How to buy Dollar with Naira; 5 alternatives to Form A for students
Securing Form A from a Nigerian bank for your educational expenses and financial needs can be a daunting task. This becomes particularly challenging for Nigerian international students who face difficulties navigating through the traditional processes. An alternative method to convert naira to dollars can be a game-changer, eliminating the complexities associated with securing Form A from a Nigerian bank.
Form A is a unique intervention by the Central Bank of Nigeria (CBN), providing Nigerian students studying abroad with the opportunity to purchase foreign currencies at government-approved rates. This helps them avoid the unpredictable rates of the black market. However, the reality is that the high volume of applicants, bureaucratic hurdles, and limited availability of foreign currencies in the Nigerian economy often create obstacles in obtaining Form A approval, even for eligible candidates.
Many banks require eligible applicants to provide a minimum of three months’ notice before their travel date, with the approved amount frequently capped at under $5,000 per applicant. This limitation poses a significant challenge for international students who may need funds beyond the maximum Form A limit or cannot afford to wait for the mandatory three-month approval period.
Exploring Alternatives to Form A for Instant Dollar Acquisition
In this article, we will delve into alternative sources that empower international students to acquire dollars instantly, providing solutions to circumvent the challenges associated with the conventional Form A application process.
Form A alternative to buy dollar with Naira
Getting your personal allowance from the government comes with the advantage of buying dollars at a regulated price that is much lower than the one obtainable on the black market. If however, you cannot wait or require more than the CBN’s limit, here’s how to source your foreign currencies on the black market.
Aboki bureau de change traders
These are money traders that exchange more major international currencies for local ones. Most of them operate from shops on the street, you can buy your dollars from them and simply deposit it in your domiciliary account. The transaction is usually instant, and some can even make direct transfer into your dollar bank account.
KiaKiaFx
Kiakiafx is an online currency exchange service platform that allows you to buy and sell any major currency with Naira. Kiakiafx is just like the Aboki bureau de change vendors, but instead of dealing with physical cash, the whole transaction is done online.
Chipper cash
Chipper cash is a financial app that can be used to send and receive money. It can function as an alternative to Kiakiafx.
Piggyvest
The wealth management app, Piggyvest can also be used to buy dollars with naira in Nigeria. Piggyvest allows users to convert their naira to dollars, the dollars can be withdrawn into a domiciliary account.
In conclusion, while Form A from Nigerian banks remains a viable option for purchasing foreign currencies, exploring alternative methods can offer international students more flexibility and immediate access to funds. Aboki bureau de change traders, online platforms like KiakiaFx, financial apps like Chipper Cash, and wealth management apps like PiggyVest provide valuable alternatives to navigate the challenges associated with the traditional Form A application process. Consider these options to empower yourself with a seamless and efficient means of acquiring dollars for your educational and financial needs.
