Make Payments and Receive Payments in NGN - Nigerian Naira
Pay in Nigerian Naira (NGN)
Mondial Change allows you to make international payments in NGN (Nigerian Naira) with ease. Manage your Nigerian Naira beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your NGN operations (a spread is applied on the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in NGN (Nigerian Naira)
Mondial Change allows you to receive payments in Nigerian Naira (NGN). Payments in NGN are received in a pool account held by one of our partners. This NGN account is made available to you free of charge. It allows you to receive NGN payments from your clients or subsidiaries. Once the funds are received in the pool account, they are reconciled in our partner's books and credited to your Nigerian Naira (NGN) balance. These funds can be reused to make payments in NGN or can be converted into EUR or any other currency of your choice and repatriated to your bank account.
Do you want to hedge your exchange risk on the Nigerian Naira (NGN)? Check our dedicated page for NGN currency hedging
Mondial Change Answers All Your Questions on Payments in Nigerian Naira (NGN)
What is the timeframe for a payment in NGN to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for a Nigerian Naira transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for executing and routing payments cannot be held liable if NGN payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Nigerian Naira (NGN)?
The fees applied to transfers in Nigerian Naira (NGN) generally vary from 0 to 10 euros depending on the agreement made with Mondial Change's trading desk. The rate primarily depends on your annual NGN exchange volume and the number of Nigerian Naira payments made during the year.
Are there minimum or maximum amounts for payments in Nigerian Naira (NGN)?
Mondial Change and its partners verify that your Nigerian Naira flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If there are restrictions on transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Nigerian Naira (NGN)?
For NGN payments via the SWIFT network, you simply need to provide the following information:
• Full name of the beneficiary
• Account number
• SWIFT code
Is it possible to modify a payment in Nigerian Naira (NGN) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Nigerian Naira (NGN) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment has not been executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
Is the Nigerian Naira (NGN) account provided to you a bank account, and is it nominative?
The Nigerian Naira (NGN) account for which we provide you with the details is a bank account opened in the name of one of our partners. It is a pool account on which all NGN transfers are received. The reconciliation of funds on your NGN balance is generally done with your client account reference. You have a guarantee of segregation of your funds in our partners' books.
Is it possible to keep Nigerian Naira (NGN) on the NGN account provided to you?
You can use this Nigerian Naira (NGN) account to receive Nigerian Naira. The currencies will then be credited to your NGN balance opened in our partner's books. The funds can then be reused to make payments in Nigerian Naira or be converted into other currencies.
What are the public holidays when payments in Nigerian Naira (NGN) cannot be executed?
January 1st: New Year’s Day
Variable Date: Eid al-Fitr
Variable Date: Eid al-Adha
Variable Date: Hijri New Year
Variable Date: Mawlid (Birth of Prophet Mohammed)
Variable Date: Good Friday
Variable Date: Easter Monday
May 1st: Workers’ Day
June 12th: Democracy Day
October 1st: Independence Day
December 25th: Christmas Day
December 26th: Boxing Day
History of the Nigerian Naira
The Nigerian Naira (NGN) is the official currency of Nigeria, the most populous country in Africa. As a national currency, the Nigerian Naira is widely used in commercial, financial, and domestic transactions across the country. Its currency code NGN is used to facilitate exchanges and international transactions involving Nigeria. The Naira is divided into 100 kobo, although this subdivision is no longer used in practice. Whether you are a traveler visiting Nigeria or an entrepreneur doing business in the country, it is essential to understand the Nigerian Naira and be aware of current exchange rates.
Monetary Policy of the Nigerian Naira
The Central Bank of Nigeria is the body responsible for the monetary policy of the Nigerian Naira (NGN). Its main role is to regulate and supervise the country's financial and monetary system. The primary objective of this policy is to maintain price stability and promote sustainable economic growth. To achieve these objectives, the Central Bank closely monitors economic indicators such as inflation, economic growth, exchange rate, and foreign exchange reserves. It uses various instruments, such as setting interest rates and regulating the money supply, to influence the economy and maintain monetary stability. Thanks to a prudent and well-managed monetary policy, the Nigerian Naira enjoys a reputation for stability and credibility in both domestic and international markets.
Characteristics of the Nigerian Naira
The Nigerian Naira (NGN) has unique features that distinguish it from other currencies. Firstly, it is not pegged to another currency, meaning it floats on the foreign exchange market. This flexibility allows the Nigerian Naira to adjust to market fluctuations and adapt to international economic conditions. Additionally, the Nigerian Naira is widely accepted across Nigeria for payments in stores, restaurants, hotels, and financial transactions. Finally, Nigerian banknotes are equipped with advanced security features to prevent counterfeiting, such as holograms, watermarks, and special inks. This enhanced security ensures the integrity of the currency and strengthens user confidence in the Nigerian financial system.