You might have noticed an unusually attractive Nigerian naira exchange rate from some money transfer providers.
Some really tempting rates are occasionally available online, and can also be found in local money transfer shops.
Various websites list eye-catching black market exchange rates for the pound to naira, dollar to naira or euro to naira. And who doesn’t like to receive more naira for their money?
The problem is that an exchange rate is only great if your money is safe. Most of these very high rates are offered by so-called ‘parallel market’ money transfer providers, who may not be regulated and usually offer no protection for your money.
If anything goes wrong, or if they go out of business, you could lose it all. You’re also unlikely to get any support if there is a problem with your transfer.
How do I keep my money safe?
Check for FCA authorisation
The easiest way to stay safe when you send money to Nigeria is to use a regulated provider.
If a UK-based provider can’t prove that they are regulated by the Financial Conduct Authority (FCA), they may not be legitimate. They should be able to show you an FCA authorisation number. Azimo’s FCA authorisation number is 900220.
A European provider should be able to prove that they are regulated in an EU nation. Azimo’s European service is regulated by DNB (De Nederlandsche Bank), which is the central bank of the Netherlands.
Compare the money transfer market
If you see exchange rates that seem too good to be true, they probably are. To find out which rates are legitimate, check a reputable price comparison service like Monito. Azimo’s exchange rates for Nigerian naira are usually the best available from legitimate money transfer providers for transfers from the UK and Europe to a Nigerian bank account.
Send money online
Sending money online is far safer than using a money transfer shop or a local FX trader. Providers like Azimo use the latest encryption and payment protection technology like 3-D Secure. Azimo is also significantly cheaper than using a money transfer shop like Western Union, Moneygram or Ria.
Faster, cheaper, safer money transfers
While it’s occasionally possible to find a higher rate than Azimo’s from an unregulated provider, it’s rarely worth the risk.
Azimo usually offers the best NGN exchange rates and lowest transfer fees for a legitimate operator, all with bank-level security and helpful customer service. With Azimo, you can make safe and secure transfers with peace of mind.
Even better, we’re confident that we’re the fastest money transfer service that you can find anywhere. An Azimo transfer to a Nigerian bank account usually takes just a few minutes to arrive. No wahala.
Why not check our Nigerian naira rates now and see for yourself?