Compare today's GHS to NGN (Ghana Cedi to Nigerian Naira) exchange rates
📈 Ghana to Nigeria Money Transfer Snapshot Today
- Number of money transfer providers compared: 0
- Mid-market
ⓘThe mid-market exchange rate (also called the interbank rate) is the real GHS to NGN exchange rate before providers add their margin or fees. exchange rate: 1 GHS = NGN 125.5343 (Updated about an hour ago)
💡What today's GHS-NGN exchange rates mean for you
Compare today's GHS-NGN exchange rates and send money from Ghana to Nigeria after comparing numerous money transfer providers. Check the latest exchange rates, read detailed provider reviews, and discover deals and promo codes — all in one place.
GHS-NGN exchange rates fluctuate throughout the day, and top positions can change quickly. This volatility can significantly impact the final NGN payout that your recipient gets in Nigeria.
That's why we recommend comparing money transfer providers to ensure you can maximize the value of your Ghana to Nigeria remittances.
🔄 Looking for the reverse corridor? Send money from Nigeria to Ghana instead.
Looking for a different option? You can browse all sending countries on our send money from hub, or view all destinations available when sending money from Ghana.
👇 We also suggest looking beyond today's GHS-NGN exchange rate — historical pricing trends show many factors that can affect the overall transfer cost of your transfer.
Whilst GHS-NGN exchange rate is crucial, historical data shows that transfer fees, GHS amount sent and payment and delivery methods can also significantly influence your final payout.
Below, we analyze Ghana to Nigeria historical remittance data to help you understand where costs may arise and share some best practices to try to maximize your NGN payout.
Data-driven cost insights for Ghana to Nigeria money transfers
When you send money internationally from Ghana to Nigeria, the key factors that will influence the overall cost of your transaction are:
- GHS-NGN exchange rate
- Transfer fee
- Payment method
- Delivery method
Ideally, you would want to optimize these 4 factors to try to get the maximum NGN payout for your overseas recipient in Nigeria.
Another counter-balancing aspect is money transfer speed. If you need to rush money from Ghana to Nigeria, you may have to compromise on some of the above factors whilst optimizing for speed.
To put this into a better perspective using a data-driven approach, we analyzed historical remittance pricing1 for Ghana to Nigeria money transfers to compare transfer costs, FX margins, fees, and payment and delivery methods across providers.
This analysis is based on 104 actual Ghana to Nigeria money transfers handled by 4 providers over the last 5 years (for a GHS 300 remittance benchmark).
This data-driven approach using real GHS-NGN transfer data provides useful insights into identifying the lowest-cost payment and delivery combinations, thereby helping you reduce costs and maximize the amount received.
Before we deep dive, here are the key trends from our analysis, summarized in an easy to read format.
📌 Key insights for Ghana to Nigeria money transfers
- Average total cost: 7.83% (range -50.81% to 25.26%, spread 76.07 percentage points)
- Potential payout difference: On a GHS 300 transfer, the above variation can save you up to GHS 228.21.
- Average FX markup: 0.11% (range -67.48%
ⓘA negative markup generally represents a promotional exchange rate whereby a provider offers an exchange rate that is even higher than the mid-market rate, often on smaller amounts. to 20.49%, spread 87.97 percentage points) - Average transfer fee: GHS 23.16 (range GHS 0.00 to GHS 66.10)
- Cheapest payment/delivery method combo: Bank Account Transfer → Cash Pickup (3.75% avg cost); most expensive is Cash → Cash Pickup (8.99%)
- Payment/delivery method choice impact: Cheapest vs most expensive combo saves 5.24% (GHS 15.71 on GHS 300 transfer).
- Market coverage: ~4 providers on average (competition level: limited)
- Average speed: About 21 hours
🛠️ Key takeaway: Compare providers using both exchange rate and fees, then optimize your payment and delivery methods to reduce total cost.
Below, we provide detailed data-driven insights on various factors that influence the total cost of your Ghana to Nigeria money transfers.
📈 GHS to NGN exchange rate is often the biggest driver of both cost and payout
The exchange rate on your Ghana to Nigeria money transfers is usually the single biggest factor that will determine your overall GHS cost and your recipient's NGN payout.
