What is the Easiest Ways to Buy Dollars in Nigeria?
The demand for United States dollars in Nigeria is very high and experts says it’s a red flag for the country’s economy and shows lack of faith on Naira.
Ordinarily, the need and demand for dollars should be for international dealings such as businesses, academics and foreign trips.
But instability of the Naira has created a huge demand for buying and hurding of dollars in Nigeria.
Now,most Nigerians wants to keep their savings in US dollars as proactive reactions to instability of Naira.
In this article, we will be looking at available ways of buying dollars in Nigeria.
We will provide our readers with the easiest and fastest ways of buying dollars in Nigeria.
Also, this post will provide a clue on how to buy US dollars from commercial banks in Nigeria.
Best Ways to Buy Dollars in Nigeria
There are two major ways of purchasing US dollars in Nigeria, either at official CBN rate through commercial banks or at the black market.
Buying dollars either through commercial banks or black market ( Bureau De Change) has its pros and cons.
Sometimes, people ask is it possible to buy dollar from banks in Nigeria? Or does commercial banks in Nigeria sell dollar?.
It is affirmative as banks in Nigeria sells US dollar and US dollars can be purchased from commercial banks in Nigeria under certain conditions.
However, for those who just want to convert their savings to dollar in Nigeria, you will need to buy or source your dollar from the black market.
This is because CBN frowns at using Naira to purchase dollar for purpose of savings.
How to Buy Dollars From Banks in Nigeria
It is possible to buy dollar from commercial banks in Nigeria and at official rates.
However, to be able to buy dollar from commercial banks in Nigeria, certain requirements and conditions must be met.
As stipulated by the CBN, there are three (3) basic conditions under which banks in Nigeria can sell dollar to a customer at official rate.
Commercial banks in Nigeria can sell dollar to customers in Nigeria under the following situations:
- Personal Travel Allowance
- Business Travel Allowance
- Foreign School Fees Payment
There are maximum US dollar amount that is stipulated to each of these allowances.
The maximum amount of dollar you can purchase from bank in Nigeria for personal travel allowance is $4000, while the maximum amount of dollar you can buy from bank in Nigeria for business travel allowance is $5000.
Requirements for Buying US Dollar from Bank in Nigeria
To be able to secure dollar purchase in a commercial bank in Nigeria, you need to present certain documents as requirements validating or confirming the motive and the use of foreign currency.
Here are certain documents and requirements you will have to present to be able to buy dollar from a bank in Nigeria.
- For those applying for PTA/BTA payment, you must provide a dully-filled Form A, your valid Nigerian Passport, your valid visa. You will also provide an international return ticket (travel date must not be more than 14 days from the date of dollar purchase).
- All BTA applicants must present documents of Registration/Incorporation.
- BTA applicants must also present letter of invitation from their business partner overseas.
- Those applying for foreign school fees payment should either be parent/guardian of the student, or the student.
- Foreign school fees payment applicants must present a valid BVN.
- Foreign school fees payment applicants are required to present Applicant’s valid ID card, admission letter, duly completed Form A, and payment invoice.
It is important to note that minimum of 5 hours journey of flight time which will originate from Nigeria is required for PTA/BTA application.
How to Buy Dollars from Black Market (BDC) In Nigeria
The most popular and easiest way to buy dollar in Nigeria is to go through dollar black market known as Bureau De Change (BDC).
This is the fastest way to buy dollar in Nigeria. However, buying US dollar in black market in Nigeria comes with hiccups.
You will be purchasing as very high price which isn’t same with the official CBN rate.
Also, you stand a chance of buying fake dollar in black market especially if you couldn’t Identify one.
Even though, the black market is not the best places to buy US dollars in Nigeria, it is the best place to sell or exchange dollar to Naira in Nigeria.
This is because you will be getting higher value and the black market rate.
Best Places to Buy or Sell US Dollar to Black Market or BDC
The black market for US dollar is scattered across the country.
These black markets can easily be located in major markets across Nigeria.
There is no particular place that is exclusively reserved for Dollar black market in Nigeria.
In some cities in Nigeria,they can also be found close to airports and top hotels.
Do Banks in Nigeria Sell US Dollars?
The commercial banks in Nigeria can sell US dollars to customers in Nigeria provided they tender the necessary documents and meets requirements for US Dollar purchase in Nigeria as stipulated by the CBN.
So, banks in Nigeria do sell US dollar to customers that meets the Central Bank of Nigeria requirements for US dollar purchase.