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Any ideas on getting better market rate?

beya2009 · 2016-04-19 20:27:45

Hi everyone, My friend is currently in Nigeria on business but lives permanently in the UK. He was recently paid 5 million Nigerian Naira (₦) which with today's exchange rate (Exchange rate of 0.0044) works out in Euros as €22,073.22 but we found out that the market rate for the ₦5 million is €13,966.48 which is a huge…

19-04-2016 8:27pm

#1

beya2009

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Hi everyone,

My friend is currently in Nigeria on business but lives permanently in the UK. He was recently paid 5 million Nigerian Naira (₦) which with today's exchange rate (Exchange rate of 0.0044) works out in Euros as €22,073.22 but we found out that the market rate for the ₦5 million is €13,966.48 which is a huge drop. Any ideas from the smart finance people here?:)

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#2 20-04-2016 11:27am

Atlantic Dawn

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Posts: 84334

I think the Nigerian Naira is not commonly dealt with in UK so there's likely a large premium attached to conversion by any of the major banks. If he has contacts still in Nigeria best would be to have it changed in to Sterling/Euro/Dollar there and transfer it over.

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