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How to buy or sell dollars in Nigeria
To buy or sell US dollars in Nigeria, you can take the following steps:
Locate a Bureau de Change (BDC) or authorised foreign currency dealer in Nigeria. You can search for licenced BDCs on the website of the Central Bank of Nigeria (CBN) or by conducting a simple web search.
Contact the BDC or dealer to confirm their buying or selling exchange rate for U.S. dollars. The exchange rate for buying or selling US dollars in Nigeria is not fixed and fluctuates based on market demand and supply, inflation, and geopolitical events, among other factors.
Provide the BDC or dealer with the required documentation, such as a valid form of identification (such as a passport or driver’s licence) and proof of address.
Pay for the U.S. dollars in Nigerian Naira (NGN) using cash or an electronic transfer at the BDC or dealer-agreed exchange rate.
Depending on the agreed-upon exchange rate, collect your U.S. dollars in cash or via transfer.
In Nigeria, there are restrictions on the amount of U.S. dollars that can be purchased or sold by individuals or businesses. The CBN limits the amount of foreign currency that can be purchased or sold for various purposes, such as travel or business transactions.
Ensure that you only do business with licenced BDCs and authorised dealers to avoid the risk of fraud and scams. It is advisable to compare the exchange rates offered by various BDCs or dealers in order to obtain the best possible rate.