Sending money abroad from Nigeria has long been considered a challenging task, with a system that is notoriously difficult to navigate. This poses significant obstacles for businesses struggling to pay foreign suppliers, as well as students seeking to pay their school fees. However, Nigerians are known for their resilience and resourcefulness, and they have devised various ways to overcome these challenges. One such solution is the peer-to-peer payment system, which allows individuals to pay in Naira and have their accounts credited overseas. While this method relies heavily on trust, it has its limitations. Additionally, banks impose strict restrictions on deposits, transfers, and withdrawals of foreign currencies.

Do you have strategies for sending money overseas, please let me know in the comment section.

With the peer-to-peer payment system, if the fx deposit in the account of the person you're buying from is an export proceed or transfers, as opposed to cash deposits, the bank cannot place a limit on the maximum amount transferable.

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