Hi,
I am being offered very poor exchange rates by a popular merchant gateway & their bank in Nigeria for International wire, which got me curious to look for more information on the NGN/USD exchange rates.

So after searching for the current banking wire exchange rates for NGN/USD and after reading from many sources like Punch, Vanguard & other national news websites in Nigeria which are reporting the exchange rate to be anything in range of N205-N225 & the CBN current rates are N198 if I am not mistaken.

Also after going through some of the exchange rates that are being talked about on NL for the past couple of days I find that its way below what I am being offered by my merchant & their bank. I was being offered N254/USD last week and am currently being offered N239/USD even after the drop on Friday.

So, I want to ask those who are doing international wire transfer for business or doing international money transfers for business through their bank, what exchange rates are you getting from your bank.

Your advice will be valuable to know if I am getting the right exchange rates or not.

Thank You!

Simply, be careful.

Are you in nigeria?