$20.1B — Remittances sent to Nigeria in 2024
| Provider | NGN Delivered (per $500) | Method | Speed | Delivery |
|---|---|---|---|---|
| Luno (Lightning) | 697,746 NGN | Crypto | ~1 second | Bank account |
| Quidax (USDC) | 695,872 NGN | Crypto | ~5 seconds | Bank account |
| WorldRemit | 689,045 NGN | Traditional | Minutes–1 day | Bank or cash |
| Wise | 686,836 NGN | Traditional | 1–2 days | Bank account |
| Remitly | 684,565 NGN | Traditional | Minutes–days | Bank or cash |
| US Bank Wire (SWIFT) | ~640,000 NGN est. | Bank wire | 2–5 days | Bank account |
~8% — Average fee charged by US banks on USD-NGN wires
Based on RemitRoutes' August 2026 measured data, the cheapest option is Luno's Lightning rail (Strike in the US → Bitcoin Lightning → Luno in Nigeria), which delivered 1,395,493 NGN on a $1,000 transfer with no transfer fee. Quidax via USDC on Stellar or Solana is the next best at 1,391,745 NGN per $1,000. Among traditional providers, WorldRemit delivered the most at 1,378,091 NGN — ahead of Wise (1,373,672 NGN) and Remitly (1,369,130 NGN). Bank SWIFT wires remain the most expensive route.
Luno via Lightning settles in approximately 1 second. Quidax via USDC on Solana settles in about 1 second on-chain, with NGN bank withdrawal from Quidax adding 30 minutes to a few hours. Quidax via Stellar takes around 5 seconds on-chain. WorldRemit and Remitly can deliver in minutes to 1 day. Wise takes 1–2 business days. Bank SWIFT wires take 2–5 business days.
No standalone wallet is required. For the Luno path, your recipient needs a Luno Nigeria account (regulated exchange) with verified identity and a linked Nigerian bank account. For the Quidax path, your recipient needs a Quidax account with verified identity and a linked bank account. Both platforms handle the NGN conversion and bank payout. Setup takes 30–60 minutes the first time.
Wise allows up to $1,000,000 per transfer for verified accounts. WorldRemit limits vary by state but typically allow up to $25,000 per transfer online. Remitly allows up to $60,000 per day for verified users. Luno and Quidax have their own daily and monthly limits which vary by account verification tier. Bank wires have no standard legal cap — banks apply their own limits, typically $25,000–$100,000 per day.
Sending money as a gift or family support is not taxable in the US up to $19,000 per recipient per year (2026 gift tax annual exclusion). Above that, you may need to file IRS Form 709. Business payments are handled as normal business expenses. Nigerian recipients do not owe income tax on personal remittances received. Consult a tax advisor for your specific situation.
Compare live rates across 370+ corridors on RemitRoutes · methodology.