How to send money to Nigeria in 2026: the naira rate, a 10-digit account number and deposit insurance
The naira strengthened over the year: the dollar fell from 1,454.74 to 1,331.27 naira by 7 October 2026. We go through the Central Bank of Nigeria rate by month, the recipient's 10-digit bank details, deposit insurance up to 5,000,000 naira and the papers a Nigerian bank asks for with a transfer from $10,000.
In short
- The central rate on 7 October 2026 is 1,331.27 naira per dollar.
- Over the year the dollar fell in naira by 8.5%.
- An account number at a Nigerian bank has 10 digits, the last a check digit.
- Deposits are insured up to 5,000,000 naira ($3,800) at each bank.
In detail
Nigeria receives more than $20 billion of transfers from abroad a year: $20.93 billion arrived in 2024. For the money to arrive, the recipient sends the 10 digits of their bank number, the bank's name and their name as registered at the bank, and a bank transfer takes 1-3 business days. Naira are counted at the Central Bank of Nigeria's central rate, 1,331.27 per dollar on 7 October 2026.
| Method | On 8 October 2026 | Time | What you need |
|---|---|---|---|
| Bank transfer to an account in Nigeria | works | 1-3 business days | a 10-digit account number, the bank, the name |
| Money transfer company | works, $4.73 billion went through them in 2024 | from minutes to a day | the recipient's name and ID document |
| Paying for study or rent in Nigeria | works | 1-3 business days | the school's invoice or the lease |
The Central Bank of Nigeria's central rate on 7 October 2026 is 1,331.27 naira per dollar. The rows were checked on 8 October 2026, and dollars are rounded up.
The naira to dollar rate: the dollar fell 8.5% over the year
The Central Bank of Nigeria publishes the naira central rate and buying and selling rates every day: on 7 October 2026 the bank bought the dollar at 1,330.77 naira and sold it at 1,331.77. Over the year the naira strengthened, and the dollar costs 8.5% less in naira:
| Date | Central rate, naira per dollar |
|---|---|
| 2 October 2025 | 1,454.74 |
| 2 January 2026 | 1,430.35 |
| 1 June 2026 | 1,366.30 |
| 1 September 2026 | 1,328.93 |
| 7 October 2026 | 1,331.27 |
Central Bank of Nigeria rates on the dates in the table. The same $1,000 in October 2026 gives the recipient 1,331,268 naira, while a year ago it gave 1,454,740, 123,472 naira more. So the naira sum is checked against the rate on the day of crediting, not last year's calculations.
Life in the capital is described in the Abuja guide.
No direct route from your bank to Nigeria? A manager will find a legal route through a bank in a third country for the sum and timing of the payment.
10-digit details and deposit insurance up to 5 million naira
An account number at any Nigerian bank has 10 digits under the Central Bank of Nigeria's common 2010 standard, updated in 2020. The last, tenth digit is a check digit: a number with a typo fails the check, so the recipient sends it in full from the banking app or a statement. Since 14 February 2014 every client of a Nigerian bank has had a single bank verification number shared by all their accounts.
Deposits are protected by the Nigeria Deposit Insurance Corporation. In 2026 it pays back:
| Where the money is held | Insurance per depositor at one bank | In dollars |
|---|---|---|
| Commercial bank | 5,000,000 naira | $3,800 |
| Microfinance bank | 2,000,000 naira | $1,600 |
| Mobile wallet | 5,000,000 naira | $3,800 |
The sums are from the corporation's data on 8 October 2026, in dollars at the rate of 7 October. Savings above the insured sum are spread across several banks: the limit is counted separately at each.
Transfers from abroad are a large source of money for Nigerian families: in 2024 they came to $20.93 billion, 8.9% more than a year earlier. $4.73 billion went through money transfer companies, 43.5% more.
We will help you send money to Nigeria
Mistakes cost more than fees: a typo in the 10-digit account number so the transfer fails the check, the recipient's name written differently from the bank's record, a naira sum worked out at last year's rate, a Nigerian bank without papers on the source of the money. We will help you avoid them: we choose a legal transfer route from your country, prepare documents on the source of the money for the Nigerian bank and carry out the transfer through licensed partners through to crediting.
Details and terms are with a manager in the chat: the calculation depends on the sum, the sending country and the purpose of the transfer.
A transfer to Nigeria from $10,000: what a bank in Lagos and Abuja will ask for
The larger the sum, the more a Nigerian bank asks about the money. In 2026:
| Sum | The Nigerian bank's question | What to show |
|---|---|---|
| Up to $10,000 | who the payment is to and what for | the recipient's 10-digit account and a note |
| $10,000-100,000 | where the money comes from | 6 months of statements, a salary certificate |
| From $100,000 | the path of the money from a sale or income to the transfer | a sale contract, a tax return, statements |
How to collect papers on the money is covered in the articles on proof of source of funds, sending a large sum abroad and moving home sale proceeds abroad.
Buying a home in Lagos or investing $100,000 or more in a Nigerian business? A specialist will collect documents on the source of the money for the Nigerian bank and carry out the transfer through licensed partners through to crediting; ways to move capital are on the capital relocation page.
From Lagos abroad: study, family and work
From Nigeria money most often goes for children's study and to relatives abroad:
- United Kingdom: bringing in your own money is not taxed
- Canada: Canadian dollars to your own account
- United States: deposits insured up to $250,000
- UAE: the dirham pegged to the dollar at 3.6725
Sending money to neighbouring countries
- Ghana: the cedi is the only currency within the country
- Senegal: the CFA franc pegged to the euro
- Benin: the western neighbour with an online land registry
- Niger: CFA francs to a 24-character bank account
- Sao Tome and Principe: the dobra at 24.5 per euro
- Sierra Leone: the new leone
Whole capital is moved under the plan on the capital relocation page.
FAQ
How many naira does a dollar buy in October 2026?
How many digits are in a Nigerian bank account number?
How many naira on deposit are insured at one bank in Nigeria?
Has the dollar fallen in naira over the past year?
We will suggest the best way to send your money
We will choose a transfer method for your amount and country, prepare the documents on the origin of the money for the bank, make the transfer through licensed partners and follow it until the money is credited. Ask your question in the chat - the manager will suggest the best terms and the cost. The legal side with banks and government bodies is handled by Murblz specialists and locally licensed partners.
Details and cost are with the manager in the chat. Describe your situation and we will reply right away.
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