Topic: General Posts

Subject: Nigeria - Funds Transfer
Steve Flamm
Member: 2019
Posts:
Submitted on 07-17-20 9:31 pm
Message:

Looking for advice on how to efficiently tranfer funds from a Nigerian subsidiary to the US.  We are a direct selling company and if the exchange rate is approx 380 the exchange to transfer funds is closer to 450.


We use BOA but they are not able to assist.  Would appreciate any advice.


 


Thanks,


 


Steve

 
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Replies
George Peterson
Member: 1998
Posts: 8

Subject: Re:Nigeria - Funds Transfer

Submitted on 07-20-20 8:11 pm.
Message:
 

Based on my experience in Iraq, if no USA bank is registered in Nigeria you need to find a bank in Nigeria that has a correspondent bank relationship with a bank registered in the USA.  This two-step process adds to the total elapsed time required but it works.


George Peterson


gbp@airmail.net


617-869-4150   


 
 
Mark Gibbens
Member: 2014
Posts: 1

Subject: Re:Nigeria - Funds Transfer

Submitted on 07-24-20 1:41 pm.
Message:

Hi Steve - I just helped found a business which is US owned, but the principal first location is Nigeria.  Nigerian banking and transfers are quite interesting.  There are two exchange rates. both of which are legitimate.   The rate you can acheive for sending money outside of Nigeria to the US depends on how you treated your initial capital inflows and whether you recevied a CIC.  Basically, did you register your initial inflow.  If so, you should be able to send money out at the 380 Naira / USD rate.   You should do this with your local bank whom you have a relationship with.  They can facilitate this.   


We use Union Bank of Nigeria (UBN) if you do not have a good banking relationship there.


Regards,


 


Mark Gibbens

 
Kito Adegbenro
Member: 2014
Posts: 1

Subject: Re:Nigeria - Funds Transfer

Submitted on 08-04-20 2:30 am.
Message:

Hello Steve,


Sorry for my late response. Mark hit the nail on the head. Best way to safeguard your capital from the unique forex system in Nigeria is to register the funds as investment funds coming into Nigeria via the Central Bank (CBN) to obtain a certificate of capital importation (CCI). Your local bank will be able to assist you with this. The CCI will then allow you to transfer funds out at the CBN window rate at time of transfer. Hope this helps.


 


Cheers,


Kito

 
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