How to transfer money for Lagos property from abroad

Authored by the expert who managed and guided the team behind the Nigeria Property Pack

Yes, the analysis of Lagos' property market is included in our pack

Who is the author of this content?

THE AFRICANVESTOR

A team specialized in real estate investing in African countries

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Lagos. If you'd like to learn more about us, you can check our presentation page.

How this content was created 🔎📝

At The Africanvestor, we explore the Nigerian real estate market every day. Our team doesn't just analyze data from a distance—we're actively engaging with local realtors, investors, and property managers in cities like Lagos, Abuja, and Port Harcourt. This hands-on approach allows us to gain a deep understanding of the market from the inside out.

These observations are originally based on what we've learned through these conversations and our observations. But it was not enough. To back them up, we also needed to rely on trusted resources

We prioritize accuracy and authority. Trends lacking solid data or expert validation were excluded.

Trustworthiness is central to our work. Every source and citation is clearly listed, ensuring transparency. A writing AI-powered tool was used solely to refine readability and engagement.

To make the information accessible, our team designed custom infographics that clarify key points. We hope you will like them! All illustrations and media were created in-house and added manually.

What is the exact purchase price of Lagos property and how much needs to be transferred from abroad?

Lagos property prices vary significantly depending on location and property type, with current market data showing clear price ranges across different areas.

In premium areas like Ikoyi, Victoria Island, and Lekki, mid- to high-end residential properties typically cost between ₦30 million and ₦200 million. Luxury properties in these prime locations can exceed ₦1 billion, particularly for waterfront properties or newly developed high-end estates.

More affordable areas such as Yaba, Surulere, and Ikeja offer properties ranging from ₦10 million to ₦90 million, making them attractive options for first-time investors or those seeking rental income properties. As of 2025, diaspora investments continue to drive demand in these areas, with property prices climbing due to growing interest from Nigerians abroad.

The entire purchase amount typically needs to be transferred from abroad, as most international buyers finance their Lagos property purchases with foreign-earned income. Some buyers may choose to transfer funds in stages, but the full purchase price must be available in Nigerian Naira before property completion.

It's something we develop in our Nigeria property pack.

Which currency will you be sending and in which currency does the seller expect payment?

Most international buyers send funds in major foreign currencies, with USD and GBP being the most common choices from abroad.

However, all Lagos property sellers universally expect payment in Nigerian Naira (NGN), regardless of the buyer's origin or the original currency being sent. This means every international transfer must be converted to NGN before reaching the seller.

The conversion process happens either at your sending bank abroad, through the money transfer service you choose, or at the receiving Nigerian bank. Each option affects the exchange rate you receive and the total cost of your transfer.

EUR is also accepted by some money transfer services, but USD remains the most liquid and widely accepted currency for property transactions, often offering better exchange rates than other currencies.

What is the current exchange rate and which platform offers the best rate?

As of September 2025, the USD to NGN exchange rate fluctuates between ₦1,504 and ₦1,530 for traditional banks, with money transfer companies offering more competitive rates.

Specialized money transfer services like Sendwave and Remitly typically offer exchange rates up to ₦1,586 per USD, providing better value than conventional banks. These platforms often update their rates multiple times daily, reflecting real-time market conditions.

Traditional banks generally offer lower exchange rates due to higher overhead costs and less competitive pricing structures. However, they provide greater security and regulatory oversight for large property transactions.

The difference in exchange rates can be substantial for property purchases. On a ₦100 million property purchase (approximately $65,000), the difference between bank rates and money transfer company rates could save you ₦3-5 million.

Transfer Method	Exchange Rate (USD to NGN)	Best For
Traditional Banks	₦1,504 - ₦1,530	Large amounts requiring maximum security
Money Transfer Companies	₦1,570 - ₦1,586	Better rates on medium to large transfers
Online Platforms	₦1,560 - ₦1,580	Frequent smaller transfers
Black Market	₦1,600+	Not recommended for property purchases
CBN Official Rate	₦1,500 - ₦1,520	Reference rate for official transactions

Are there CBN restrictions or limits on international transfers for property purchases?

The Central Bank of Nigeria imposes specific reporting requirements and limits on international transfers, particularly for large property transactions.