To analyze exchange rates, we will rely on the exchange rate markup (also called FX margin) which is the difference between the mid-market exchange rate
Based on historical pricing data for a GHS 300 money transfer benchmark, we see the following FX markup ranges for Ghana Cedi to Nigeria transfers:
- Average markup: 0.11%
- Median markup: 2.47%
- Lowest markup: -67.48%
ⓘA negative markup generally represents a promotional exchange rate whereby a provider offers an exchange rate that is even higher than the mid-market rate, often on smaller amounts. - Highest markup: 20.49%
That is a spread of 87.97 percentage points between the lowest and highest observed FX markups.
To put this into perspective, on a GHS 300 transfer, the above markup range is equivalent to roughly NGN 263.91 purely from differences in the exchange rate. That incremental saving increases to NGN 659.78 for a GHS 750 transfer.
🛠️ How to use this insight: When comparing providers for Ghana to Nigeria remittances, pay close attention to the exchange rate you receive. A small difference in the FX markup can quickly outweigh other factors like fees, and the gap generally grows as transfer amounts increase.
GHS to NGN exchange rate can be the single most critical factor that determines the cost of your transfer. When comparing providers, keep an eye on the rate you will get.
💰 Transfer fees affect your total Ghana to Nigeria remittance cost
Whilst exchange rate is a major factor affecting total transfer cost, the transfer fee can also have a big impact on how much of your Ghana Cedi reaches your recipient in Nigeria.
Based on data from last 5 years, we notice the below about Ghana Cedi to Nigeria money transfer fees:
- Average fee: GHS 23.16
- Median fee: GHS 25.00
- Lowest fee: GHS 0.00
- Highest fee: GHS 66.10
The average fee amount of GHS 23.16 noted above represents 7.72% of the total amount sent.
Also note that even if two providers provide the same exchange rate, a best vs worst case transfer fee can increase the payout by GHS 66.10.
🛠️ How to use this insight: For your next money transfer from Ghana to Nigerian Naira, look for providers that provide lower (or even 0) fees.
One caveat to this, though, is something called the hidden fee. Some providers may hide their real fees by offering a 0 or low fee, but providing a lower exchange rate. The money lost due to an inferior FX rate affects your bottom line and is referred to as a hidden fee. Therefore, you should also keep an eye on rates whilst paying attention to fees.
Another point that you should keep in mind is that for larger transfers, fixed fees become a lesser percentage of total amount. But for smaller transfers, fees can be a major part of total cost.
💸 Payment and delivery methods matter for GHS-NGN remittances
Based on our detailed analysis of historical Ghana to Nigeria data, we see consistent variation in overall cost amongst the payment method and delivery method you choose.
Here is the average cost for popular payment methods used to send money to Nigeria from Ghana:
- Bank Account Transfer: 7.36%
- Cash: 8.81%
That is a total spread of 1.45 percentage points.
This means that on a GHS 300 transfer, you could save up to GHS 4.34 simply by choosing the best priced payment method.
These savings will only multiply for higher GHS amounts.
Here is the average cost of popular delivery methods used to send money from Ghana to Nigeria:
- Bank Deposit: 7.71%
- Cash Pickup: 8.47%
The cost difference between the above delivery methods is 0.76 percentage points.
Once again, this means that you could save up to GHS 2.27 on a GHS 300 transfer to Nigeria by choosing Bank Deposit versus Cash Pickup.
As you can imagine, the possible combinations of Ghana payment methods and Nigeria delivery methods will all have disparate cost. Let us look at that next.
Here is a summary of the average cost of payment and delivery method combinations for Ghana to NGN money transfers.
| Payment Method | Delivery Method | Average Cost (%) |
|---|---|---|
| Bank Account Transfer | Cash Pickup | 3.75 |
| Bank Account Transfer | Bank Deposit | 7.63 |
| Cash | Bank Deposit | 8.56 |
| Cash | Cash Pickup | 8.99 |
Sorted by Average Cost % (cheapest to most expensive).
As you can see, the difference between these GHS-NGN payment and delivery options is significant. Here are some observations:
- Bank Account Transfer → Cash Pickup has the lowest average cost at 3.75%.
- Cash → Cash Pickup has the highest average cost at 8.99%.
- Bank Account Transfer → Cash Pickup average cost is 5.24 percentage points lower than that of Cash → Cash Pickup.
- This means that on a GHS 300 money transfer, you could save up to GHS 26.97 simply by choosing the best payment and delivery method combo.
- Further, on a GHS 750 money transfer, the savings increase to GHS 67.42.
Here is a quick summary of the average historical cost of various payment and delivery methods for GHS to Nigeria money transfers.
