In Nigeria, whatever you want to buy has some kind of conversion rate or use. This can be anything from exchanging your plastic to buying an iPhone X. Because these quotes vary depending on where you are, the next time you go shopping, calculate the USD amount first and then convert accordingly. Of course this is a lot easier said than done; but with some knowledge on the subject and a savvy calculator or smartphone app at your disposal, you’ll be better prepared for your transaction!
This is just one of the many peculiarities that make traveling in Nigeria difficult—starting from currency exchange rates to strange cultural practices. 30 million naira to dollars is the current rate in Nigeria, but it could change at any time. So, what can you do to get the best rate? We spoke to some experts on the subject to help give you the best advice.
1. Open an account with Mpesa and make sure your balance is enough for a transaction
If you want to go from 30 million naira (N200) to dollars (USD), the next step is to open an account with Moneygram or Western Union. Once your balance is sufficient, head over to any of these agents and convert your amount. With Western Union, for instance, there is usually a 3% transaction fee per transaction. But if you are going between two different agents within one agency, this can be waived or reduced. And it could be even lower if you are using a card to buy the USD.
2. Find an agent with a better rate than Mpesa
If you have found an agent with a better rate than Mpesa, don’t forget to ask for their business card so you can use them in future transactions. Customer support is the most important factor when choosing an agent, because they will take care of your transactions and make sure everything goes smoothly at all times. You may be interested in trying out Mpesa but there is no denying that Moneygram has better customer service and it will get cheaper over time as well as give you more options for sending money internationally.
3. After you receive your money, go to Western Union and give them the account number and information from the agent
You may have also decided to send money to another country via Western Union. If you know the account number and details of the agent responsible for giving you the cash, then all you need to do is pay the Western Union agent at their nearest branch and they will give you USD through Moneygram or change it into a local cash equivalent. This process tends to take up to two weeks.
4. Use your phone app to get real-time rates on currency exchange in your area
Ever since smartphones became popular, there are apps out there that can help guide users toward better exchange rates within minutes. If you are not a fan of apps, there are also websites that help find the best exchange rates. Check out the rate if you know where you are going to transfer your money and remember that this is only effective in certain countries.
5. Get help from friends or family who have traveled to the country before
This is also a simple way to get better rates on your exchange. You can ask your friends or family members who have been there before, and they will give you good advice on what to do for the best outcome when converting currency in the country.
6. Make sure you have your own bank account before going on trips to other countries
This will make it easier for you to get a better rate in the country. There are different kinds of accounts out there, so find one that will suit your needs. If you need help getting an account, contact your bank and they can help you find an account that matches your situation perfectly.
7. Have a SIM card from the country you are traveling to from Nigeria
If you do manage to go abroad with local currency or change it into the local currency, then it will be much easier for you to get cash through your mobile phone by swapping SIM cards.
8. Get your money in a hard-to-trace form instead of carrying it with you
If you don’t want to be targeted by criminals, keep your cash in the hotel safe or a hostel. There are limits to how much money you can safely bring into most countries. If you are caught with more than this figure, you could be charged extra fees at customs. This makes it more worthwhile to convert local currency to dollars and then withdraw it from ATM machines when in other countries.
