Many patients from Nigeria wants to travel India for Advanced Medial treatment. Getting US Dollars in Nigeria is one of the biggest hurdle they face along with Indian Medical Visa approval.
This is the detailed guide on how to procure US Dollars in Nigeria for Medical treatment. You will find step by step approach to successfully get required amount of USD.
We can broadly divide US Dollars procurement into four categories,
We will explain here in detail each category of US Dollars sourcing in Nigeria
| City in Nigeria | USD Exchange Rate |
| Lagos | ₦ 800 |
| Benin City | ₦ 808 |
| Port Harcourt | ₦ 816 |
| Abuja | ₦ 824 |
| Ibadan | ₦ 832 |
| Kano | ₦ 841 |
| Jos | ₦ 849 |
| Aba | ₦ 858 |
| Zaria | ₦ 866 |
Both Federal Banks and State banks in Nigeria have huge deposits of US Dollars collected from Nigeria National Bank and Customer selling US Dollars to Bank. They regularly purchase US Dollars from other Banks and also give attractive rates to Nigerian Customers for selling US Dollars to them.
First Bank of Nigeria
United Bank for Africa
Zenith Bank PLC
Access Bank
Guaranty Trust Bank
Union Bank of Nigeria
Fidelity Bank
Ecobank Nigeria
Keystone Bank Limited
They charge margin while selling and buying US Dollars.
If the market rate is today 500 Naira, below is business model they practice,
Buy US Dollars in Nigeria: 450 Naira.
Sell US Dollars in Nigeria: 550 Naira.
Profit = Sell – Buy = 100 Naira in above example.
Step 1: Send latest medical reports to Indian Hospital here
Step 2: Get Treatment plan and cost estimate
Step 3: Ask for proforma invoice including Hospital bank details
Step 4: Visit bank with all documents including Invoice, medical reports and apply for US Dollars
Step 5: Get the acknowledgement from Bank and wait for 2 working days
Step 6: Receive the US Dollars in Nigerian Bank
There is no regulatory limit for US Dollars to be procured for Medical treatment in India.
However limit is set based on the Proforma invoice sent by Indian Hospital and limits by Individual Nigerian Banks
US Dollars Limit from many Nigerian Banks: 5,500 USD
After successful application with relevant documents, it takes 2-5 working days to get the US Dollars for medical treatment in India.
Senior Bank manager in the Zonal Bank branches are authorized to approve for US Dollars
There are many companies and individual agents who are able to provide US Dollars for Medical treatment in India.
However the exchange rate will be high compared to Banks.
Any patient who is in emergency or urgent need of US Dollars go to Black market agents for US Dollars.
It’s fully cash transaction between two individuals with no documentation.
Unlike procuring US Dollars in Banks, no documents are required. You need money in Nigerian Naira and just convert to US Dollars.
Immediate transaction. No waiting time.
There are many Foreign Currency Exchange centers in Nigeria who can help you to procure US Dollars for medical treatment in India.
These are registered companies in Nigeria who are authorized to buy and sell US Dollars.
You can visit any near by Forex currency exchange center and ask for US Dollars.
Usually the exchange rate in these centers will be higher than Banks.
Following documents are required for US Dollars in Nigeria,
If Forex Currency exchange center has US Dollar reserve, they will give it immediately. Else you might need to wait 1 – 2 working days.
There is no regulatory limit for US Dollars in Foreign Exchange center.
However limit is set based on the Proforma invoice, available amount in particular center.
If you have any friend or family members in abroad especially in United State of America, UK or any other foreign country where US Dollars availability is not a problem, then it’s very easy for US Dollars procurement.
Steps to get US Dollars through Indirect method
Step 1: Contact your friend or family member living is US or abroad regarding requirement of US Dollars.
Step 2: Inform them amount of US Dollars required and negotiate the exchange rate
Step 3: Send them Nigerian Naira through local bank account or cash
Step 4: Send them Indian Hospital Bank account details and ask them to transfer payment directly
Step 5: Get the SWIFT transfer receipt and send here to Hospital for credit checking
As such there are no documents required. For safer side you can ask for,
If US Dollar available with the person in Bank account it can be done immediately.
There is no regulatory limit for US Dollars in Foreign Exchange center.
However limit is set based on person credit worthiness.
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