How to buy Dollar with Naira; 5 alternatives to Form A for students
Getting Form A from any Nigerian bank to settle your school fees and meet other financial needs can be extremely difficult. To this end, having an alternative that can allow you to buy dollars with naira will save you a lot of headaches as a Nigerian international student.
Form A is a special intervention by the CBN that allows Nigerian students studying abroad to buy foreign currencies at government-approved rates instead of the black market rates.
However, due to the high number of applicants, the bureaucracy involved and the limited supply of foreign currencies in the Nigerian economy, getting your Form A approved even when you are eligible is not always easy.
Most banks say eligible applicants have to give at least 3 months’ notice before the date of their travel and the amount approved is usually limited to under $5,000 per applicant.
As an international student, if you need more than the maximum Form A limit, or cannot wait the minimum 3 months to get approval, here are some alternative sources to get your dollars instantly.
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 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 is a financial app that can be used to send and receive money. It can function as an alternative to Kiakiafx.
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 Piggyvest allows users to convert their naira to dollars, the dollars can be withdrawn into a domiciliary account.