How to Send Money to Nigeria to Invest: Transfers, Rates and the Naira Payout Rule
For Nigerians abroad funding investments at home: the main ways to move money into a Nigerian account, why remittances now arrive in naira, what to compare, and how it connects to owning shares.
Nigerians abroad usually fund investments at home by sending money to a Nigerian bank account in their own name, through a licensed money transfer service or a bank transfer. Since the Central Bank of Nigeria's 2024 guidelines, money sent through international money transfer operators arrives in naira at the market rate. What you compare is the exchange rate, the fees and the speed.
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The Main Ways to Send Money
International money transfer services
Licensed money transfer operators send from a foreign bank account or card to a Nigerian bank account. Under the CBN's revised guidelines of January 2024, inbound transfers through them are paid to the recipient in naira, at the prevailing market rate. Check that the service is licensed by the Central Bank of Nigeria.
Bank transfer to a Nigerian account
An international bank transfer can be sent to a Nigerian bank account, including a domiciliary account that holds dollars, pounds or euros. Bank transfers can carry higher fees, but suit larger sums and keep a clear paper trail.
Non-resident Nigerian accounts
Since January 2025 Nigerian banks have offered two CBN account types for Nigerians abroad: the Non-Resident Nigerian Ordinary Account, for everyday banking and remittances, and the Non-Resident Nigerian Investment Account, which holds foreign currency or naira for investing in Nigeria, with balances and returns that can be repatriated. Ask your bank whether it offers them and on what terms.
What to Compare
- The exchange rate you are given, against the market rate on the day. A small difference in rate often costs more than the fee.
- Transfer fees on both ends.
- Speed: minutes for many transfer services, a day or more for some bank transfers.
- Limits per transfer and per month, which matter for larger sums.
- Name matching: send to an account in your own name. Investment platforms and brokers expect payments from accounts in the investor's name.
Keep records of every transfer: date, amount, rate and account. They help with tax in the country you live in and with any later question about where the money came from.
Getting Money Back Out Later
Money converted to naira through a transfer service is treated as naira at home. If you expect to take capital back out in foreign currency later, look at the Non-Resident Nigerian Investment Account, or ask your bank about a Certificate of Capital Importation before you send.
What a Certificate of Capital Importation does, and when Nigerians abroad need one.
Certificate of Capital Importation ExplainedHow This Connects to Owning Shares
To buy Nigerian shares in your own name you need a full BVN and a Nigerian bank account in your name; with Shares Saver the shares are held in your own CSCS account. Exchange rate movements also affect what your naira holdings are worth in pounds or dollars, which is worth understanding before you invest.
How the naira exchange rate affects diaspora investors.
FX and the Naira for Diaspora InvestorsFrequently Asked Questions
Can I receive dollars in Nigeria through a money transfer service?
Under the CBN's 2024 guidelines, transfers through international money transfer operators are paid out in naira. To hold foreign currency, use a domiciliary account or a non-resident account and a bank transfer.
Do I need a Nigerian bank account to invest from abroad?
Yes. To buy shares in your own name you need a Nigerian bank account in your name and a full BVN.
Is it cheaper to send money by bank or by transfer service?
It depends on the amount and the rate offered on the day. Compare the total naira received, not just the fee.
Does sending money home have tax consequences?
Sending your own money is not usually taxed in itself, but income and gains from investments can be taxable where you live. See our UK and US tax guides.
Important disclaimer. This article is for general information and educational purposes only. It does not constitute financial advice, investment advice, or any recommendation to buy, sell, or hold any security. The value of investments can fall as well as rise. You should seek independent regulated financial advice before making any investment decision. Shares Saver does not provide financial advice.
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