💸 Cheapest payment and delivery methods (data-backed)
- Cheapest payment method: Bank Account Transfer averaged 7.36%, compared to 8.81% for Cash, a difference of 1.45 percentage points.
- Cheapest delivery method: Bank Deposit averaged 7.71%, compared to 8.47% for Cash Pickup (0.76 percentage points higher).
- Cheapest combo: Bank Account Transfer → Cash Pickup averaged 3.75%, which is 5.24 percentage points lower than Cash → Cash Pickup (8.99%).
🛠️ How to use this insight: As you compare money transfer providers for your next Ghana to Nigeria international money transfer, strive to pair the lowest-cost payment method with the lowest-cost delivery method.
This can help you avoid the pitfall of "great exchange rate, expensive methods".
You can save money on your Ghana to Nigeria remittances by carefully choosing the most economical payment and delivery methods.
🏦 Are banks more expensive than money transfer providers for GHS-NGN remittances?
When we compared Ghana banks with money transfer providers based on 5 years of remittance data, we noticed some patterns.
We observed that traditional banks charged 7.18 percentage points more on average than money transfer providers for Ghana to Nigeria remittances.
This means banks tend to be approximately 2.54x more expensive than money transfer companies.
Here are the key stats behind this comparison:
| Banks | MTOs^ | Difference | |
|---|---|---|---|
| Average transfer fee | GHS 26.60 | GHS 20.43 | GHS 6.17 |
| Exchange rate markup | 2.97% | -2.16% | 5.13 pp* |
| Average total cost (%) | 11.83% | 4.65% | 7.18 pp* |
^MTO: Money transfer operator, a commonly used term for a money transfer provider
*Percentage points
🛠️ How to use this insight: Whilst banks in Ghana may offer convenience and familiarity, money transfer providers often deliver lower overall cost due to their better exchange rates and lower fees. Even if you want to send money overseas with your bank in Ghana, we recommend comparing with money transfer companies to find your best options.
📊 Does sending more money reduce the cost of GHS-NGN money transfers?
To see if transfer cost varies based on the amount sent, we compared the average cost of sending GHS 300 vs GHS 750 from Ghana to Nigeria.
We found that sending a higher amount (GHS 750) tends to be cheaper - average cost drops from 7.83% to 3.95%, a reduction of 3.88 percentage points.
The cost of your transfer usually continues to drop as transfer amount increases. That said, always check the latest exchange rates and fees for your intended transfer amount.
🛠️ How to use this insight: Since it is generally cheaper to send higher Ghana Cedi amounts to Nigeria, consider consolidating smaller, more frequent transfers into fewer, larger ones. Doing so may reduce the total cost you pay.
🏛 How competitive is the Ghana to Nigeria remittance market?
Based on data from the last 5 years, GHS-NGN money transfers are provided on an average by 4 remittance companies. With around 4 providers serving this market, we consider the level of competition to be limited.
Traditional banks have represented 75% of active providers in this corridor (3 out of 4), suggesting a bank-heavy market structure.
A remittance market with more active providers is typically more competitive. This means you can get a better pricing and more payment and delivery options for your Ghana to Nigeria remittances.
⏱️ How fast are GHS-NGN money transfers?
If your recipient in Nigeria needs funds urgently, you may need to optimize your transfer for speed.
Here is what we see for Ghana to Nigeria transfers when it comes to processing time:
- Average transfer time: About 21 hours.
- Fastest transfer time: About less than 1 hour.
- Slowest transfer time: About 144 hours (~6.0 days).
- Average speed at GHS 300: About 21 hours.
- Average speed at GHS 750: About 21 hours.
Banks vs money transfer providers speed comparison: Banks are 7 hours faster on average than money transfer providers.
🛠️ How to use this insight: If you need to send money from Ghana to Nigeria in a hurry, compare providers not just on exchange rate, but also on expected speed. Speed also varies based on the delivery method (bank vs cash vs wallet) you choose for Nigeria.
Ghana to Nigeria transfer speed varies across providers, so compare transfer speed along with cost for time-sensitive money transfers. In addition, pick the fastest payment and delivery methods for faster processing.
Frequently Asked Questions about Ghana to Nigeria money transfers
These FAQs use data from RemitFinder's historical analysis of Ghana to Nigeria money transfers over several years.
What factors affect the total cost of sending money from Ghana to Nigeria?
The total cost of your GHS-NGN money transfer depends on how you fund the transaction (payment method), how the recipient receives it (delivery method), the exchange rate you get, and any transfer fee charged by the provider.
To avoid overpaying for your transfer, compare money transfer providers.
