How to send money to Nigeria from China with the best CNY-NGN rate

An exchange rate determines the price you will pay when buying Naira. A better exchange rate means more money reaching the recipient in Nigeria.

The current rate between the Yuan Renminbi and Naira is 201.77.

The total cost of money transfers to Nigeria from China, is a combination of exchange rates and fees. Sending with a company that can offer a good competitive rate and low (or no) fees is the best way to get a good deal.

• The Mid-Market and Exchange Rates: The current mid-market for CNY-NGN is 201.77 NGN per Yuan Renminbi.

• Fees: Some money transfers between China and Nigeria will be subject to fees. Wise has a fee of 422.05 CNY based on a 50,000 CNY transfer. Although you should search for your send amount for actual fees as your scenario may be different.

• Amount Received: Money transfer companies will show you the amount of Naira eventually received in Nigeria.

Waiting a day or two can help you get more NGN for the same amount of Yuan Renminbis.

A better option is to use a forward contract can also allows you to lock in an agreed exchange rate between China and Nigeria.

Paying via bank transfer is the payment method that will get you the best price with a money transfer company. When sending money from China to Nigeria.

Here are the best options:

Bank transfers

A bank transfer is often the default option for money transfers from China to Nigeria.

By using a money transfer company such as Wise to send money from China to Nigeria, you can while benefit from lower fees and more favorable exchange rates than a bank would offer. 


Debit and prepaid cards

Sending money from China to Nigeria with a prepaid or debit card is very easy with .


is a great choice for sending money with a debit card from China to Nigeria. This is from the 1 money transfer companies compared.

Credit cards

When it comes to credit card transfers from China to Nigeria, we recommend comparing your options to get the best deal.

Regulations are important for keeping your money safe, China and Nigeria have different regulations to consider.

Our directory of worldwide financial regulators contains details on regulation for money transfers between China and Nigeria.

Companies offering money transfers between China and Nigeria have minimum or maximum thresholds on how much money you can send.

Rates and fees for different transfer amounts could change if you pass a threshold - that’s why it’s best to compare CNY-NGN rates for your specific transfer amount.

For regular transfers from China to Nigeria, shopping around each time can make a huge difference.

We’ve recommended Wise for sending CNY to Nigeria, because of their combination of rates and fees when sending from China to Nigeria that is the most competitive, even at larger amounts.

Check with the recipient and understand any declarations needed on large amounts of money entering Nigeria from China.

There are different ways to receive Naira in Nigeria. The most popular options are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

All providers work differently and not all offering transfers from China to Nigeria support every method for receiving Naira so it’s best to check ahead of time.

Sending directly to a bank account in Nigeria is one of the most common ways to receive money from China. For most part, this is convenient but does have receiving fees to potentially be aware of.

Wise is the best company for bank transfers between China and Nigeria.

Cash pickup is popular in Nigeria, but not always supported and can be costly compared to cheaper options.

Mobile wallet or P2P services and payment apps like PayPal, Zelle, and CashApp are popular because of convenience. They come with more limitations and higher costs compared to money transfer providers like Wise, and are recommended for domestic payments only.

When sending Naira to Nigeria, you will need to verify your ID with your chosen money transfer company.

The documents you need will vary and in some cases you might need more than one.

For the most part, accepted IDs in China include government issued IDs such as passports or driver's licenses. If the recipient needs an ID to collect money in Nigeria, the options are similar.

Large transactions between China and Nigeria can be subject to additional checks such as proof of funds for anti-money laundering purposes. These won’t be needing when signing up, but will be need ahead of any transfer.

One of the reasons Wise has scored so highly for transfers to Nigeria is their easy sign up process in China.

When sending money between China and Nigeria there will be tax declarations to consider.

Some transfers into Naira may need to be reported to tax authorities in Nigeria and China, depending on size and particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in Nigeria based on age, income and a few other elements - such as whether the funds are a gift. Tax law can be confusing, when in doubt, please contact a tax professional in China or Nigeria to discuss your personal circumstances to ensure you are not missing any specific tax declarations associated with your international money transfer.