Send money from Canada to Nigeria(CAD → NGN)

Lemfi, Wise, and WorldRemit consistently deliver the most naira per Canadian dollar. Lemfi specialises in African corridors and often has the most competitive NGN rates from Canada. Wise charges the real mid-market rate with a transparent fee of C$3–6. WorldRemit offers multiple delivery options with fees under C$5. Canadian banks charge C$30–80 per wire plus 3–5% exchange rate markups, costing C$45–100 more than specialists on a C$500 transfer. Fund via Interac e-Transfer for the lowest fees. Always compare total NGN received — naira volatility means even small rate differences translate to thousands of naira.

The naira has experienced extreme volatility since the CBN unified exchange rate windows in mid-2023. The NGN/CAD rate has moved from around 460 to over 1,100, meaning your Canadian dollars now buy significantly more naira. However, the rate can swing 10–20% in a single month. Use rate alerts from Wise or XE to send when NGN weakens. The CBN periodically intervenes in the FX market, causing sudden rate movements. Provider rate markups vary from 0.5% (Wise) to 5% (banks), and on a volatile currency like naira, even a 1% markup difference means thousands of naira on a C$500 transfer.

Bank deposits to Nigerian banks (GTBank, Access, First Bank, Zenith, UBA) typically arrive within 1–24 hours depending on the provider. Cash pickup through Western Union and MoneyGram is usually available within minutes. Interac e-Transfer funding gives providers same-day receipt, enabling faster overall delivery. Bill payment funding can add 1–2 business days. Nigerian banking hours (Monday–Friday, 8am–4pm WAT) affect deposit timing. OPay wallet deliveries are near-instant during processing hours.

Bank deposit is the most common — all major providers support transfers to GTBank, Access Bank, First Bank, Zenith Bank, UBA, and others. Cash pickup through Western Union and MoneyGram agent networks spans most Nigerian cities and towns. Mobile wallet delivery via OPay (with over 35 million users) is growing as a delivery option through some providers. Domiciliary (dollar) accounts at Nigerian banks are an alternative if your recipient prefers to receive in USD rather than NGN, though not all providers support this option.

FINTRAC requires all money services businesses in Canada to report transactions over C$10,000 as part of anti-money laundering compliance — this is reporting, not a restriction. Providers set their own limits, typically C$5,000–$50,000 per transaction with verification. On the Nigerian side, the CBN requires all inbound remittances to be converted at the official NAFEM rate. Recipients can receive unlimited amounts through formal channels without tax on incoming personal remittances. Nigerian banks are required to credit inbound international transfers within 24 hours of receipt.