If I understand your question; COT has gradually phased out in Nigeria. Central Bank of Nigeria said “in the interest of stability, of the banking system, a negotiable current account maintenance fee not exceeding N1.00 per mille (1/N1,000) may be charged in respect to all customer induced debit transaction” This is to say that for every N100,000 leaving a current account in Nigeria, deposit money banks are permitted to take N100 for account maintenance.

Hello Lilibeth N. Tesalona,
Please, It is NOT true. Let your daughter disregard such messages. It is Scam.

You will be charge for money transfer.

Service charge for what?

Open a domiciliary account.

$10000/Day

If they are coming to pay into a personal account; then they can pay via western union transfer, moneyGram or wire transfer via domiciliary account, that’s if they have one.
If they are coming to pay into business or corporate account, then you need to provide them with your accepted payment options

Let her use Firstbank.

I don’t understand you.

Hello Mostafa Chowdhury,
Specify the nature of the account in Bangladesh.

Hello Nonso,
If you say as much as $10,000 per day then you need a domiciliary account. This is the only way you can send as much as that per day.

Hello Paul,
Yes, you can get PTA/BTA to travel. Consult your issuing bank for the charges and amount for each.
The transfer limit is $1000 in three months for both western union and moneygram.

Hello Samuel,
Yes, course!

No, sir! It is not possible.

Hello Emmauel,
If you have account with any of these banks; GTBank, Diamond bank, Zenith bank and Access bank; visit your bank and find out how you go about with the form M.

Hello Bambam,
CBN form M is for those that import goods/products into Nigeria.

Hello Bambam,
In what currency is the mastercard dominated at? It can only work if it is naira Mastercard. If you have domiciliary account, use it to send the money to your account.

Hello Ivan,
You are in US and you are sending to domiciliary account in Nigeria? Why talking about cheaper rate again when the transaction will be done at official bank exchange rate.

Hello Emmanuel,
where are you precisely; in Nigeria or Sweden?

Hello Olabamiji,
That is the situation, brother.

Hello SleeplessInSeattle,
I will advice the person rectify the problem with his account, first. He can use his Domiciliary once this done

Hello Elsie,
Yes, Firstbank paypal does it however you will be charge at black market rate.

Hello Teena,
Nigeria bank can not do that for you. You will be the one to do that for yourself. If you have you ATM card (naira or dollar mastercard), you can withdraw from your account outside the country (this depends on your location or where you reside outside the country). Otherwise, you have to come to Nigeria to do the transfer yourself.

Hello Faraz Ahmed,
You can send the money to her through bank wired transfer.

Hello Michael,
I will advice you open a domiciliary account through which you can be sending money to them at any time.

Hello Samuel,
Yes!

Hello Juanita Jerry,
Western and Moneygram are not working properly. In fact, let me put it this way, they are temporary not working.
If they have domiciliary account or PayPal account, they should use it to send the money to you. These two method are fast but they are not cheap. Like the DOM Account, they have to exchange their naira at the black market before depositing to their Dom account to transfer to you. PayPal charge at the black market rate.

Hello Polo,
Union Bank naira MasterCard will not but GTBANK Naira MasterCard will possible work.

Hello Polo,
Which Bank ATM Naira Mastercard is that?

Hello Polo,
Use your naira ATM card to withdraw.

Hello Prepdc,
MoneyGram is the easiest and cheapest in terms of low volume transfer (less than $1000 transfer) but the problem is availability. The same thing is applicable to Western Union which is also cheap with low volume transfer. There is currently bank issues like windows for transfer have not been open with MoneyGram and Western Union Money transfer. So, you have to queue until it gets to your turn. PayPal is a third party, if you have a verified PayPal account; you can transfer as much as $5000 at a time to Australia but their transfer charge is high.

Hello DSQ
If you visit Firstbank which I know is currently no.1 when it comes to sending out money through western union, any time from 8: 15am down till closing hour; they will tell you that they have exceed their maximum transfer limit for the day. You will just be wondering whether they have done any transfer at all for the day. Sometimes, they will tell that they stop western union money transfer. So, to be able to make you transfer; you have book and queue up until it is the turn.
UBA and Firstbank’s MoneyGram is still operation but it is just the same story.
Sending out just $190 to someone in US, will not attract a transfer charge more than $50.
There is no limit to how much you can receive. You can receive more than $2000.

