There are so many reasons why this subject is very important in Nigeria. Some of which are listed below:
Why You Need To Buy And Sell ecurrency In Nigeria
- Most reputable online payment does not accept Nigeria (e.g PayPal)
- Most reputable online platforms accept PayPal alone. Remember, Nigerians aren’t allow to fully operate PayPal. So, you will need to pay someone in Naira to help you make payment.
- Most reputable online companies are listed in USD; which means, it’s cheaper to make payment in USD than in Niara.
- Spending limit on Nigeria axxount
What is ecurrency (Digital currency)?
This is the type of currency available in digital form (in contrast to physical, such as banknotes and coins). It exhibits properties similar to physical currencies, but can allow for instantaneous transactions and borderless transfer-of-ownership.
Like traditional money, these currencies may be used to buy physical goods and services, but may also be restricted to certain communities such as for use inside an online game or social network.
Just like the Bank manages our physical currency (Naira) in Nigeria; there are payment systems manage digital or ecurrency, e.g PayPal, Payoneer, Perfect money, skrill, okpay e.t.c
PayPal Holdings, Inc. is an American company, operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders. The company operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee in exchange for benefits such as one-click transactions and password memory. PayPal’s payment system, also called PayPal, is considered a type of payment rail.
Established in 1998 as Confinity, PayPal had its initial public offering in 2002, and became a wholly owned subsidiary of eBay later that year.
At a 2019 World Economic Forum panel in Davos, Nosek stated that PayPal’s initial mission was to “create a global currency that was independent of interference, by these, you know, corrupt cartels of banks and governments that were debasing their currencies.” Nosek said this mission ultimately failed because of investor pressure to release the product as soon as possible.
Payoneer is a financial services company that provides online money transfer and digital payment services. Account holders can send and receive funds into their bank account, Payoneer e-wallet, or onto a re-loadable prepaid MasterCard debit card that can be used online or at points-of-sale.
The company specializes in facilitating cross-border B2B payments. It provides cross-border transactions in more than 150 local currencies, with its cross border wire transfers, online payments, and refillable debit card services.
Companies like Airbnb, Amazon, Google, Fiverr and Upwork use Payoneer to send mass payouts around the world. It is also used by eCommerce marketplaces such as Envato, and works with ad networks to connect these firms with publishers based outside of their headquartered country.
In the content creation space, Payoneer works with a variety of companies and freelance marketplaces. The company is headquartered in New York City.
Neteller is an e-money transfer service used to transfer money to and from merchants, such as forex trading firms, social networks firms. It can withdraw funds directly using the Net+ card or transfer the balance to their own bank accounts.
It is owned and operated by British global payments company Paysafe Group, alongside former competitor Skrill and prepaid payment method paysafecard.
Neteller was created in 1999 in Canada and moved to the Isle of Man in 2004. Paysafe Group is listed as an “Authorised Electronic Money Institution”.
In 2015, Optimal Payments Plc (now Paysafe Group) finalized a transformational transaction for the global payments industry – the acquisition of Skrill Group, one of Europe’s largest online payments systems and among the world’s largest independent digital wallet providers.
Skrill (formerly Moneybookers) is an e-commerce business that allows payments and money transfers to be made through the Internet, with a focus on low-cost international money transfers.
It is owned and operated by Skrill Limited, a UK-based company registered as a Money Service Business with Her Majesty’s Revenue and Customs, regulated by the Financial Conduct Authority and licensed to operate within the European Union.
Since 2015, Skrill belongs to the Paysafe Group, along former competitor Neteller and prepaid payment method paysafecard.
On 27 July 2001, Moneybookers Limited was incorporated in the United Kingdom. In March 2007, Moneybookers was bought by Investcorp for €105 million and as of 9 March 2009, it was put up for sale by its owners for an estimated £365 million.
In February 2010, The Sunday Times ranked Moneybookers as the fastest growing private equity backed firm in the United Kingdom based on profits. In 2011, the company’s customer base reached 25 million, including 120,000 merchant accounts, its payment gateway being integrated by a number of global online brands such as Facebook, Skype and eBay.
In September 2011, Moneybookers announced that they would rebrand their service as Skrill. The rebranding of the product was completed in 2013.
In February 2013, Skrill completed the acquisition of Austrian-based prepaid payment method paysafecard.
Perfect Money is a leading financial service allowing the users to make instant payments and to make money transfers securely throughout the Internet; opening unique opportunities to Internet users and owners of the Internet businesses. Perfect Money targets to bring the transactions on the Internet to the ideal level!
How to exchange your e-currencies (PayPal, Payoneer, Perfect M
oney, Neteller and skrill) in Nigeria
Step 1: Have an account with the decide
For example; if you want to sell Payapl to receive Naira; you must have the fund in a PayPal account, before you can exchange it for Naira. That is just the way it is with every other payment system. If you want to receive Payoner in exchange for Naira; you must have a Payoneer account that they exchanger will send the fund. I hope you understand.
Step 2: Once you have the fund in the right account; the next thing is to find a reputable ecurrency exchanger in Nigeria.
Step 3: Discuss your terms and condition with the exchanger.
Step 4: Send the fund to the exchanger, while the exchanger will repay you with the agreed equivalent in Naira.
However, if you are afraid of been scammed; you can sell your fund to me. I buy Payoneer alone!