Any single transfer above $10,000 requires mandatory reporting to the CBN, triggering anti-money laundering compliance procedures. As of 2025, individual daily transfer limits range from ₦1 million to ₦10 million, but these can be increased for legitimate property transactions with proper documentation.

For property purchases, banks can approve higher limits beyond the standard daily restrictions. Current CBN guidelines allow up to ₦25 million for individuals and ₦250 million for corporate accounts with proper indemnity and documentation.

Recent CBN policy changes have removed some previous quarterly limits on foreign exchange transactions, making it easier for diaspora buyers to complete large property purchases. However, all transfers must still comply with AML/CFT regulations and source of funds verification.

Which Nigerian banks are most reliable for receiving large international property payments?

Several Nigerian banks have established robust systems for handling large international property transfers, with specific strengths in different areas.

FirstBank, UBA (United Bank for Africa), GTBank (Guaranty Trust Bank), Access Bank, and Zenith Bank are the most recommended institutions for property-related international transfers. These banks have dedicated forex departments and established correspondent banking relationships globally.

FirstBank's FirstDiaspora program and Access Bank's Access Diaspora services specifically cater to overseas Nigerians making property investments, offering increased daily limits and streamlined documentation processes for qualified customers.

GTBank and UBA excel in processing speed and customer service for large transfers, typically clearing international wires within 1-2 business days. Zenith Bank offers competitive rates and has strong anti-fraud protocols for high-value transactions.

It's something we develop in our Nigeria property pack.

What documentation do you need to provide for AML compliance?

Anti-money laundering compliance requires comprehensive documentation both in your home country and in Nigeria.

From abroad, you must provide proof of source of funds including recent bank statements, tax returns, employment verification, or investment account summaries. Valid photo identification (passport or national ID) and the signed purchase agreement for the Lagos property are also mandatory.

In Nigeria, the receiving bank requires copies of the property agreement, title documents, and completed inward remittance forms. For transfers above $10,000, a mandatory declaration to the CBN is required, along with specialized AML compliance forms.

SCUML (Special Control Unit Against Money Laundering) registration may be required for real estate agents and financial consultants involved in the transaction. This ensures all parties in the property transfer chain comply with Nigerian AML regulations.

Some banks may request additional documentation such as employment letters, business registration certificates, or proof of previous property transactions, depending on the transfer amount and your banking history.

What is the total cost of international transfer fees and charges?

International property transfers involve multiple fee layers that can significantly impact your total cost.

SWIFT wire transfer fees typically range from $30 to $50 per transaction, plus a 5-7% margin on the exchange rate. Each intermediary bank in the transfer chain may charge $15-30, and Nigerian receiving banks usually charge ₦5,000 to ₦20,000 per incoming wire.

For a typical property purchase of $100,000, total transfer costs easily exceed 2-4% of the amount sent, potentially costing $2,000-$4,000 in various fees and exchange rate margins.

Money transfer companies often offer lower total costs by charging flat fees instead of percentage-based charges, but their services may have lower transfer limits that require multiple transactions for large property purchases.

Fee Type	Amount	Who Charges
SWIFT Wire Fee	$30 - $50	Your sending bank
Exchange Rate Margin	5 - 7%	Banks/transfer services
Intermediary Bank Fee	$15 - $30 each	Each correspondent bank
Receiving Bank Fee	₦5,000 - ₦20,000	Nigerian receiving bank
Total Cost Range	2 - 4% of amount	All parties combined

Is SWIFT wire transfer or money transfer company safer and faster?

For large property transactions, SWIFT wire transfers through established banks provide superior security and regulatory oversight compared to money transfer companies.

SWIFT transfers offer complete traceability through the global banking network, with detailed records at every step of the process. This transparency is crucial for property purchases where you need to prove the legitimate source and destination of funds.

Money transfer companies like Sendwave and Remitly can be faster and cheaper for medium-sized payments, often completing transfers in hours rather than days. However, they typically have lower transaction limits that may require multiple transfers for six-figure property purchases.

For property deals exceeding $50,000, SWIFT transfers are generally preferred despite higher costs because they provide the documentation trail required for Certificate of Capital Importation (CCI) applications and future fund repatriation needs.

