Finance Blog

How to get your NIN with ease.

The Nigerian National Identification Number (NIN) is issued by National Identity Management Commission (NIMC). It is a set of eleven digit numbers assigned Nigerians and legal residents who are over 16 years old by the Government

During Enrolment,the following information is recorded.

GTBank Customers can now spend up to 3,000 dollars on Online transactions and POS Monthly.
The bank is its message to its customers stated that the spending limit on the GTBank Naira Mastercard has been reviewed from $3,000 to $1,000 for international online and POS Transactions.

Its important to note that;

Export Documentation in Nigeria

Exportation is a striving but challenging business to embark on in Nigeria. The process of getting required documents with a faint knowledge on how to go about it would leave one stressed out and frustrated. It is, therefore, necessary to get handful information on the documents you will need for exportation.

The Nigerian government has laid down the requirements and the consequences of defaulting could lead a massive loss of investments. The Export documentation needed are as follows:

Accessing Foreign Exchange for PTA and School Fees

The Central Bank of Nigeria introduced new guidelines for the purchase of Forex for Personal Travel Allowance (PTA) on the 21st of February, 2017. This move tends to increase foreign exchange availability and the need to ease the difficulties faced by Nigerians in getting forex for some invisible transactions. The challenges of funding personal items, paying school fees, paying for medical bills, waiting on a tiring queue are reduced when one uses PTA. This can be got from authorized dealers and commercial banks.

How to Pay for Goods and Services that Cost above 100 usd from Nigeria

$100 is the highest amount of money used to purchase goods and services abroad in a month if you are using the ATM cards, under the directive of the Central Bank of Nigeria. Are you wondering how to exceed this limit? Read on the different ways to pay for goods and services above 100usd from Nigeria as discussed in this post. Look for the one that most suits you.


BTA stands for Business Travel Allowance. BTA is for business travel only and is set at a maximum of $5,000

Meaning of BTA

BTA means Business Travel Allowance. BTA provides a cheaper avenue for assessing foreign exchange for travelers in Nigeria.>

Everyone traveling abroad needs hard currency. Hard currency can be obtained in the black market but at a high rate.See black market rates here.

Not sure on how to receive moneygram payments?. Read on.

Moneygram is a global money transfer service that ensures your money is delivered safely and fast.The beneficiary is given the exact amount in naira (using the locked in exchange rate) with no extra charge in minutes.

With thousands of locations across the country, your are sure to receive your money in no time. Here are two ways of receiving money from moneygram in Nigeria.

PTA means Personal Travel Allowance. People traveling out of the country need hard currency. While hard currency can easily be obtained at the black market, the government offers it for sale to travelers at a more competitive rate.

In essence, PTA is hard currency sold to Nigerians traveling out of the country at a subsidized rate.


Image removed.You can receive money from many ways worldwide. Want to know how to receive money from Western Union? Here are some ways to pick up money through western union without stress:

Getting a Letter of Credit In Nigeria.

Do you want a faster, affordable and reliable mode of payment for importation of goods in Nigeria? Know more about a Letter of Credit.

What You Need to Know about Form Q and SME

On the 20th of April, 2017, the Central Bank of Nigeria introduced Form Q for Small and Medium Scale Enterprises (SMEs)to increase Foreign Exchange liquidity and improve access to foreign Exchange.

The form has been designed to reduce excessive documentation requirements by this sector. One can obtain the form at the Fund Transfer Unit or Foreign Operation Unit of any bank.

There are many opportunities for importing goods from China to Nigeria. What goods meet the customer demand? Want to know what goods are prohibited for import in Nigeria? What are the cost and on and on? These questions are posed to solve the needs of potential entrepreneurs, with both small and large capital. Why China? China is one of the largest markets in the world for importation of different types of goods. Several Nigerian importers have got huge success from this enterprise by researching and going through the right processes of importing goods from China.

What is a bitcoin?

Bitcoins are decentralized, purely digital virtual coins exchanged directly between two parties online with no middle man. Bitcoin lets you exchange money in a different way than with usual banks. Bitcoins are pieces of computer code - mathematical algorithms, which represent monetary units. Unlike credit card transactions, Bitcoin transactions, which take place internationally every day, are irreversible; they can only be refunded by the person receiving the funds.

Domiciliary Account: How It Works

Domiciliary account is a bank account in Nigeria that is operated in foreign currency, i.e. a currency other than naira. The account allows you save money in US Dollars, Pounds Sterling, Euro and other currencies with your money valued at the prevailing exchange rate. Below contains requirements for GT Bank and First Bank, Nigeria:

The information needed to open a GT bank domiciliary account is provided below:

Are you unsure of how to send money using Western Union?. Have you ever been in a dire need of sending money to someone abroad, on short notice? Do you recall how wearisome the whole process was? Now, that stress can only stay as a memory as Western Union offers a fast and reliable way of sending money without stress. The success stories of the convenience got from using Western Union should be yours to tell.

One convenient yet reliable means of sending money from Nigeria to other countries is through MoneyGram. Unlike bank wires, MoneyGram shields you from high transfer fees and delivers money to recipients in Nigeria within ten minutes. Here are the procedures on how to send money using MoneyGram.

A country full of vast resources like Nigeria has been limiting her opportunities in export business. In order to increase the country’s Gross Domestic Product (GDP), the government has also engaged in activities that promote exportation in Nigeria. On 22nd of June,2017, the Nigerian Government introduced the exportation of yams to the Nigerian market. 72 tonnes of yams were exported to the United Kingdom. The long term lack of Nigerian products in other countries is alarming as the demand for Nigerian products are on the rise.

The Nigeria exports business is no doubt a very profitable one to venture into. With a whole lot of resources at our disposal, investors have continued to expand their horizons in the different states of the country. The export returns will not only increase the livelihood of the parties involved but also the economy at large. The Gross Domestic Product (GDP) will continue to grow and the heavy dependence of foreign products would soon end. However, exportation is not left out of the ills of the corrupt system in the country; leaving a scar to the country’s image.

With the current shortage of dollar in the country, bitcoins have largely penetrated the Nigeria market. Since Bitcoins have surpassed the traditional money exchange as its global acceptance keep growing all over the world; discovering how to buy bitcoins in Nigeria has been a concern for potential investors. The constant failure of Nigeria cards in other countries has made the bitcoins a viable substitute. Recent times have shown that the bitcoins are now nearly three times higher in price than an ounce of gold. This reveals that bitcoin is becoming a store value of multiple returns.

CBN cashless policy in Nigeria was introduced as at 2012 for the sole purpose of reducing the amount of physical amount in the country and encouraging more e-transactions. The former cashless policy stipulated a cash handling charge of 3% on daily cash withdrawals that is above N500,000 for individuals; while a charge of 5% is for corporate bodies above N3,000.000.