If you want to change foreign currency in Lagos and avoid being scammed you need to be extra careful, and be at your full consciousness when dealing.
This post will guide you through, it will be in 2 parts, this one on how to sell/ exchange your foreign currencies in Lagos for naira, and the other will be how to buy foreign currencies in Lagos without being scammed.
Note: this post is not intended to discredit any organization, persons or groups involved in the currency exchange trade, but to serve as an eye opener to visitors and anyone who want to change their foreign currency in Lagos. Also note that the writer is not involve or affiliated with any currency exchange bodies. The post is inspired by real life experiences at course of living in Lagos.
Back to the bread and butter of this blog post.
Lagos is a bustling city, attracting travelers, business professionals, and tourists from around the world who at some point want to change their currency to ease payment in Lagos. But how can they do that without being scammed of their hard earned money.
Lets find out.
Tips To Change Foreign currencies In Lagos Without Being Scammed
Whether you’re a visitor or a local, at some point, you’ll likely need to change foreign currency. Knowing how to go about it, the best places to go can help you get a fair rate, avoid scams, and ensure safety.
Here’s an easy guide to navigating currency exchange in Lagos.
1. Verify Exchange Rates
It is important to verify the current value of the currency you want o change, we’ve heard case of people who were scammed, given ridiculous rates for their currency exchange.
To verify exchange rates before changing foreign currencies in Lagos, start by checking reliable online sources. Financial news websites and currency converter apps provide real-time information about exchange rates. These tools help you know the current market value and track any changes before you make a decision.
Currency converter apps on smartphones are easy to use and can show up-to-date rates. Keep in mind, however, that the rates displayed are often mid-market rates. The rates you’ll find when exchanging currency might differ slightly because of service fees or markups added by currency services.
Another way to stay updated is to monitor social media pages or websites that post regular updates on exchange rates. Some platforms share real-time rates and market trends that can be very helpful.
By comparing different sources and staying informed, you can make sure you get a fair deal when exchanging foreign currencies in Lagos.
2. Use Credible Bureau de Change
After Verifying the current exchange rates for the currency you want to change it is time to proceed to credible Bureau de Change.
Using a credible Bureau de Change in Lagos is one of the safest ways to avoid scams when exchanging foreign currencies. A Bureau de Change is an authorized money exchange center that is regulated by the Central Bank of Nigeria (CBN). Choosing a trusted and licensed bureau helps ensure that you get genuine currency notes and fair exchange rates.
These official Bureaux de Change operate transparently, providing receipts and proper documentation for each transaction. This documentation is essential if any issues arise. They also follow the law, which makes transactions safer for you.
3. Avoid Street Hawkers
If you wan to avoid being scammed when changing foreign currencies in Lagos one important tip is to avoid street hawkers who offer currency exchange services. While their rates might seem attractive at first, these deals often come with hidden risks.
Street hawkers operate in crowded areas and claim to offer the best rates, but many of them are out to scam people. You might be given counterfeit bills or short-changed during the exchange process. The speed at which these hawkers work and the distractions in busy areas can make it easy for you to miss any tricks they might pull.
Instead of risking your money, go to trusted sources mentioned earlier. These places offer a safer way to change your currency, even if their rates might be slightly different from street rates. It’s better to be safe than to lose money trying to save a few naira.
Remember, in Lagos, being street smart is key. If a deal sounds too good to be true, it probably is. Protect yourself by sticking to trusted and secure options for your currency exchanges.
4. Keep Your Money On Sight
This a tricky way some currency exchange use to scam people of their money. To stay safe, always keep your money in sight. From the moment you pass your cash to the currency changer until the deal is done, make sure you are watching. Never let your money leave your view, as some dishonest exchangers might try to switch notes or take your cash into a back room under the guise of counting it and return with less than you gave them.
An example of this could be when a visitor goes to an informal exchange stand on the street. The exchanger might engage them in friendly conversation to distract them while subtly swapping higher-value notes for lower ones. Another common tactic is pretending to count the money behind a counter or in a side room and then returning with a smaller amount, claiming it was all there was.
To avoid such situations, it’s better to ask the to count you money and complete the transaction in your presence.
5. Avoid Rush Transactation
Changing currency in Lagos can be tricky, especially when you’re in a hurry. Rush transmission, or dealing with currency exchange quickly without proper checks, is a common way people fall for scams. In such situations, scammers take advantage of the rushed transaction to cheat or trick unsuspecting customers.
First, scammers may give you fake or low-quality currency that looks real but isn’t. When you’re rushing, you might not take the time to inspect the bills properly, making it easy for them to pass off counterfeit money. Always check the currency carefully before accepting it, even if you’re in a hurry.
Second, a rushed exchange may involve unclear or dishonest rates. Some exchange agents might quote one rate and then change it at the last minute, knowing you’re in a hurry and less likely to notice. This results in getting less money than you should.
Lastly, there’s the risk of quick hand tricks, where an agent might count the money in front of you, then swap it with a smaller amount before handing it over. Always recount the money yourself.
To avoid scams, stay calm, take your time, and double-check all details when changing currency.
Conclusion
When exchanging foreign currency in Lagos, taking careful steps is key to avoid scams and get a fair deal. Always verify the current exchange rates from trusted sources before making any decision. This keeps you informed and helps you understand the real market value. Choosing credible Bureau de Change centers is crucial, as they provide safer transactions and official documentation that adds a layer of security.
It’s important to avoid street vendors or deals that seem too good to be true, as these often carry higher risks of scams or fake currency. Trustworthy currency exchange should always involve clear procedures and proper receipts. Stay cautious and never rush your decisions, even when you feel pressured.
With these tips, whether you are a tourist or a local resident, you can confidently change foreign currency in Lagos without falling victim to scams. Taking a few extra steps to verify and use reputable services can protect your money and give you peace of mind. By staying aware and informed, you can make your currency exchange experience safe and smooth in this vibrant city.
