How to Get USD in Nigeria for Treatment in India?

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.

Different Sources for USD in Nigeria for Medical treatment

We can broadly divide US Dollars procurement into four categories,

1. Nationalized Banks in Nigeria
2. Black Market in Nigeria
3. Foreign Exchange Offices in Nigeria
4. Offshore Indirect Transfer from Nigerian citizen Bank account in US, UK to Indian Hospital account

We will explain here in detail each category of US Dollars sourcing in Nigeria

Current US Dollars Exchange Rate in Nigeria

1. National Banks: 1 USD = 800 Naira
2. Black Market 1 USD = 950 Naira
3. Foreign Exchange Offices 1 USD = 900 Naira
4. Indirect Method 1 USD = 850 Naira

Average USD Cost by Nigerian City

Nationalized Banks in Nigeria:

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.

Top Nigerian Banks for US Dollars,

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

How does Nationalized Banks make profit?

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.

How to apply US Dollars in Nigeria Banks?

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

What’s the US Dollars Limit in Nigerian Bank for Medical Treatment in India

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

How much time it takes to get US Dollars in Nigerian Bank?

After successful application with relevant documents, it takes 2-5 working days to get the US Dollars for medical treatment in India.

Who is authorized to approve US Dollars for Medical treatment in India?

Senior Bank manager in the Zonal Bank branches are authorized to approve for US Dollars

Black Market US Dollars Procurement in Nigeria for India Medial Treatment

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.

Risks of procuring US Dollars in Black Market

• Higher Exchange rate
• Fake Notes
• Illegal to exchange the US Dollars in Black market
• No Documentation to show in immigration

Documents required for US Dollars in Black Market

Unlike procuring US Dollars in Banks, no documents are required. You need money in Nigerian Naira and just convert to US Dollars.

Time required for US Dollars in Black Market – Medical Treatment in India

Immediate transaction. No waiting time.

Forex Exchange Centers for USD – Medical Treatment in India

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.

Documents required for US Dollars – Medical Treatment in India

Following documents are required for US Dollars in Nigeria,

• Passport copy of patient and attendant
• Proforma invoice from Indian Hospital
• Nigeria National ID
• Latest passport size photo

How much time it takes for getting US Dollars

If Forex Currency exchange center has US Dollar reserve, they will give it immediately. Else you might need to wait 1 – 2 working days.

What’s the US Dollars Limit in Forex Currency Centre for Medical Treatment in India

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.

Offshore Indirect Money Transfer to Indian Hospitals for Medical Treatment

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

Documents required for US Dollars Indirect Method

As such there are no documents required. For safer side you can ask for,

• Passport copy of person sending money to India
• Proforma invoice from Indian Hospital
• Nigeria National ID
• Acknowledgment after Bank transfer – SWIFT Copy

How much time it takes for getting US Dollars

If US Dollar available with the person in Bank account it can be done immediately.

What’s the US Dollars Limit in Forex Currency Centre for Medical Treatment in India

There is no regulatory limit for US Dollars in Foreign Exchange center.

However limit is set based on person credit worthiness.