Send Money to Nigeria (in USD)

Nigeria is home to the largest Indian community in West Africa, estimated by the Indian High Commission at around 50,000 people. Lagos anchors the community by a wide margin, alongside Abuja, Kano, Port Harcourt, and Kaduna.

Indian businesses have operated in Nigeria since before independence, and Indian-owned groups now run some of the country's largest manufacturing operations in textiles, plastics, steel, and consumer goods. Indian doctors and teachers served across northern and eastern Nigeria for decades, and a CBSE-affiliated Indian school in Lagos teaches around 2,500 students.

These ties make sending money to Nigeria a regular requirement. School fees, family support, and supplier settlements are involved, and transfers are sent in US dollars rather than in naira, which is subject to active foreign exchange management. Domiciliary accounts let Nigerian businesses hold dollars directly, which is often the cleanest way to receive a commercial payment from India.

Even small differences in exchange rates or fees affect the final amount received. BookMyForex helps you send money to Nigeria with better rates, faster processing, and complete transparency at every step. 

Indian remittances to Nigeria cluster around the commercial capital. Lagos receives the overwhelming majority of volume, home to the largest Indian community, the Indian school, most manufacturing groups and trading houses, and the country's main ports.

Abuja attracts transfers tied to government contracting, diplomatic activity, and professional households. Kano receives inflows connected to textile and trading businesses in the north, while Port Harcourt, Ibadan, and Kaduna see regular flows tied to oil services and regional manufacturing. Onitsha and Aba receive smaller flows tied to wholesale markets and textile distribution in the south east. 

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Accurate beneficiary details, including the recipient's ten-digit NUBAN account number and the bank's SWIFT code, are essential, as Nigeria does not use the IBAN system for incoming transfers.

Transfers from India are sent in US dollars. Nigeria applies active foreign exchange rules and the receiving bank handles conversion to naira, so confirm whether the recipient holds a domiciliary dollar account, which many businesses do. Most recipients bank with Access Bank, Zenith Bank, GTBank, or First Bank of Nigeria. Naira conversion rates have shifted considerably since the 2023 reforms, so confirm expectations in advance. 

As per the Union Budget 2026, Tax Collected at Source (TCS) applies to outward remittances under LRS based on the purpose and amount of transfer. Here are the applicable TCS rates:

● Education via education loan: 0% TCS (any amount)
● Self-funded education & medical treatment: Nil up to ₹10 lakh; 2% above ₹10 lakh
● All other outward remittances: Nil up to ₹10 lakh; 20% above ₹10 lakh

Note: TCS is not a final tax, it can be claimed as credit when filing your ITR. BookMyForex auto-calculates applicable TCS at checkout so there are no surprises.

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