I had to send money to Nigeria urgently on Sunday, so I went to Giant to use their Western Union service. The guy who was helping me told me that as of the day before (Saturday, October 5th 2013), Western Union had changed their policies for sending money to Nigeria. You can no longer send the money in US dollars. Your loved one has to receive the money in naira. What’s so bad about that, you ask?
The problem is, the bank converts the dollars at a rate that it lower than the market. From what I’ve been told, the bank exchanges the money at N150 per every dollar. Outside though, you can get it for about N160 for every dollar, maybe even more. The N10 may not seem like a lot of difference, but it does add up. Example, if you send $500, your loved one will get N75,000 instead of N80,000. So, like I said, it does add up.
Meanwhile, I collected my money back and headed to Moneygram. No one will tell me in what currency I can send my own money. I don’t know what’s up with Western Union making this change, and from the way the guy put it, it does not appear that this change is for all international transactions, but specifically for Nigeria (and maybe some other countries, too).
I searched the Western Union website to find this change in policy, and I didn’t find it. But then, I didn’t find much anyway. You know, sometimes I wonder about companies like Western Union and Moneygram. Nigerians and Africans patronize them a lot! Most of us have someone back home that we’re taking care of. So I cannot help but wonder, what does Western Union and Moneygram do for the Nigerian and African community, both home and abroad?
Vera, it’s not a Western Union policy per say. It’s actually a directive from the Central Bank of Nigeria to all banks to henceforth pay only in Naira at the current exchange rate, and not any foreign currency. Moneygram, Western Union or any other one, no one will pay out in forex
Thanks for telling me. I didn’t know. That said, Moneygram still let me send money in US dollars that day. Hope they don’t stop any time soon.
Vera you may need to send me $3k so I can verify if moneygram does same too. We need to have a practical experiment to prove this thing biko. Thanks me darling.
Hahaha. See daylight robbery.
Well Nigeria has been lucky all along this has always been the policy for sending money to every other country so it seems Naija is just catching up with the world. Had to send money to someone in Germany once and was told she would receive it in Euros and this was like six years ago sent money to Ivory Coast a year ago on behalf of someone else and the recipient received it in Francs or something like that. Maybe the receiving in dollar policy was there because as far as I know and I stand to be corrected on this Nigeria is the only country where you can’t send money out via western union you can only receive. Other countries can send and receive via western union with no problem.
@ Pendo exactly. This has been the policy in Ghana for a decade and a half now? Since the late 90’s…I thought it was like that everywhere. The receipient is paid in local currency. And as was mentioned, the bank rates are a little lower.
I didn’t know that, Brooms. Still, if they’re going to make these changes, then they should at least also allow us to send money from Nigeria. My first choice, really, is PayPal
Late 90s,early 00s you could only receive western union in naira. Then some new generation banks started giving out dollars but first bank was only naira. Then everyone joined in.
Pendo you are right, it’s probably got something to do with the fact that you can’t send out money from Nigeria.
Sad 🙁
Nigeria is always left out of everything. So sad. PayPal won’t work in Nigeria. Do you know how much simpler business will be for people like me when you can easily transact via PayPal. That will definitely reduce business for companies like Western Union and Moneygram.
Nawa oh like you said Vera I don’t understand why somebody else will determine in what currency my receiver will get his/her money. And why is bank rates different from market rates should be the million dollar question & why can’t we do both sending & receiving at the same time? Like you said money gram may be the way to go now since western Union is not serious. Nawa everything in Nigeria must be upside down!
Ola, previous commenters said it’s a policy everywhere. But yeah, why is the price different? I guess the bank wants to make more out of us.
Vera, Moneygram also does the same thing, I sent my mum some money last week a day before the CBN changed the policy. Although monegram in the U.S accepted for the money to be received in USD, the moneygram center in Nigeria (which reopened a day after Oct. 1st, which is when the new policy was implemented) refused to give it to her in dollars, and gave it to her instead in Naira. I tire for all of these companies, despite all the business we bring them!
Wooow. The person I sent it to via Moneygram was able to receive it in US dollars. Thank God.
Actually the banks have to exchange at the official inter-market rates so its not like they are fleecing you although black market rates are a bit different but not by much. Same thing applies almost everywhere else. You can’t walk into a bank in DC and demand to be paid in pounds.
Nonso, I didn’t know that when I typed this post. Plus the guy told me that it was Western Union that changed their policy, not Nigeria/Nigerian banks. Meanwhile, I just heard that the black market exchange rate in Nigeria has become even higher as dollars are scarce.
I just found this out today! Spoke to a representative and found out it was only our country that got targeted. WE can take our business elsewhere!!Thanks for your post, I’m definitely going to try out Moneygram.
Young, according to the comments here, though, it’s not just Nigeria. I don confuse taya. And I also just recently learned that Moneygram has started doing the same thing, too.
Moneygram is doing the same thing. I called them and they claimed that it was the policy of Nigerian government and they are just enforcing it.
Ezinwanyi, yeah, I just heard that Moneygram is doing the same thing. The day I sent the money though (before I put this post up), they had not started doing it yet.
As for payment in local currency; that has been the norm in other countries. When I go to the Cambio(Western Union or MoneyGram), people only receive money via their local currency. It just got to 9ja. It was only few years ago that Jamaicans were allowed to send money out, prior to that they could only receive. So I won’t say we were marked out. Its a FG/CBN policy NOT that of the banks. The only problem I have is just the TOO low rate compared to the market.
It’s real a shame Nigeria is not regarded and
respected, with all the money we invest in these companies, Moneygram for example does not have Nigeria on the list of countries on their website, can you imagine that.
It’s real a shame Nigeria is not regarded and
respected, with all the money we invest in these companies, Moneygram for example does not have Nigeria on the list of countries on their website, can you imagine that.
Vera, is it possible to send money on a sunday through western union from the us to nigeria, Pls where are those place in the Us where one can use such services on a sunday. Waiting for ur urgent response. Tnks!
Hi Vicky! Yes, it’s possible to send money from US to Nigeria on Sunday, BUT you won’t get it till Monday because as far as I know, banks don’t open on Sundays in Nigeria. As far as location, it depends on where the sender lives. Typically, you can find Western Union stations at big grocery stores like Giant, or at convenience stores/gas stations like 7-11. Best bet would be to check their site for the nearest location. Here’s the link http://locations.westernunion.com/?locale=en_US
Hope this helps!
My frustration rose today when I realized that money gram is also doing the same thing. I had the clerk check the transaction out for me. It appeared you had the option to receive in dollars in some other countries except for Nigeria. Why is our country always different. The central bank must be responsible for this new regulation because of their selfish ends. It’s a shame !!!
Well, the good news now that PayPal is active in Nigeria. Perhaps, that could be an option.