Key takeaways
- Foreign exchange for personal payments abroad is bought through authorised dealer banks using Form A
- The CBN’s Foreign Exchange Manual, 4th Edition, is dated June 1, 2026; ask your bank for current limits
- Money already in a domiciliary account can be wired from that account; ask your bank about the paperwork
- Parallel-market and informal channels carry legal and fraud risk; avoid them
- Your Canadian bank will ask where the money came from, so keep proof
How does Nigeria control money leaving the country?
In Nigeria, foreign exchange for payments abroad is handled by authorised dealers. These are banks and other institutions licensed by the CBN to deal in foreign currency. The official market is called the Nigerian Foreign Exchange Market (NFEM).
The detailed rules sit in the CBN’s Foreign Exchange Manual. The CBN lists the Manual’s 4th Edition in its publications, dated June 1, 2026. The Manual sets which payments are allowed, how much, and which documents banks must collect.
Limits not shown on purpose. The Central Bank of Nigeria (CBN) lists the 4th Edition of its Foreign Exchange Manual, dated June 1, 2026. This page does not quote dollar limits, because we only publish figures we have confirmed on the regulator’s own website. Ask your bank for the current limit, or read the Manual on cbn.gov.ng.
What is Form A and when do you need it?
Form A is a CBN application form for paying for services abroad. Banks call these “invisible” transactions. FirstBank Nigeria lists these uses, among others:
- School fees
- Medical bills
- Personal Travel Allowance (PTA)
- Personal home remittance
- Training courses and mortgages
FirstBank says each payment type has its own document list, set in the CBN Foreign Exchange Manual. Your bank fills in and submits Form A for you. Ask for the checklist for your payment type before you visit.
For tuition, see paying Canadian tuition from Nigeria.
Legal ways to move your money
| Route | Best for | Things to check |
|---|---|---|
| Form A purchase through your bank | Allowed purposes such as school fees, medical bills or home remittance | Eligibility, the current limit, documents, and how long the bank takes to supply the currency |
| Wire from your domiciliary account | Foreign currency you already hold in Nigeria | Your bank’s rules and fees for outward transfers; proof of where the funds came from |
| Licensed money transfer services | Smaller amounts | Check that the service is licensed by the CBN to send money out of Nigeria, and registered with FINTRAC (Canada’s financial intelligence unit) in Canada; compare the full cost |
| Carrying cash | Small amounts for your first days | Nigeria Customs and the Canada Border Services Agency both have declaration rules for large amounts |
Open your Canadian account early so your money has a place to land. See banking for newcomers from Nigeria and Sri Lanka. Whichever route you use, send money from an account in your own name to an account in your own name where you can. It is the easiest transfer to explain on both sides.
Why avoid the parallel market and informal channels?
When official foreign exchange is slow, some people turn to street dealers or online “agents” who promise better rates. This carries real risks:
- Legal risk. Only licensed institutions may deal in foreign exchange. Structuring payments to get around limits, or using unlicensed dealers, can break Nigerian law.
- Fraud risk. You may pay naira and never receive the dollars. There is no regulator to complain to.
- Problems in Canada. Money that arrives from an unknown third party is hard to explain. Your Canadian bank may delay or refuse the deposit. Read why your Canadian bank asks where your money came from.
- Money-mule danger. If someone offers to “receive and forward” money for you, you could be drawn into money laundering.
How exchange rate swings affect your move
The naira has been volatile against the US dollar and the Canadian dollar. A plan made months ahead can cost more by the time you pay.
- Compare the rate your bank offers with the official NFEM rate on the CBN website on the same day.
- Ask whether the bank charges a separate fee on top of the rate.
- If you will need money over several months, ask your bank how to plan each allowed payment.
- Do not let a fast-moving rate push you into an unlicensed dealer.
What your Canadian bank and IRCC will ask
Two Canadian bodies may look at your money, for different reasons:
- Immigration, Refugees and Citizenship Canada (IRCC) wants proof that you have enough funds for your study permit or immigration program.
- Your Canadian bank must know the source of large deposits under anti-money laundering law.
Keep bank statements for at least 6 months, salary slips, sale agreements and the Form A records. If family gives you money, a gift letter helps. For a study permit, IRCC lists bank statements for the past 6 months as one example of proof of funds. Statements should show where the money came from, not just a large deposit last week. A sudden deposit with no explanation can raise questions with both IRCC and your bank. See source of funds vs proof of funds.
Carrying cash? Read declaring money at the Canadian border before you fly.
A simple plan for the months before you move
- 3 to 6 months before: ask your Nigerian bank which Form A purposes apply to you, the current limits, and the documents. Ask how long foreign exchange requests are taking.
- 2 to 3 months before: open a Canadian account if your bank offers pre-arrival accounts, or book a branch appointment for your first week. Gather statements, salary slips and sale papers that show where your money came from.
- 1 month before: send any allowed transfers to an account in your own name. Keep every SWIFT confirmation (MT103) and Form A record.
- Travel day: carry only what you need for your first days. Check the declaration rules on both sides before you fly.
- First weeks in Canada: keep your records in one folder. Your bank may ask about large deposits, and you may need the same papers for taxes or a rental application.
Use the moving to Canada money checklist to track documents.