5 Ways to Buy Chinese Yuan/RMB in Nigeria
The Chinese yuan is not as widely used as the US dollar, making it a more challenging foreign currency to acquire in Nigeria. Suppose you run a business and source goods from China; it’s even harder to pay Chinese suppliers due to currency exchange limitations.
In this guide, we’ll walk you through five different methods actively used by Nigerians for buying yuan and sending it to Chinese suppliers. For each option, we’ll specify its difficulty, availability, and trustworthiness.
The five ways to buy Chinese yuan in Nigeria are:
1. Midddleman Remit
Midddleman is used by over 8000 mini-importers for buying and sending yuan to China. The experience is centred around sending yuan to China and is incredibly useful for paying Chinese suppliers from Nigeria.
The sign-up process only requires BVN verification as per government regulations. Once verified, you can buy and send up to 50,000 yuan to China.
Visit midddleman.co or download the mobile app to buy Chinese yuan/RMB and send money to China.
2. Procurement Agencies
Procurement agencies are the companies that acquire goods on your behalf from China. You can consider buying yuan from these agencies if you struggle with both sourcing from China and making payments to your suppliers.
It's easy to buy or send yuan using a reputable procurement agency. However, you may incur additional charges beyond the standard procurement fee, which generally only covers locating your product and a reliable supplier.
If the procurement agency is Chinese, they still won't accept Nigerian naira. It means you'll need to first convert to dollars before receiving the yuan equivalent. And that means spending even more money.
3. Nigerian Banks
Many Nigerian banks exchange Chinese yuan for naira, but do not publicize their services. Examples of Nigerian banks that sell Chinese yuan for naira are GT Bank, Access Bank, and FCMB. Note that it’s best to confirm at the physical branch of any of these banks before committing to any one of them in the future.
Buying yuan from Nigerian banks can be strenuous. Regardless of the bank, the process involves a lot of documentation and can be time-consuming. Nigerian banks are subject to strict CBN regulations, and this is normal, but unhelpful when you need yuan regularly and in low amounts.
Some of the documents required by Nigerian banks when buying foreign currency are a Nigerian passport, a valid visa, proof of income, a flight return ticket, and tax clearance certificates.
Buying Chinese yuan from Nigerian banks is far from simple and quick, but it can be considered safe.
4. Money Exchangers
Money exchangers convert Nigerian naira to foreign currencies (including Chinese yuan) for a fee. They are usually individuals who can be found online or in large cities that attract tourists.
Money exchangers typically have higher rates influenced by local factors, unlike other methods that are mainly influenced by the global market. The difference varies widely, making money exchangers unpredictable at times.
Buying yuan via money exchangers is generally unsafe, considering that they offer their services without any forms of verification as required by the CBN. There’s the potential risk of losing money to scams posing as exchangers.
5. Web3 Exchanges
Web3 exchanges primarily facilitate the trade of cryptocurrencies, but they can also be used to buy Chinese yuan.
To buy Chinese yuan (CNY) on a crypto exchange, first confirm that the exchange features yuan as a fiat currency. Then, you can buy a stablecoin or any cryptocurrency of your choice with naira and convert it to yuan.
The entire process of buying a crypto token with naira and converting it to yuan can be complex and costly, depending on the network used to facilitate the transactions. Web3 exchanges are also known for their radical interface, which can be confusing to the average person, making them a less viable option for buying yuan.
Conclusion
To summarise, buying Chinese yuan in Nigeria is a challenge. It’s even more difficult for businesses that partner with Chinese manufacturers. However, there are five ways to buy yuan as an individual or business residing in Nigeria.
Consider using Midddleman to buy yuan if you’re a business owner who plans to pay your Chinese suppliers using Alipay. More than 8000 businesses trust Midddleman for payments to China, and the app is available for download on both Android and iOS devices.
Nigerian banks are mainly suitable for large one-off transactions, usually when buying or sending over 100,000 yuan. Procurement agencies are generally expensive, Web3 exchanges can be confusing, and money exchangers might not be worth the risk.
Visit midddleman.co or download the mobile app to buy Chinese yuan/RMB and send money to China.