nigeria to the USA is speed, and when the transaction is urgent, you don’t even mind that it costs a bit more. Currently, Western Union is the fastest way to send NGN - USD. When looking for the best way to send money from Nigeria to United States, speed is one of the biggest factors you need to consider in terms of the service offered by different money transfer providers. Securities and Exchange Commission The Federal Reserve Board (FRB) What is the fastest way to send money from Nigeria to United States? But you only use this method to transfer funds to another wallet within the same service, and the recipient must request a bank transfer if they want the money available in their accountįederal Deposit Insurance Corporation (FDIC) Federal Reserve System (FED) Financial Crimes Enforcement Network (FinCEN) Financial Industry Regulatory Authority Nation Credit Union Administration (NCUA) Office of the Comptroller of the Currency The Office of Thrift Supervision (OTS) U.S. Western Union, for example, has over 42,000 locations in the USA, so it should be easy to find an agent nearbyĭigital wallets: PayPal is an example of an e-wallet operating in the USA, Nigeria, and 180+ other countries.
NGN TO USD HOW TO
You get the entire sum immediately, and it’s your call how to use it – whether you’ll collect it all at once, pay at supported locations, pick up cash from the ATM, or anything else you see fitĬash collection: You must visit the agent’s location, sign a form to receive cash, and collect the entire sum at once. If you have an account registered in one of these banks, you can choose to receive money there. Analyze the following choices and inform them of your preferred option:ĭelivery to a bank account: Most US banks that serve citizens, such as Citibank or Bank of America, support international transactions. While you can pick from multiple options, the sender must specify the method during the ordering process.
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