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How To Buy Naira in the UK With Jump Africa

How To Buy Naira in the UK With Jump Africa

Nigeria has one of the fastest growing economies in the world, with a growth rate of above 5% expected to continue into the foreseeable future. As such, there are more and more Nigerians moving abroad for work or to study. Simply put, an increasing number of people from Nigeria are moving to the UK for work, school or even just vacations. For those who plan on staying in the UK for an extended period of time, it is worth noting that getting cash out of your bank account in Nigeria is a bit difficult. And as such many Nigerian expats find themselves needing to convert their savings into another currency so they can have some money while they’re away. Fortunately enough there are several ways that you can buy Naira using a UK bank account – here’s how you can do it!

 

What is the Naira?

The Naira is the official currency of Nigeria, used in the Federation of Nigeria. The Naira is subdivided into 100 kobo. The Naira is one of the few currencies in the world that has no standardised symbol. Instead, the currency is identified by the name of the issuing country. The Naira is issued by the Central Bank of Nigeria (CBN), and has been the official currency of Nigeria since December 30, 1991. Prior to that, the Nigerian currency was pegged to the British Pound. Like any other country, the Naira is affected by the economic, social and political factors of both the issuing country and the country where it is being bought. As such, the Naira fluctuates against other currencies such as the Euro and the US dollar.

 

How to buy Nigerian Naira with a UK bank account?

This is the easiest and quickest option, and if you’re only buying small amounts then it is likely to be the cheapest option as well. To buy Naira with a UK bank account you need to first open a bank account with a Nigerian bank. Then you can simply deposit the amount you want to buy into that account and then withdraw it from your UK account (you’ll need to pay a small fee for the transfer). It’s important to note that most Nigerian banks have strict terms and conditions when it comes to account opening and transfers. You’ll need to have a good credit history in your home country and prove that you have a stable income. If you don’t have either of these things then you can try using a money transfer service instead.

 

Naira Exchanges in the UK

There are a number of Naira exchanges in the UK, including the following: - British Foreign exchange - A UK based Naira exchange. - SD Bullion - This UK-based Naira exchange is specialised in gold, silver and platinum bullion. - Oando - A UK-based Naira exchange that is also one of the largest oil and gas companies in Nigeria. All of these exchanges will buy Naira from you, so if you’re in the UK and you have Naira in your account, you can simply sell it and receive the equivalent amount in GBP. The major downside with these Naira exchanges is that they generally charge a much higher rate than the other options listed below. They also have stricter terms and conditions, which means it’s harder for people to get verified.

 

Bank transfer: How to buy Naira using your bank account

The easiest way to buy Naira with a bank transfer is to open a UK savings account in a Nigerian bank. They are reputable, and there are several banks that allow you to open an account remotely. Once you have opened an account, you simply transfer money from your UK account to the Nigerian account. This takes about a day for the money to arrive. You can then withdraw the money in Naira and withdraw it back to your UK account. You will generally have to pay a much higher rate for this option compared to the savings account option above. If you have a large amount of money to transfer then it might be worth considering this option. Alternatively, you can use a money transfer service.

 

Overseas Money Transfer Providers

There are a number of money transfer providers in the UK that offer services to Nigeria. These include Western Union and MoneyGram, among others. You can use the same method as for the Naira bank transfer, but instead of transferring the money to a UK bank account, you send it to a Nigerian recipient. The main advantage of this method is that it is much quicker than a bank transfer. There is also lower risk of your money being stolen or scammed. The main disadvantage is that the fees are much higher, and they might not be any cheaper than the Naira exchanges in the UK.

 

Alternative methods of buying Naira

If you don’t have a UK bank account, or you don’t want to go through the hassle (and possible scams) of using an online money transfer provider, there are a few other ways that you can buy Naira. You can shop around for a reputable Naira broker who will buy Naira from you and sell it back to you at a higher rate. However, this method can be risky as you don’t know who you are dealing with. You can also buy gold or silver in the UK and sell it in Nigeria. Since the price of precious metals is much higher in Nigeria than in the UK, this is a very lucrative option. However, it’s also very risky and quite difficult to get the money out of Nigeria.

 

Conclusion

If you are living in the UK and you want to buy Naira, the easiest way to do it is by opening a bank account in a Nigerian bank and transferring money back and forth. You can also use an online money transfer provider, but you’ll have to pay a much higher rate. Alternatively, you can buy precious metals in the UK and sell them in Nigeria. One thing to keep in mind is that the value of the Naira will not be the same in two different countries. The exchange rate between the Naira and other currencies will fluctuate as time goes on.

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