Difficulties To Expect to Send Money To Nigeria

People living abroad are facing difficulty to send money to Nigeria as Government has made some considerable changes concerning money transfer. These major changes affected the money transfer process and affected the stock market, which consequently affected the businesses. There is no complete and specific solution to resolve this issue till now. Many reasons compelled the Nigerian Government to take this decision, but here are some notable factors:

Use Of Illegitimate Ways To Send Money:-

The use of illegitimate and unauthorized ways to send money worldwide was the main reason behind this action. These illegal platforms cause a lot of damage to Nigeria’s economy, and it was necessary to make a decision. The second-largest stock market became a stack because of these illegal platforms. To stop this, the Nigerian Government promptly terminated the processing of all the money transfer companies. Then the government checked that if the companies were licensed or not. Then the government allowed those companies which were legally licensed for money transaction. So the people who are facing any problem in sending money should use mentioned below companies as they are working properly:

· Super Sonicz.

· Western Union.

· Money Gram.

High Money Transfer Fee:-

The exchange rate in Nigeria is higher than in other countries, which is because of the insufficiency of the dollar. This problem is faced by all the money transfers all around the world. Some different banks and IMOTs were taking extra fees to transfer the money. The banks’ rate was not the same, but still, it was causing issues to many people as sometimes they do not know that the other bank is taking less money transfer fees. People can tackle this problem in two ways:

· The person should know about all the possible options through which he can send the way. This way, he can find a way to send money to Nigeria at low prices and quickly.

· You should do your research before sending your money. You should check the rates of different banks and IMOTs. Then choose the most convenient money transfer portal.

By using these two approaches, the person can avoid paying extra transaction fees to some extent.

There Were Many Frauds:-

Many companies will convince people that they will send money to Nigeria at cheap prices quickly. And those people who are tired of spending a major part of their payment on money transfer trust these companies without thinking. But when the people submitted the amount, the companies were deactivated or nowhere to be found. There were many where a huge amount of money of people was stolen. These frauds and scams were increasing day by day, forcing the Nigerian Government to shut all the money transfer companies. After assuring that several companies were trustworthy, the Nigerian Government allowed companies like Super Sonicz to continue working.

Is There Any Solution:-

It is up to to the person who is sending the money. he needs to check whether the IMOT or Bank through which he is going to send the money are legally licensed or not. The best way to know this is through reviews.