Do you have family or friend you’ll like to send or receive money from? Is the family or friends living outside the country? If yes, then Western Union is a good platform to carry out such transaction.
Business owners who import foreign goods also make use of this platform to pay for the goods, which are brought into the country. This article will be looking at the exchange rates at which Western Union operates. We know the market is a fluctuates a lot, it will be bad to just assume the rate of these financial institutions.
For starters, Western Union is an American company that offers financial services worldwide. They have their headquarters in Meridian, Colorado. Their financial services include Wire transfers, Money orders, Bill pay, Money transfers, Price estimation and Transfer Tracking. You’ll have less to worry about when dealing with this company as they have been in the financial sector since 1851.
Western Union, like other financial institutions in Nigeria that deal with the foreign exchange market, operates with the two exchange rates available. When sending money out, they charge you at the parallel market rate (also known as the black market rate). But when you’re receiving money through their platform, they pay you using the CBN official market rate. In case you don’t know, there is a big difference between both rates. Let’s get straight to it.
Below is the official exchange rate from CBN used by Western Union for June 2019
Western Union Naira Official exchange rate
- 1 USD = NGN 305.5
- Western Union pounds to Naira exchange rate is 1 GBP = NGN 388.53
- Western Union euros to Naira exchange rate is 1 EURO = NGN 345.20
- Western Union Canadian dollar to Naira exchange rate is 1 CAD = NGN 224.5
- Western Union Japanese Yen to Naira exchange rate is 1 YEN = NGN 2.839
- Western Union Chinese Renminbi/Yuan to Naira exchange rate is 1 Renminbi = NGN 44.41
- Western Union South African Rand to Naira exchange rate is 1 Rand = NGN 20.78
- Western Union Indian Rupee to Naira exchange rate is 1 INR = NGN 5.22
Now let’s look at the black market exchange rate used by Western Union for its customers.
Western Union Naira Blackmarket exchange rate
- 1 USD = NGN 358
- Western Union pounds to Naira exchange rate is 1 GBP = NGN 469
- Western Union euros to Naira exchange rate is 1 EURO = NGN 409
- Western Union Canadian dollar to Naira exchange rate is 1 CAD = NGN 275
- Western Union Japanese Yen to Naira exchange rate is 1 YEN = NGN 3.13
- Western Union Chinese Renminbi/Yuan to Naira exchange rate is 1 Renminbi = NGN 55.30
- Western Union South African Rand to Naira exchange rate is 1 Rand = NGN 25.73
- Western Union Indian Rupee to Naira exchange rate is 1 INR = NGN 5.39
Overall, these exchange rates are no different from what your local bank will offer you. Western Union operates worldwide, so you basically need them to help get your money to a country of your interest. Western Union popular trading currency in Nigeria is the United States Dollar (USD). Several countries use the dollar currency in a de facto system. Bookmark this page as we’ll update the rates on a daily basis. This will ensure you don’t miss out, and always stay updated.
