How to Receive Dollars in Nigeria using Payoneer And Exchange it at The Black Market Rate

Payment processing services like Payoneer and PayPal are widely used by people who earn money online. Freelancers on platforms like Fiverr and Upwork typically transfer funds to Payoneer. 

The issue they always run into with Payoneer is transferring their earnings to a local Nigerian bank account at the black market rate. In this article, we will discuss ways you can withdraw your Payoneer funds at the black market rate.

What is Payoneer?

Payoneer is an online payment platform that enables users to securely and quickly send and receive payments from more than 200 countries and territories worldwide. Payoneer is a great option for Nigerians who want to receive US dollars from abroad. It is a reliable, secure, and cost-effective way to receive and send money from any corner of the globe.

Exchanging Dollars for Naira at Black Market Rate From Payoneer

Here are the easy ways you can exchange your Payoneer funds for naira at the black market rate.

Exchange With Ratefy.co

There is no shortage of websites where you can get this done. After you transfer money from your Payoneer account to a recipient in need, the recipient can deposit the Naira immediately into your bank account at a favorable exchange rate. Most people refrain from doing so because they lack confidence in strangers online.

This is where Ratefy comes in. You can sell your Payoneer funds at a good black market rate and get the equivalent in Naira immediately. Simply select "Exchange Rate" from the menu. Select Payoneer and input the number of dollars you want to exchange by tapping on "calculate". Tap on sell after inputting the amount and click the chat icon to message our Admin on WhatsApp.

Use a Nigerian Domiciliary Account

By using this approach, you may convert your Payoneer to dollars at the precise rate that is in effect at the time. Domiciliary accounts in Nigerian banks allow you to receive foreign currency.

To create a domiciliary account, simply visit any of the local banks that allow for the creation of such accounts and fill out the necessary paperwork. If you already have a Payoneer account, you may simply sign in and add a new bank account.

Once you have a Domiciliary account, Payoneer will charge a fee whenever funds are sent there. Money will be deposited into your new U.S.-based, "domiciliary," bank account. You're reading this blog post because you want to convert your cash to Naira at the best rate currently available. 

But with this method, you will need to go to several different Bureau de change aboki to make the necessary currency exchanges and get payment in Naira. We realize that going outside to complete the tasks at hand may seem burdensome. 

However, it's worth the effort if you are looking to exchange at the black market rate. Meanwhile, the first stress-free method provided above is still an option.

Conclusion

If you are looking to receive dollars in Nigeria, Payoneer is a great option. It is easy to use, reliable, and secure and provides an easy and cost-effective way to send and receive payments from anywhere in the world. Once you have received the dollar, you can then exchange it for Naira at the black market rate. By using a reputable money changer, you can be sure to get a good rate and make the most of your money.