Cheapest way to send money from the US to Nigeria

Who sends money from the US to Nigeria

Common senders: workers supporting family, diaspora communities sending regular monthly support, and people paying bills back home.

About this corridor

Nigeria is Africa's largest remittance recipient, and the US and UK are its biggest sources. Since the naira reforms of 2023, the gap between official and parallel rates has narrowed, which has made licensed digital services much more attractive than informal channels. Always confirm the recipient's 10-digit account number and bank before you send.

Worked example: sending 500 USD

Using the ExchangeRate-API rate on 2026-10-08, 1 USD = 1,330.21 NGN, our estimate model gives these results for sending 500 USD:

In this example Revolut delivers roughly 37,255.77 NGN more than a typical bank wire. Rates move daily and providers change pricing, so treat this as an illustration from our model; the live calculator above and the provider's own quote are what count. See how we estimate.

Sending to Nigeria: what to know

• Payout options: Nigerian bank accounts (10-digit NUBAN number) and, on some providers, cash pickup or mobile wallets.
• Bank delivery to a 10-digit NUBAN account is the standard option and is usually fastest.
• The naira has been volatile since the 2023 exchange-rate reforms, so compare on the day you send rather than relying on last month's rate.

Rules and limits

In the US: Under the CFPB Remittance Transfer Rule, US providers must disclose the exchange rate, fees and the amount to be received before you pay, and you can generally cancel for free within 30 minutes. Since 1 January 2026 a 1% federal excise tax applies to transfers you pay for with cash, a money order, a cashier's check or a similar physical instrument; transfers funded from a US bank account or a US-issued debit or credit card are exempt. Gifts to one person above the annual gift-tax exclusion ($19,000 for 2025 and 2026) require a Form 709 filing, though tax is rarely due; ask a tax professional.

In Nigeria: International money transfer operators paying out in Nigeria must be licensed by the Central Bank of Nigeria (CBN). Receiving banks may ask the recipient for their BVN.

How to pick the cheapest option

1. Compare the amount received, not the fee. "Zero fee" offers usually hide their cost in the rate. How markups work.
2. Small amounts: watch fixed fees. Large amounts: watch the markup.
3. Avoid intermediary deductions. SWIFT wires can lose $10–30 in transit. Why.