Good morning nairalanders, I want to send $360 approximately 115k naira [based on the present exchange rate here] to my uncle in the states...


So, he said the only available option is through his 9ja business account and he will cash it out in dollars...

But he said the exchange rate should be around 470naira/1$....

Now my question, is there a way/means to send the 115k to him and its Equivalent will be 360$..

puskin, dominique, naijacutee, FOD, importexpert

gidimasters:
Good morning nairalanders, I want to send $360 approximately 115k naira [based on the present exchange rate here] to my uncle in the states...


So, he said the only available option is through his 9ja business account and he will cash it out in dollars...

But he said the exchange rate should be around 470naira/1$....

Now my question, is there a way/means to send the 115k to him and its Equivalent will be 360$..

puskin, dominique, naijacutee, FOD, importexpert

Which exchange rate are you referring to as the current exchange rate? Is it the official rate? If so, then you have to send it officially if possible. But if you want to send it at the reality-on-ground rate (Nairaland and Nigerian people daily rate), then your Uncle is close to the reality of N470/USD. So choose which method you or he want(s), and that will determine the amount he will get or the amount you will send. By the way, you did not give details of what his business account can achieve? Is it that if you deposit the naira in his business account, he will be able to use/get it over there at your desired N319 rate (N115k giving $360)? Or what did he say the business account will offer as advantage? The cheaper rate you want or the N470 rate he suggests?

arbitrage:


Which exchange rate are you referring to as the current exchange rate? Is it the official rate? If so, then you have to send it officially if possible. But if you want to send it at the reality-on-ground rate (Nairaland and Nigerian people daily rate), then your Uncle is close to the reality of N470/USD. So choose which method you or he want(s), and that will determine the amount he will get or the amount you will send. By the way, you did not give details of what his business account can achieve? Is it that if you deposit the naira in his business account, he will be able to use/get it over there at your desired N319 rate (N115k giving $360)? Or what did he say the business account will offer as advantage? The cheaper rate you want or the N470 rate he suggests?

Thanks... I'm referring to the official rate which is 320... Well, I don't know what his account entails which I will ask him.... Since the money will be transferred officially through the bank, I believe it should be equivalent to the official bank rate also....

It's not PayPal, payoneer funds, etc...

gidimasters:


Thanks... I'm referring to the official rate which is 320... Well, I don't know what his account entails which I will ask him.... Since the money will be transferred officially through the bank, I believe it should be equivalent to the official bank rate also....

It's not PayPal, payoneer funds, etc...

Yeah, if it's to be transferred through the bank, then it may be at close to official rate. The next concern will be whether the bank will agree to do the transfer if the purpose of fund transfer is not under the CBN regulatory items permitted.

arbitrage:


Yeah, if it's to be transferred through the bank, then it may be at close to official rate. The next concern will be whether the bank will agree to do the transfer if the purpose of fund transfer is not under the[b] CBN regulatory items permitted.[/b]

I can't understand this at all

gidimasters:
I can't understand this at all

What it means is that for any bank to transfer a dime out of Nigeria from your Naira account, the CBN regulation must be followed, which says the purpose of that fund you are transferring must be on the FG approved list for forex. Example are payment of your child's school fees abroad, buying of machinery/equipment for manufacturing industry in Nigeria, etc.

arbitrage:


What it means is that for any bank to transfer a dime out of Nigeria from your Naira account, the CBN regulation must be followed, which says the purpose of that fund you are transferring must be on the FG approved list for forex. Example are payment of your child's school fees abroad, buying of machinery/equipment for manufacturing industry in Nigeria, etc.

Wanna order from Amazon

arbitrage:


What it means is that for any bank to transfer a dime out of Nigeria from your Naira account, the CBN regulation must be followed, which says the purpose of that fund you are transferring must be on the FG approved list for forex. Example are payment of your child's school fees abroad, buying of machinery/equipment for manufacturing industry in Nigeria, etc.

Please I need someone who can transfer 2150usd at once to south Korea by moneygram or wu...

Please tell me if you can do this...I will credit your naira account with equivalence