For Nigerians, receiving money from other countries used to be a very difficult task. But since the introduction of Western Union, it has helped to make receiving international payments and others hassle free. Yes, there are other platforms in Nigeria that allows sending and receiving money internationally but Western Union stands out as the most preferred in Nigeria.
What you should know about Western Union Transactions
With Western Union, you can send and receive money from over 200 countries spread across all parts of the World. What further makes Western Union preferred is that their transactions are fast and efficient. A Western Union transfer takes just 10 minutes to be completed and the receiver can receive it immediately. You can pick up Western Union Transfers from there agents locations, Almost if not all commercial banks in Nigeria serves as agents where you can send or receive money through Western Union. There are various transaction charges charged by Western Union and it mainly depends on the amount and medium (bank transfer, cash, credit, debit card) through which you are making such transaction. However, the charges are usually very low.
Western Union is also safe as it is the least platform where one can carry out fraudulent activities. Before you pick up money from Western Union, you will have to present a Government issued ID. For Nigerians, you can either present your Voters Card, Driving License, National Identity Card, International Passport or your Bank Verification Number (BVN).
Western Union Exchange Rate – US Dollar to Naira
The rate at which money is exchange over Western Union is usually different from other exchange rates in Nigeria. If you have been using or you are planning to use Western Union to send or receive money in Nigeria, then you must be up to date with the daily Western Union Exchange.
Western Union handles money transfer in various currencies and these currencies all have there individual exchange rates. The top three currencies which Nigerians are usually involved with in Western Union transactions are the USD, GBP and the EUR. In any foreign exchange market or foreign exchange platform in Nigeria, the US Dollar is usually the top most foreign currency used and we are going to look at its Western Union exchange rate today.
This is the official Western Union exchange rate of the US Dollar to the Nigerian Naira today 15th January, 2019.
Western Union – USD – NGN
$353.23 – N1
Western Union Dollar to Naira Exchange rate has been stable in Nigeria since this year 2019 but it is still not favourable for Nigerians carrying out Western Union Transactions. We can also see that it has increased with $4.66 as it was being exchange at a rate of $348.57 in December, 2018. You should note that Western Union does not just set these exchange rate. It is decided due to factors affecting the Naira and the US Dollar just as it is with every other foreign exchange medium.