How To Get Dollar In Nigeria (5 ways)

In one of my previous posts, I emphasised the importance of SAVING DOLLARS (USD) instead of Naira because of the fragility of our local currency occasioned by the spontaneous deteriorating condition of the Nigerian economy. After that publication, a lot of people have been messaging me asking how and where they can get dollars in Nigeria. Here we shall look at five (5) ways you can get dollar in Nigeria.

Below is how to get United States Dollar (USD) in Nigeria:

  1. Commercial Bank: The Central Bank of Nigeria (CBN) sells dollars to licensed banks in Nigerian. Those Banks, inturn sell to their customers. However, you cannot just walk into the bank and buy dollars because it’s regulated by the CBN. Currently, you are allowed to buy dollars from banks if your reason is to spend it abroad, but this can be very difficult since you would be required to produce travelling documents including visa, flight ticket, etc. The maximum dollar dispensation for personal travel allowance is $4000, while business travel allowance is $5000.

  2. Earn Dollar Online: If you work online in Nigeria, it can be very easy to earn dollars. Job like Freelancing or other remote full-time job can pay dollar directly to your domiciliary account in Nigeria, where you have the option to either withdraw (cash) or save it with the bank. Read my various articles on how to make money online including using instant messaging app like whatsapp, telegram, etc.

  3. Bureau De Change: Another easy way to get dollars in Nigeria is to approach those at the bureau de change to buy dollar from them. All you need is to give them Naira and they will convert it to dollar based on the black market exchange rate, which fluctuates over time, and sometime slightly higher than the CBN official rate.

  4. Peer-to-peer conversation: Peer-to-peer in this context refers to the exchange between parties without the involvement of a central authority. You can get a peer by staying close to the airport. At the airport you can meet returning travellers who are willing to peer with you for Naira to Dollar exchange.

  5. Relations in Abroad: If you have relations abroad, especially in United States, talk to them to send dollars through licensed money agents like MoneyGram, Western Union, etc. They can also send dollars directly to your domiciliary bank account in Nigeria.

Source: Nyscinfo

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