• Business - Banking & Finance
  • Updated: February 17, 2023

Five Currency Exchange Marketplaces In Nigeria

Five Currency Exchange Marketplaces In Nigeria

Many factors have impacted the evolution of Nigeria's currency exchange market to its present position. 

This includes shifting patterns of international commerce, institutional changes in the economy, and structural adjustments in production.

Nigeria's reputation in the International market is bolstered by its production powers such as agriculture, petroleum and mining which constitute greatly to Nigeria's economy with telecommunications also playing an important role.

This reputation has contributed to foreigners viewing Nigeria as an outstanding location for their businesses to develop and grow.

As a foreigner visiting Nigeria, whether for business or pleasure, you will undoubtedly require physical currency.

Hence, this article takes a look at the top five currency exchange marketplaces in Nigeria where you can get money in any currency. 

1. VertoFX

VertoFX offers a variety of solutions to support flexible currency exchange because many firms both inside and outside of Nigeria use varied operating models.

One of the top FX platforms in Nigeria, this currency exchange platform has a ton of incredible features.

Access to liquid and exotic currencies, mid-market marketplace rates, and an online chat facility are just a few of these advantages.

The VertoFX currency exchange platform enables quick settlement times for international payments.

It is a very safe exchange platform with affordable and straightforward pricing.

It has long been regarded as one of the most reliable exchange platforms by leading brands in business both inside and outside of Nigeria.

VertoFX distinguishes itself from competing platforms by offering its users a variety of advantageous rates to pick from.

Additionally, it offers a simple-to-use internet marketplace for companies.

Transactions on the platform are secure thanks to the VertoFX escrow technology.

2. FOREX.com

Leading economic figures in many nations throughout the world oversee Forex.com, a prominent platform for currency trading.

This exchange market provides mobile and web-based trading solutions.

The company offers a sophisticated trading platform for desktop users to trade many currencies.

With a variety of listed currencies, it is a highly welcoming marketplace for buyers and sellers.

This platform has strong security measures in place to stop crackers and hackers from breaching its firewall.

When you utilize Forex.com, you may exchange the Naira with any currency at a very reasonable cost.


3. Chipper Cash

In Africa, Chipper Cash is one of the most popular mobile payment systems.

Exchanges of currencies are free and considerably safer on Chipper Cash.

A Chipper Cash wallet must be made to use the platform. 

The trade is simplified by the ability of this wallet to connect several mobile money accounts.

Without a doubt, Chipper Cash remains a top currency platform in Nigeria and around the world, which has been verified and supported by numerous respected venture capital firms.

Offering its consumers a free mobile-based cross-border exchange service, Chipper Cash's distinctive business approach has helped it win a sizable market share in Nigeria.

Since it entered the Nigerian market, the platform's active user base has increased from 70,000 to over 600,000, according to Techpoint Africa.

Also, it has experienced a sharp increase in transaction volume, going from about 250,000 to over 3 million transactions.

According to NairaMetrics, the platform once funded $6 million to establish its presence in the southern African part of Africa.


4. MoneyGram

Due to its well-defined structure, MoneyGram has become a popular marketplace and one of the top 5 currency exchange markets in Nigeria.

This market is well known for providing highly practical currency exchange services.

In this marketplace, customers can pay money directly in person or online and have it converted to any other currency.

It has numerous global branches and many of the most important currencies.

MoneyGram uses a different exchange rate than many other marketplaces for exchanging currencies.

Those who want to trade currencies in this market need to be aware of these exchange rates.

MoneyGram's strength comes from the widespread acclaim and level of trust that it has gained over time as a company providing cutting-edge, dependable, and practical money transfer services.

MoneyGram currently has a global agent network of more than 350,000 locations and operates in over 200 countries.


5. SureRemit

With the help of the exchange platform SureRemit, you can conduct cashless transactions both inside and outside of Nigeria.

Sending a voucher, doing phone airtime top-ups, and many more methods can help you buy what you want without having to walk around with cash in hand.

The SureRemit platform is incredibly safe and simple to use.

It includes provisions for a customer care and support team that aids in giving customers all the information they require.

Exchanges made on this platform are 100% guaranteed to be safe. 

The unique selling proposition of SureRemit is its creative approach to doing away with intermediaries and cash agents.

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