Hello Joseph,
I will suggest you read: How to receive money in Nigeria from abroad & withdraw it. Go through the comment section as well.

Hello Philip,
You can receive up to that amount in as much as you can provide evidence of ownership or prove of earning of such amount. There is no limitation or restriction to any amount to be received.

Hello Ayeni,
N390/395 per $1 should be black market rate and NOT the official bank rate. This will not be favourable to us. At least, getting the transfer at official rate with charges then added will be better. Most importantly, I am particularly concern with high volume transfer. Lets keep working and as soon as you get your own proof system of money transfer, let me know.

Hello Cyril,
Yes, you can receive the different amounts the same day and you can also not receive them the same day. The route (India and Turkey) where those money are coming from are not the same, so you don’t expect to receive the two amounts the same day assuming the money was transfer the same day. However, the discrepancies in days will not be much if they were sent the same day.

Hello Funmilayo Okun,
I will contact you via email when we are set.

Hello A A,
Follow the procedure as we had discussed. If you did not get me clear, please feel free to re-post you comment here again.

Hello Chi,
First of all, I suggest you read this: How to pay school fees abroad from Nigeria

Hello Nike,
We are working hard to devised cheaper means of paying school fees abroad from Nigeria. Meanwhile, I will suggest you read this now; how to pay school fees abroad from Nigeria.

Hello Nike,
Naira to Cedis exchange rate today is N71.58/Ghanaian Cedis

Hello Ayeni,
Check you email box for our response, thank you.

Hello Mayowa,

FORM A has been suspended. After floating of Naira by CBN, FORM A no-longer work.

Hello Nike,
Yes, she has to fill the form, drop it and the money with the bank. She can asked them when to come back to confirm if the money has been transfer.

Hello Gafar,
That’s Western Union money transfer. Remember, exchange rate is Not stable these days; it changes every hourly and that can affect the amount you are sending.

Hello Gafar,
7300 Indian rupee is equivalent to 30218.82 Naira ( according to today’s bank unified exchange rate. Western union charges about 16,800 naira per $ 1000 transfer. Please, you can do the calculations and conversion yourself for the amount you want send to Indian. $1 = N280, 1 Indian rupee = 4.14 Naira

Hello Abdul,
Unfortunately, the usually official exchange rate of N199.05/$ is rarely obtainable these days as CBN proposed floating exchange rate. I would have suggest you go through third party outbound money transfer service agent but I don’t trust any of them especially these days.

Moreover, we are currently reviewing most of these third party outbound money transfer service agents and other means of money transfers outside the usually bank wire transfer via domiciliary account, PayPal, Western Union, and MoneyGram; We hope to come out with better legitimate options of money transfer.

Hello Leo,
How do you want me to be of help?

Hello Anonymous,
“Following the severe pressures on external reserves and foreign exchange supply crises, the CBN abandoned its fixed exchange rate policy in favour of a flexible and multiple market models, which implied a floating exchange rate regime”. What this implies is that; you will likely not get any commercial bank in Nigeria sending out money at the exchange rate of N197/$ or N199.05/$. Though, I know that some few bank still maintain it pending when CBN will give details of implementation procedure for new exchange rate.

Hello Idsquare,
The problem with Western Union money transfer and MoneyGram these days is that there are lot of queue because of the low daily maximum transfer limit. People now book for sending out money abroad ahead of time. So I will suggest, if it is not urgent, visit any first bank close to you as early as 8.00am and tell them you want make an outbound transfer with either Western Union or MoneyGram. If they tell you that they are done for the day or it’s not going through, tell them to give you the western union transfer form to fill and the day you will come back to send the money to India.

You can also send the money through PayPal account depending on how the receiver intend receiving the money. With PayPal, you can send up to $5000 at transfer charge of about $250.

Ok but he will still not send up to that to you through Firstbank western union money transfer. However, if he was able to do that let us know here.

Hello Joseph,
your Dad can not send up to that amount to you through first bank western union money transfer. Ask him if he can or if he succeed let us know here, Please. If you find out or let us know here then I will tell you equivalent of the amount you will receive in USA.

Hello Adebiyi,
Yes, that is true!

Hello Jenny,
Check out : 23, Marina, Lagos Lagos Island, Lagos Nigeria.