How much does the exchange rate affect Ghana to Nigeria transfers?
Historical GHS to NGN exchange rate markup ranges from -67.48% to 20.49%, a spread of 87.97 percentage points. Even small differences in the exchange rate markup can impact your final payout significantly.
Can GHS-NGN exchange rate markup be negative?
Sometimes, money transfer providers may offer promotional exchange rates that are better than the mid-market exchange rate, resulting in a negative GHS-NGN exchange rate markup.
Such offers are generally limited by transfer amount, eligibility, or duration. Compare providers to see if you can take advantage of any ongoing special offers.
Is the exchange rate or the transfer fee more important for Ghana to Nigeria transfers?
Exchange rate markup ranges from -67.48% to 20.49% (a spread of 87.97 percentage points).
Transfer fees range from GHS 0.00 to GHS 66.10, which equals roughly 22.03% on a GHS 300.00 transfer.
At both GHS 300.00 and GHS 750.00, the exchange rate markup shows larger variation than the other component.
Regardless, our recommendation is that it is important to compare both exchange rates and fees when choosing a provider for Ghana to Nigeria transfers.
As the transfer amount increases, the % impact of fees decreases (because the fee gets spread across a larger GHS amount), whilst exchange rate markup remains a percentage-based cost that can scale with transfer size.
For smaller transfers, fees can matter more, whilst for larger transfers, exchange rate often becomes the bigger driver. Either way, comparing both helps you get the most NGN for your GHS.
How much can Ghana to Nigeria transfer costs vary between providers?
Historical transfer cost ranges from -50.81% to 25.26% for GHS transfers to Nigeria. That is a spread of 76.07 percentage points, meaning significant differences between various money transfer providers.
A major contributor to this variation is exchange rate markup. FX markup alone ranges from -67.48% to 20.49% (a spread of 87.97 percentage points). Thus, even small differences in FX margin can have a big impact on the final NGN payout.
Why do various money transfer providers price GHS to Nigeria transfers differently?
If you send the same Ghana Cedi amount to Nigeria via different providers, the cost of each transfer will be different because of variations in FX markup, fees, and payment and delivery methods.
Even small differences among all the above factors can change the final NGN payout in Nigeria in a big way.
How stable are transfer costs in the Ghana to Nigeria corridor?
When we analyzed the historical total cost for GHS-NGN transfers, we observed a range from -50.81% to 25.26% (76.07 percentage points difference), along with a variability (standard deviation) of 10.78%.
A major driver of cost in this market is exchange rate markup. FX markup ranges from -67.48% to 20.49% (87.97 percentage points difference), with a standard deviation of 11.82%. Fees and payment/delivery method choices can contribute to further volatility.
This is exactly why we recommend comparing money transfer providers to get the most of your GHS-NGN transfers.
Which payment method is cheapest for Ghana to Nigeria remittances?
Bank Account Transfer is the cheapest payment method in Ghana based on its average cost at 7.36% (compared to Cash at 8.81%, a difference of 1.45 percentage points).
Based on this, we recommend paying for your GHS transfer with Bank Account Transfer, and avoiding Cash if possible.
Which delivery method is cheapest for GHS-NGN money transfers?
Bank Deposit is the cheapest delivery method in Nigeria as it costs 7.71% (compared to Cash Pickup at 8.47%, a spread of 0.76 percentage points).
If your recipient in Nigeria can accept Bank Deposit, we recommend choosing it as your preferred delivery option for GHS-NGN transfers.
Is Bank Deposit cheaper than Cash Pickup for Ghana to Nigeria transfers?
Bank Deposit is cheaper for transfers to Nigeria given its 7.71% average cost (versus 8.47% for Cash Pickup, a difference of 0.76 percentage points).
To save more, consider choosing the cheapest delivery option for Nigeria.
What is the cheapest way to send money from Ghana to Nigeria?
We evaluated 4 payment and delivery method combinations for Ghana to Nigeria remittances.
Based on historical data, Bank Account Transfer → Cash Pickup is the cheapest combination with 3.75% cost.
At the other end of the spectrum, Cash → Cash Pickup is the most expensive combination at 8.99% cost. That is a difference of 5.24 percentage points between the cheapest and most expensive combinations.
Money transfer providers tend to price payment and delivery methods for Ghana to Nigeria remittances differently. As you compare options, look for the cheapest payment-delivery method combo to maximize the value of your GHS-NGN transfers.
Does sending more money reduce the cost for Ghana to Nigeria transfers?