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Nigeria versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.

Do you need a Certificate of Capital Importation to protect your investment?

A Certificate of Capital Importation (CCI) is absolutely mandatory for any foreign capital used to purchase Lagos property, serving as legal proof of your investment.

The CCI guarantees unconditional transferability and repatriation of funds regarding both earnings and capital, protecting your ability to move money back abroad if you sell the property. Nigerian banks must electronically issue an e-CCI within 24 hours of capital importation and return it to the CBN within 48 hours.

Without a CCI, you cannot legally repatriate any capital, dividends, or sale proceeds from your Lagos property investment. This makes the CCI essential for protecting your investment's future liquidity and your ability to access international forex markets at official rates.

The electronic CCI system introduced in 2017 has streamlined the process, with certificates usually issued within 24-48 hours of fund arrival and eliminating concerns about physical document storage or loss.

Banks typically assist with CCI applications as part of their property transfer services, but you must specifically request this documentation to ensure proper compliance and future protection of your investment.

How long does it take for funds to clear in Lagos property transactions?

SWIFT wire transfers typically clear within 1-3 business days, though property-related transfers can take up to 5 days due to additional compliance checks.

The most common delays occur due to incomplete documentation, AML compliance queries, inconsistent paperwork between sending and receiving parties, or verification issues with property title documents.

CCI application processing can add 24-48 hours to the overall timeline, as Nigerian banks must verify the investment purpose and issue the electronic certificate before releasing funds to the property seller.

Factors that commonly cause delays include weekend processing cutoffs, public holidays in either the sending or receiving country, intermediary bank holds for large amount verification, and CBN reporting requirements for transfers above $10,000.

To minimize delays, ensure all documentation is complete before initiating the transfer, confirm the receiving bank account details are accurate, and allow extra time during Nigerian or international holiday periods.

What safeguards can you put in place to ensure secure payment?

Escrow services provide the most effective protection by holding funds until all property documents are verified and legal requirements are met.

Vesicash Escrow and similar licensed platforms in Nigeria can hold transferred funds and release them only when your lawyer confirms that property titles are clear, all legal documentation is complete, and the CCI has been properly issued.

Your Nigerian property lawyer should verify the seller's identity, confirm clear title ownership, complete all necessary searches with the Land Registry, and ensure no outstanding liens or legal issues exist before authorizing fund release.

Never transfer funds directly to individual sellers without proper escrow protection. Always insist on bank-verified escrow services and ensure funds are traceable through proper banking channels to maintain compliance with CBN regulations.

Additional safeguards include requiring the seller to provide updated C of O (Certificate of Occupancy) documents, conducting independent property valuations, and ensuring all parties sign legally binding purchase agreements before any money transfers occur.

Which licensed professionals can securely handle the payment process?

Licensed Nigerian real estate lawyers recognized by the Nigerian Bar Association (NBA) should oversee all legal aspects of your property purchase and payment process.

SCUML-registered real estate agents provide additional security by ensuring compliance with anti-money laundering regulations throughout the transaction process. These agents have undergone specific training and certification for handling large financial transactions.

Licensed escrow platforms like Vesicash and Paystack offer secure payment holding services, ensuring sellers receive funds only when all legal documentation is properly completed and verified by qualified professionals.

Banks with specialized diaspora property services, such as FirstBank's FirstDiaspora program or Access Bank's diaspora mortgage services, provide end-to-end transaction management including CCI processing, compliance verification, and secure fund transfers.

It's something we develop in our Nigeria property pack.

Conclusion

This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.

Sources

1. The Africanvestor - Lagos Property Investment Guide
2. The Africanvestor - Buying Property in Nigeria as a Foreigner
3. Lexavier Partners - Certificate of Capital Importation
4. Mondaq - Certificate of Capital Importation for Foreign Investors
5. Resolution Law - Capital Importation into Nigeria
6. SRJ Legal - Certificate of Capital Importation
7. Aluko & Oyebode - CBN Revised Guidelines for International Money Transfer
8. DX Metrics - Daily Bank Transfer Limits in Nigeria
9. Nairametrics - CBN Online Transfer Limit Updates
10. Business Day - Certificates of Capital Importation Usefulness