Hello IKechukwu,
Let me start from your second question; No commercial bank in Nigeria either accept naira deposit into domiciliary account or exchange Naira for foreign currency.
*domiciliary account is an account that is funded and operated in Foreign currencies.
*No commercial bank in Nigeria sells foreign currencies.
If you have naira equivalent of €11500 in your account, since Western Union and MoneyGram will not work in this case (you are sending a huge amount); using domiciliary will be a better option. You have to convert the money to dollar or Euro before depositing it into your Domiciliary account. Travelex exchange rate is usually better than other parallel market exchange rate, so you can exchange the naira for Euro with them so as to be able to deposit the money into your domiciliary account. Once, you deposit the money into your domiciliary account, you are good to go.

Hello Frank,
If the amount you have written above is 30,000 NGN (thirty thousand naira) and not $30,000 then Firstbank MoneyGram or Western Union transfer should be able to take care of that.
However, if it is $30,000 then using GTBank, Diamond bank or Firstbank Domiciliary account will be a good option.

Hello Tony,
Had it been that either your brother or you is an importer, I would have suggest you go through the official form M of CBN which is the cheapest though full of hassle. However, if you have domiciliary account; you can bank wire the money via domiciliary account. With domiciliary account, you can send up to $10,000 per day. Sending the money via domiciliary account is fairly cheap but the big challenge is funding the domiciliary account since no bank in Nigeria sell or exchange foreign currency. So, getting the foreign currency at an official exchange rate would be hard; it means he has to go through the parallel market (black market).
PayPal would be a good option if he( your brother) has a verified PayPal account.

Hello Paul,
Check different branches of Firstbank and go in the morning.

Hello Vivian,
Firstbank Western union and MoneyGram is working. But to send money through Firstbank Western union, you have to book for it earlier (usually beginning of the month). To send money through MoneyGram, you have to be at the bank as earlier as 8.00am. Again, banks seems to have increase their transfer charges.

Apart from Western Union and MoneyGram, Firstbank Ria money transfer is now working.

Hello PAUL,
when you said “at a good rate”, do you mean official rate?

Hello Carl,
CBN has tried positioning travelex to replace BDCs but has not taken full effect.

Hello Abiodun,
Go back to the firstbank branch where the transaction was done, ask them why they have not completed the transaction.

Firstbank Ria money is temporary not working. You can withdraw money with your diamond bank naira master card in diamond bank ghana via ATM machine but you will be charge.

Hello Adeola,
Western union and MoneyGram has not been stop.The only thing is that Firstbank has limited Western union monthly transfer limit, so to use Firstbank western union; you have to book for it earlier while for MoneyGram, you have visit the bank early morning.

Yes, of course! However, They should not use the same bank.

Hello Phebean,
Nigerian bank accounts like savings and current account will not work.

Hello Ayo,
What did they say the balance of $250 is for? Do you sister inquire about that? Anyway, I will confirm that; right away.

Hello Oyewale,
The money is huge. Your friend have to transfer the money to you, bit by bit. Let you your friend open domiciliary account and or PayPal account otherwise he/she can go through CBN form M. I will not suggest to him/her to go through any third party money transfer agent.

Hello Edet,
9,000INR is equivalent to 272131.63 Nigerian Naira. If you are making the payment to an individual account, I will suggest you use MoneyGram and Western Union Transfer (this will be done at official exchange rate). If you open account with standard charted bank in Nigeria and deposit money into it, you will be charge excessively when withdrawing it in India. Using anything third party money transfer agent to make the payment will lead to the payment being made at black market rate or near to it.

Hello Abdul,
As of today, exchange rate for first bank sending through western union is about 1 Euro equivalent to 226.76 Nigerian Naira. Please, the exchange rate is NOT stable; it can change slightly tomorrow or any moment. If you get to the bank; ask them the current exchange rate.

Hello Abdul Azeez,
MoneyGram is ok. MoneyGram charges about N14, 800 per $1000 or N190, 000 transfer. You can do the conversion and the calculations yourself.

Hello Abdul,
you don’t need to have bank account with firstbank before you can use Western union.

Hello Abdul,
the maximum transfer limit is $1000 in every 3months or 190,000 in naira. The transfer charge for moneygram is about N14,800 while the transfer charge for Western union is about N16,400

Hello Abdul,
Firstbank is reliable! See my response to your first comment.