Larger GHS-NGN transfers are cheaper on average.
The cost of a GHS 300 transfer averages 7.83% as compared to 3.95% for a GHS 750 transfer, a difference of 3.88 percentage points.
How long does it take to send money from Ghana to Nigeria?
Based on our analysis, the average transfer time for GHS-NGN transfers is 21 hours, with the fastest transfers completing in less than one hour and the slowest in 144 hours (~6.0 days).
Are instant transfers available from Ghana to Nigeria?
Yes, historical data shows that some transfers to Nigeria from Ghana can complete in less than one hour.
Note that the actual speed of your GHS-NGN transfer will depend on the chosen provider, payment method, delivery method, and eligibility checks.
Are banks more expensive than money transfer companies for Ghana to Nigeria?
Banks in Ghana are more expensive than money transfer providers.
The average cost of banks is 11.83% compared to 4.65% for money transfer providers in Ghana, a difference of 7.18 percentage points.
Why do banks charge more for Ghana to Nigeria transfers?
Bank transfers in Ghana cost 11.83% compared to 4.65% for money transfer companies.
The difference is often due to the fact that banks in Ghana provider lower exchange rates and charge high wire transfer fees.
How competitive is the Ghana to Nigeria remittance market?
Based on historical data, the competition level in Ghana to Nigeria is considered limited with 4 active providers.
Money transfer providers represent about 25% of identified providers in Ghana.
Do I risk overpaying if I do not compare providers for Ghana to Nigeria?
Historically, total GHS-NGN transfer cost has varied by 76.07 percentage points. On a GHS 300 transfer, that can translate to GHS 228.21 in savings.
GHS-NGN exchange rate markup also varies across providers. The average markup spread has been about 87.97 percentage points. On a GHS 300 transfer, that could be GHS 263.91 saved from FX alone.
Fees can also make a big difference in this market, with a difference of about GHS 66.10 across providers.
That is why comparing providers can materially change how much of the GHS you send does your recipient receive in Nigeria in Nigeria.
Latest GHS to NGN Conversion Rates
Here are some latest GHS to NGN (Ghana Cedi to Nigerian Naira) exchange rates for popular conversion amounts*.
| 1 GHS | 125.53 NGN |
| 5 GHS | 627.67 NGN |
| 10 GHS | 1,255.34 NGN |
| 25 GHS | 3,138.36 NGN |
| 50 GHS | 6,276.72 NGN |
| 100 GHS | 12,553.43 NGN |
| 150 GHS | 18,830.15 NGN |
| 200 GHS | 25,106.86 NGN |
| 250 GHS | 31,383.58 NGN |
| 300 GHS | 37,660.29 NGN |
| 400 GHS | 50,213.72 NGN |
| 500 GHS | 62,767.15 NGN |
| 600 GHS | 75,320.58 NGN |
| 700 GHS | 87,874.01 NGN |
| 800 GHS | 100,427.44 NGN |
| 1000 GHS | 125,534.30 NGN |
| 1500 GHS | 188,301.45 NGN |
| 2000 GHS | 251,068.60 NGN |
| 2500 GHS | 313,835.75 NGN |
| 3000 GHS | 376,602.90 NGN |
| 4000 GHS | 502,137.20 NGN |
| 5000 GHS | 627,671.50 NGN |
| 10000 GHS | 1,255,343.00 NGN |
| 15000 GHS | 1,883,014.50 NGN |
| 20000 GHS | 2,510,686.00 NGN |
| 30000 GHS | 3,766,029.00 NGN |
| 40000 GHS | 5,021,372.00 NGN |
| 50000 GHS | 6,276,715.00 NGN |
| 100000 GHS | 12,553,430.00 NGN |
*Based on the Mid-market Exchange Rate
1 Based on 104 pricing observations across 4 firms over the last 5 years for a GHS 300 money transfer from Ghana to Nigeria. Data Source: The World Bank, Remittance Prices Worldwide, available at http://remittanceprices.worldbank.org.
How we analyze remittance data?
Insights are derived from the World Bank's Remittance Prices Worldwide dataset, which collects standardized provider pricing information at defined transfer amounts.
We aggregate this data across multiple providers and multi-year periods to calculate averages, medians, and variability measures in order to identify consistent pricing patterns for the Ghana to Nigeria remittance corridor.
RemitFinder does not modify the underlying World Bank data. The analysis presented here is independently calculated from published datasets and is intended for informational and comparison purposes only.