Remittances, or the transfer of money by individuals living in foreign countries to their home countries, play a significant role in the economies of many developing nations. Nigeria is no exception, with remittances accounting for a significant percentage of the country’s GDP.
Trends and Insights:
Remittances in Nigeria averaged 5058.31 USD Million from 2008 until 2022, reaching an all-time high of 6270.24 USD Million in the fourth quarter of 2018 and a record low of 3373.09 USD Million in the second quarter of 2020.
The main reason for the increase in remittance outflow from the UK to Nigeria is the large Nigerian diaspora living in the UK. As of 2020, there were over 21,305 Nigerians living in the UK. These individuals send money back to their families and friends in Nigeria to support them financially and to invest in businesses and properties.
Another trend that has emerged in recent years is the use of online money transfer platforms to send money from the UK to Nigeria.
These platforms offer a convenient and cost-effective way to send money, as they often charge lower fees than traditional banks and offer competitive exchange rates. ATLMoney is one such platform that offers fast, secure, and affordable international money transfers to Nigeria and other countries.
Using ATLMoney for International Money Transfers
ATLMoney is an international money transfer platform that allows users to send money from the UK to Nigeria and other countries in a few simple steps. The platform offers competitive exchange rates, low fees, and fast transfer times. Users can send money using their debit or credit cards or via bank transfer. ATLMoney also offers a mobile app for convenient money transfers on the go.
To send money using ATLMoney, users simply need to create an account on the platform, select the recipient, enter the amount to be sent, and choose the payment method. ATLMoney will then securely transfer the funds to the recipient’s bank account in Nigeria within a few hours or days, depending on the payment method chosen.
Remittance outflow from the UK to Nigeria has been steadily increasing in recent years, driven by the large Nigerian diaspora living in the UK.
Online money transfer platforms like ATLMoney offer a convenient and cost-effective way to send money to Nigeria and other countries.
By using ATLMoney, users can save money on fees and enjoy fast, secure, and hassle-free money transfers.