Hello Abdul,
Firstbank Moneygram and Western union are now available.

Sending Money out through Firstbank MoneyGram Now
To send money out through Firstbank MoneyGram, you have to visit any Firstbank close to you as early as 8:00am. Try to be at the bank as the bank open their office in the morning. If you miss the time, they will definitely tell you that MoneyGram is not going through.

Sending Money out through Firstbank Western Union Now
To send money out through Firstbank Western Union now, you have to book it. It is usually best to go for the booking at the beginning of new month or early in the month. If you miss the beginning of new month, you will end up receiving this kind of response from firstbank, “we have exceed our monthly transfer limit”. So, try to be there earlier.

No! Diamond bank can not send #250,000 at once through moneygram. Maximum transfer is about #190,000 with the transfer charge-#204,800

Hello Grace,
Using Western Union or MoneyGram will NOT be possible because you can’t use them for payment or funding an account on third party website or company.

I will suggest you use the bank wire method by opening a domiciliary account and requesting for dollar credit card. With you dollar credit card, you won’t be visiting your bank all the time as you can make payment via online using your dollar credit card. If you need any further information concerning the bank wire method let me know.

However, whereby you were not able to open a domiciliary account; you can use either PerfectMoney or Payza as they are popularly known than others that you mentioned.

Hello Mac’Odo,
Since you are in Ghana, you have to open a Ghanaian PayPal account. Once done, if you wish to withdraw the money from your PayPal account into bank account, you have to open local bank account there in Ghana and link it to your Ghanaian PayPal account. Transferring of $5000 via PayPay account from Nigeria to Ghana can cost you up to $250 of transfer charge.

Firstbank RIA money is temporary not going through.

Hello Funmilayo,
If you want to embark on the sale of forex offline in Nigeria to sell directly to end-users, it will NOT work. You have to register as BDCs agent or through BDCs. It is only the BDCs that sell forex to the end-users in Nigeria. They pay certain TAX to the government to do forex trading in Nigeria and they have association as well as Union. So, if they discover that you do the business without being registered as a member; you will be sue for violating the rule of forex trading in Nigeria.
However, you can do your forex trading online and nobody cares but you need the best forex broker.

What means do you intend sending the money?

Hello Ifeanyi,
1. Yes, there is a way to send money to Nigeria from U.S and the receiver in Nigeria will receive it in USD. To receive money in Nigeria in USD from U.S, you have to open domiciliary account. Once, the domiciliary account is open, from U.S the money can be wire to the domiciliary account in Nigeria and withdraw in USD.

2. where do you intend sending money to?

Hello Okechukwu
YES!!! you can receive money in dubai via RIA money.
The maximum transfer limit through RIA Money is 5000usd naira equivalent per sender daily.
Someone who has PayPal account in Nigeria can transfer money to your dubai PayPal account.

I don’t understand what you mean by,”if i open an account here in russia it wont cost me much to receive money from nigeria,(i mean the bank rate)”

Yes, Sammy;. The bank will do the conversion for you before sending out the money. For the receiving and transferring on Wednesdays, maybe that is your bank’s official day they carry out their outbound MoneyGram services.

Hello Ahanonu chikezie,
How have you been paying for your school fees before?

As for the ATM, you can only withdraw USD300 at a time.

Hello Danejo,
Which Country are you sending the money to?

Hello Uche,
Yes, You can transfer money in naira to UK with Firstbank RIA money transfer. In-fact, you can only transfer Naira outside Nigeria and no other foreign currency with RIA MONEY TRANSFER.

Hello Chima,
you can wire it from bank to bank since you have dollar account in Nigeria. Use your dollar account at GTBank to wire it to your US bank account.
For now, Banks/CBN has not stipulated any maximum transfer limit via domiciliary account.

Yes, Of-course!!!

My brother pray serious so that your money don’t get stuck in Stanbic IBTC

This is a huge sum. Does it mean that those companies do not have an online payment platform? Again, can’t you transfer this money bit by bit? Ok, if you must transfer all at the same time, CBN says go through Form M. My brother, this is full of difficulties, time consuming and hassles. You can try that out.

Hello Irene,
How do you intend using your mums debt card to make the payment for your tuition? How have you been paying for your tuition before?