The Nigerians Living all over the world wire money to Nigeria. The Nigerians receive the highest rate of remittance when compared to other nations in Africa. Their oil export and multiple immigrants living in other countries are the reasons for this high level of incomes. Immigrants living in other countries have developed their position as businessmen and other important positions in the country allowing them to transfer money to their country for internal development in the infrastructure of the country.
The development of the country
The economic condition of the country remains poor until now. Immigrants from the USA and every other country in the world transfer their hard earned money to Nigeria to improve their poverty. These remittances are mainly used for the following operations. They include,
Developing Education system
Nigeria houses nearly 10 million young people and most of them are uneducated due to the lack of a proper education system. Food and education are important requirements for a developing country. Most of the remittance money sent to Nigeria are used for building and developing their education system allowing the youngsters to structure their future properly. Education for women is given more importance in the country.
Proper health care
The Health care system is extremely poor in the countries and the rate of hospitals, when compared to the sick patients, is also considerably lower. So the next best investment of the remittance money is on these health care methods. Nigeria is having a major reduction in population due to diseases like Tuberculosis and maternal mortality.
Develop the Economy
The next step required in the development of the remittance money is to develop the economic condition of the country by introducing technology and increase the job opportunities within the country. This will increase the economic condition of the country along with the people in it.
These developments using remittance money received a huge backlash during 2016 when the government suspended the MTO’s to prevent the illegal transfers happening in the country. But considering the economic condition of the country the Central Bank reversed the decision and returned the permission to many MTO’s.
By 2017 The remittance rate grew up to 11. 4 % in the Subsaharan African countries. Among them, Nigeria received a remittance of nearly 21. 9 billion, which is the highest among the other countries in Africa. People use many money transfer services to send money to Nigeria online which is the recent method that has provided a pathway for the rise in remittance money.
What are the most effective choices to wire money to Nigeria from the USA?
To exchange to a ledger in Nigeria, the least expensive supplier right now is WorldRemit, with zero exchange charges and an aggressive USD-NGN transformation rate (current rate: 1 USD = 355 NGN).
When considering the conversion standard and the charges, the complete expense of your exchange with WorldRemit is 6.05 USD, in correlation, you would pay an all-out expense of 13.71 USD (generally 2x increasingly costly) if you somehow managed to utilize Xoom for the extremely same exchange.
The least expensive alternative at present is Xoom, with 4.99 USD for the exchange charges and a focused USD-NGN conversion scale (their present rate is 1 USD = 350.0142 NGN).
How is FAZRemit better than all of them
Along with these services FAZRemit allows people to wire money to Nigeria from the USA with the cheapest rate in the market. The transfer rate is also higher which is 60 seconds to 2 minutes when compared with other forms of transactions. This 24/7 online transaction service is completely transparent and they allow people to transfer money in a secure way possible.
These methods have reduced the power of banks and MTO’s over the department of money transfer and they allow people to transfer money easily. The rate of remittance income has considerably increased in the past few years because of these websites that allow people to wire money to Nigeria.