Are you interested in making use of the Western Union services to either transfer money or receive money and you are wondering what the exchange rate looks like? If you answer yes to this question then, this article had been written specifically for you. We wrote this question with one thing in mind and that’s: to get you enlightened about the Western Union Dollar to Naira exchange rate so as to make better decisions. This is particularly important for businesses receiving and sending money from Naira. And more importantly to those receiving money because frankly, there are the ones at the receiving end of the unfavorable condition. Before we move into discussing the exchange rate, let’s give you today’s Western union dollar to naira exchange rate plus pounds and euro which will be updated daily.
WESTERN UNION DOLLAR TO NAIRA EXCHANGE RATE Today
Dollar – 354.23
Pounds Sterling – 486.87
Euro – 425.76
WESTERN UNION DOLLAR TO NAIRA EXCHANGE RATE TODAY
This is the bad part. While you are charged the parallel market (black market) rate when transferring money, you are charged the official exchange rate when you are receiving money. And as we know, there exists a wide gap between the official exchange rate and the parallel market exchange rates.
WHAT IS WESTERN UNION MONEY TRANSFER?
According to the Western Union website, A Western Union money transfer allows individuals to send money to other people around the world in just minutes. Money transfers are done 24 hours a day, 7 days a week and are facilitated in almost half a million locations in the world. This is to say you can always transfer and receive money anytime you wish. Good one I guess.
HOW DOES WESTERN UNION MONEY TRANSFER WORK?
According to information provided on their website, Western Union operates as a conduit that allows people to send and receive funds by way of phone, Internet or a local Western Union center. The working principle is simple. A sender goes to a Western Union center and initiates the transfer. After doing all the required paperwork, the money would be available for the receiver to collect at any Western Union center or wait for it to be available in their bank account according to the plan.
THE UNITED STATES DOLLAR
The U.S. dollar is the currency most used in international transactions in the world. Several countries use the U.S. dollar as their official currency and many others allow it to be used in a de facto capacity. The U.S dollar is known locally as a buck or greenback.
THE NIGERIAN NAIRA
The Nigerian naira is the official currency of Nigeria. This currency is subdivided into 100 kobo. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the country. Currently, due to some factors, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate.