How to Send Money from the UK to Nigeria (2026): Documents, Rates & Options

To send money from the UK to Nigeria, use a CBN-licensed International Money Transfer Operator (IMTO) for everyday naira payouts, or a specialist currency broker for larger GBP transfers to a Nigerian domiciliary account. Since 1 May 2026, IMTO remittances are paid out in naira, not US dollars, at a market-reflective rate. Sending through a licensed channel is what keeps your money safe, traceable, and correctly priced.

Who this guide is for

This guide is for anyone moving money from the UK to Nigeria — people supporting family, members of the Nigerian diaspora sending regular remittances, businesses paying suppliers or staff, and investors or property buyers funding a purchase. It also covers larger one-off transfers, such as funding a domiciliary (foreign-currency) account or moving the proceeds of a UK sale.

What are your options for sending money to Nigeria?

There are three main routes from the UK, and they suit different amounts and purposes. Money-transfer apps and IMTOs are built for smaller, frequent naira payouts; a specialist currency broker is built for larger GBP transfers where the rate and the paperwork matter. Banks sit in between, usually at the highest cost.

For smaller everyday support payments, a licensed IMTO or app is usually the practical choice. For larger sums — a property deposit, business payment, or funding a foreign-currency account — a specialist broker rather than a bank typically gives a sharper rate and human guidance through the compliance steps.

What documents do you need to send money to Nigeria?

The documents fall into two parts: what you provide in the UK as the sender, and what your recipient needs in Nigeria. Getting both right upfront is what prevents a transfer from stalling.

On the UK side (the sender), you’ll typically need:

• Proof of identity — a passport or driving licence, plus proof of address, for standard know-your-customer (KYC) checks.
• Source-of-funds evidence for larger transfers — for high-value amounts, a UK-regulated provider must verify where the money came from, such as a payslip record, a property completion statement, or a sale agreement. See our guidance on proof of funds for large international transfers.

On the Nigeria side (the recipient), you’ll usually need:

• A Nigerian bank account with a Bank Verification Number (BVN) — the BVN is mandatory for receiving funds into a Nigerian account.
• A domiciliary account if the recipient wants to receive and hold foreign currency (GBP or USD) rather than naira. This needs the account number and the bank’s SWIFT/BIC code for an international wire.
• The recipient’s full name exactly as it appears on the account — a mismatch is the most common cause of delay or rejection.

UK providers carry out these checks under the Money Laundering Regulations 2017. The recipient-side rules are set by the Central Bank of Nigeria.

The 2026 change you need to know: naira payouts

This is the single most important update for the corridor. Under a Central Bank of Nigeria directive effective 1 May 2026, all IMTOs must route transactions through designated naira settlement accounts. In practice, that means recipients now receive naira, not dollars, when money arrives through an IMTO — even if they hold a domiciliary account.

The naira amount is set using market-reflective pricing rather than a capped or independently chosen rate, which has narrowed the gap between official and street rates. The trade-off is that the IMTO channel can no longer be used to deposit physical foreign currency into a domiciliary account.

If your recipient specifically needs to receive and keep GBP or USD — for example to protect savings against naira depreciation — the route is a direct bank-to-bank SWIFT transfer into their domiciliary account, arranged separately from the IMTO remittance channel. A specialist broker can handle the GBP side of that transfer.

Costs, exchange rates and what to watch for

Nigeria has long had a gap between the official Nigerian Foreign Exchange Market (NFEM) rate and the parallel (“black market”) rate. In mid-June 2026, GBP/NGN traded around ₦1,820–1,850 to the pound in the official market, having moved within a wide 12-month band. The reforms of recent years have narrowed — though not closed — the spread between the two.

Three things to watch:

• The rate, not just the fee. The exchange-rate margin is usually the larger cost on a Nigeria transfer. A low advertised fee can hide a poor rate, so compare the all-in figure your recipient actually receives. Our guide to international money transfer fees explains what to look for.
• Official versus parallel. Sending through a licensed IMTO or broker gives you a traceable, market-reflective rate. The parallel market may quote a better number but carries real legal and fraud risk — it is not a safe route for a transfer of any size.
• Naira depreciation over time. The naira has weakened against the pound over the long term, so if a recipient is saving rather than spending, holding value in a domiciliary account may matter more than the headline rate on the day.

