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Considered the most populated country in Africa with an increasing population, Nigeria is rightly referred to as the ‘Giant of Africa’ making here a global power.
Agriculture, petroleum and mining constitute the more substantial part of its economy with telecommunications also playing an important role.
This reputation has contributed to foreigners seeing Nigeria has an excellent environment for their businesses to thrive and grow. Individuals and corporate bodies every day come into Nigeria to establish and run businesses.
As a foreigner who is visiting Nigeria, either for business or for pleasure, you would no doubt need physical cash. The more money you have on you, the higher your chances of making the most of your stay
In this article, we shall be looking at the top currency exchange marketplaces in Nigeria where you can get money from in any currency.
This list was created considering currency exchange marketplace platforms that have crossed the one million transaction mark with positive reviews from international financial magazines like Forbes, Bloomberg, and TechCrunch.
Top Currency Exchange Marketplace in Nigeria
Here are the top currency exchange marketplaces in Nigeria:
1. Chipper Cash
Chipper Cash is a leading mobile money transfer platform across Africa. Currency exchanges carried out on this platform are free and much secured. To make use of this platform, you need to create a Chipper Cash wallet.
This wallet can connect multiple mobile money accounts making the exchange a lot easier. Backed by many reputable venture capital firms in the world, Chipper Cash is no doubt a leading currency platform in Nigeria and across the globe.
Chipper Cash’s unique strategy, which led to it capturing a significant share of the Nigerian market was offering its users a free mobile-based cross-border exchange service.
According to Techpoint Africa, the platform has grown from 70,000 active users to 600,000 active users since it entered the Nigerian market. It has also seen a meteoric rise in the number of transactions it has carried out from around 250,000 to 3 million transactions.
The platform recently raised $6million in a bid to establish its presence in the southern African region of the continent according to NairaMetrics.
2. SureRemit
SureRemit is an exchange platform that lets you perform cashless transactions within and outside Nigeria.
Instead of going about with cash in hand, you can get what you want by sending a voucher, carrying out mobile airtime top-up and many others.
The SureRemit platform is a very secure and user-friendly platform. It makes provisions for a customer care and support team that helps to provide all the necessary information needed by customers.
Exchanges carried out on this platform are very secure and guaranteed. For convenience, you can download the SureRemit app today.
SureRemit’s USP is its innovative solution towards eliminating the need for middlemen and cash agents.
3. VertoFx
Many businesses within and outside Nigeria operate on different models and to aid flexible currency exchange, VertoFX offers different solutions too.
This currency exchange platform offers a lot of amazing features that make it one of the leading FX platforms in Nigeria.
These features include access to liquid and exotic currencies; mid-market marketplace rates and an online chatting tool amongst others.
VertoFX currency exchange platform allows for international payments within short settlement periods.
It is a much-secured exchange platform with cheap and transparent pricing. It has for many years now been the most trusted exchange platform by top business brands within and outside Nigeria.
What makes VertoFX stand out amongst other platforms is that it provides its users with favourable rates to choose from on the platform. It also provides an easy-to-use online marketplace for businesses. With the VertoFX escrow system, transactions on the platform are secure.
According to, Ola Oyetayo one of the VertoFX co-founders the platform processed about $7 million in transaction volume final month.
4. MoneyGram
MoneyGram is a popular market place and one of the top 5 currency exchange marketplaces in Nigeria because of its well-defined structure.
This marketplace is known to offer very convenient money transfer services across various currencies. Individuals in this marketplace can send money online or directly in person, and have it converted to any other currency.
It has many of the major currencies of countries and branches across the globe. Unlike many other currency exchange marketplaces, MoneyGram has a different exchange rate. Individuals who desire to swap currencies in this marketplace need to be conversant with these exchange rates.
MoneyGram draws its strength from the global recognition and level of trust it has garnered over the years as a brand offering innovative, reliable, and convenient money transfer services.
MoneyGram currently operates in over 200 countries boasting of a worldwide network of about 350,000 agent locations.
5. FOREX.com
Forex.com is a leading currency exchange platform that has oversight from some of the largest economic players in many countries across the globe.
This currency exchange marketplace offers web-based and mobile trading platforms.
For desktop users, the company provides for an advanced trading platform to trade several currencies. It is a very friendly marketplace for buyers and sellers with several currencies listed.
This platform is well secured to prevent hackers and crackers from breaking into its firewall.
You can trade the Naira with any currency at a very affordable rate when you make use of Forex.com.
What to Consider When Choosing a Currency Exchange Marketplace
To guarantee the security of your exchange and to trade with the best possible rates, there are some factors to be considered.
These factors ensure that you are trading in the right marketplace. They include:
- Exchange Regulation: When exchanging currencies in any marketplace, it is vital to find out the local laws regulating the exchange. These laws or regulations differ from one country to another. The Central Bank of the country determines these regulations. You must also ensure that platforms in the marketplace are in full compliance with the rules to prevent fraud.
- Reputation of the Platform: In trading currencies, you must pay attention to the reputation of the currency exchange platform. You can gather information on their reputation by reading ratings, reviews and analysis of the platform by previous traders.
- The Rates and Fees Applicable: Marketplaces differ in the rates and fees that they charge. Many of the platforms listed above have different exchange rates that are always made available to the public. Individuals are to pay attention to these rates before engaging in exchanges. It is also necessary to find out if there are any other fees attached to the transaction.
- Exchange Duration: How long the transaction will take is a significant factor to be considered. This factor depends on how fast you need the money. In many cases, especially as it has to do with international transactions, the duration of exchange takes longer. Sometimes, the marketplace determines the time duration of the transactions. The country and regulations governing exchanges in different countries also affect the length of exchange.
Conclusion
It would help if you had a foreknowledge of the marketplace you are transacting in. Currency exchange is highly prone to fraud if care is not taken when carrying out transactions.
One way to ensure the security of any exchange is to trade in the right marketplace. Trading in the right marketplace gives both buyers and sellersa positive experience.
We have mentioned the top currency exchange marketplaces in Nigeria. Before transacting on any marketplace, you must find out their regulations and exchange rates.
If there are any other currency exchange platforms that you feel should have made this list, kindly let us know in the comments section.
Take some time to read on the best investment apps in Nigeria.
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