London-based Firm, Wise, Suspends Dollar Transfer To Nigeria, As Dollar Sells Above N700

United Kingdom-based payment company, Wise, has announced that all dollar transfer to Nigeria will beenhas suspended till further notice amid scarcity of foreign exchange in the country. 

Wise told users in an email that transfer of united States’ dollar to Nigeria will be suspended starting from November 1, 2022. The money transfer firm said serving the Nigerian market has not been as efficient as expected. 

It was gathered that Wise said sending money to the country isn’t reliable, neither has it been fast as the company wants it to be, Nigerian customers were told in the statement. 

Prime Business Africa had reported that dollar availability is low in Nigeria, with the Central Bank of Nigeria limiting access to the American greenback due to low reserves. 

This had also affected foreign airlines who couldn’t repatriate their over $400 million revenue from ticket sales. As a result, international airlines protested by threatening to suspend operation in the country. 

Also, the scarcity of dollar in Nigeria has led to demand overshooting supply, causing the Naira to lose value against the US currency. This has caused the dollar to exchange at N716.82 in the black market, which is considered by many as a true reflection of the foreign exchange market in the country, while it exchange for N440.67 in the official market. 

In the statement to the customers, Wise said the “From 1 November, we’re stopping all USD transfers to Nigeria. We are doing this because sending money to Nigeria hasn’t been as fast or reliable as we did like. 

“We want to fix this before your next USD transfer to Nigeria. The route will be closed until we’re sure we can provide the service you deserve. We’ll let you know as soon as USD transfers to Nigeria are available again.”