Timing, safety and avoiding fraud

The Nigeria corridor attracts a high volume of remittances — Nigeria is Africa’s largest remittance market, receiving over $20 billion a year according to World Bank data — and that volume attracts scammers. Protect every transfer by:

• Sending only through a CBN-licensed IMTO or an established broker working with FCA-authorised partners. If you’re unsure, here’s how to verify a provider is legitimate.
• Confirming the recipient’s account details directly with them, by phone or in person — never acting on details sent only by email or message.
• Reading our wider guidance on how to send money abroad safely before a first large transfer.

Why a specialist broker matters for larger Nigeria transfers

For a few hundred pounds to family, an app does the job. But for larger GBP transfers — a property purchase, a business payment, school fees, or funding a domiciliary account — a specialist broker earns its place. At Cambridge Currencies, a dedicated specialist talks you through the rate, the documents, and the route by phone, and completes every transfer with a named dealer rather than an anonymous app. The minimum transfer is £5,000.

Cambridge Currencies is a UK specialist currency broker founded in 2023. It is not itself an FCA-authorised firm; it arranges transfers through its FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951), whose regulated infrastructure safeguards client funds. You can read about how client funds are safeguarded, how we work, and whether currency brokers are safe. For the full process on bigger sums, see our guidance on large international money transfers.

Frequently asked questions

What documents do I need to send money from the UK to Nigeria?

In the UK you’ll need proof of identity and address, plus source-of-funds evidence for larger amounts. In Nigeria, your recipient needs a bank account with a BVN, or a domiciliary account (with its SWIFT/BIC code) to receive foreign currency. The recipient’s name must match the account exactly.

Can my recipient in Nigeria still receive US dollars?

Since 1 May 2026, money sent through an IMTO is paid out in naira, not dollars, even to domiciliary-account holders. To receive and hold GBP or USD, your recipient needs a domiciliary account funded by a direct bank-to-bank SWIFT transfer, arranged separately from the IMTO channel.

What is the best way to send a large amount to Nigeria?

For a large GBP transfer — property, business, or funding a domiciliary account — a specialist currency broker usually offers a sharper rate and guidance through the compliance steps than a bank or app. For smaller, regular support payments, a licensed IMTO or app is more practical.

What is the exchange rate from pounds to naira?

In mid-June 2026, GBP/NGN traded around ₦1,820–1,850 to the pound in the official market, within a wide 12-month range. The rate moves daily, so check the live figure before you send and compare the all-in amount your recipient receives.

Is it safe to use the parallel (“black”) market for a better rate?

No. The parallel market may quote a better number, but it carries legal and fraud risk and offers no protection if something goes wrong. Sending through a CBN-licensed IMTO or an established broker gives you a traceable, market-reflective rate.

How long does a transfer to Nigeria take?

Money sent through an IMTO or app often arrives within minutes to a day. A bank-to-bank SWIFT transfer into a domiciliary account typically takes one to a few working days, depending on the banks and any compliance checks.

Do I need to prove where my money came from?

For larger transfers, yes. UK-regulated providers must verify your source of funds under the Money Laundering Regulations 2017 before releasing a high-value payment. Preparing that evidence in advance keeps the transfer moving.

Who carries out the regulated checks on a Cambridge Currencies transfer?

The customer due diligence and fund safeguarding are carried out through Cambridge Currencies’ FCA-authorised partners, Currencycloud (FRN 900199) and ScioPay (FRN 927951). Cambridge Currencies arranges your transfer and guides you through the documents by phone.

Sending a larger sum to Nigeria?

If you’re making a larger GBP transfer to Nigeria — a property purchase, a business payment, or funding a domiciliary account — speak to a Cambridge Currencies specialist about your rate and the documents you’ll need. Every transfer is completed by phone with a dedicated dealer. Request a quote or call +44 (0)1223 608232.

Related guides: Send money to the USA from the UK · Proof of funds for large transfers