Nigeria has a rapidly expanding financial ecosystem, with both traditional banks and digital platforms offering currency exchange services. However, many Nigerians find themselves when exchanging foreign currency through local banks.

With the increasing demand for seamless international transactions, Grey emerges as a smarter alternative.

This article compares Grey and local banks, helping you find the best way to exchange currency in Nigeria.

Exchange rates and pricing transparency

Exchange rates directly affect how much value you receive when converting currency. Many people unknowingly lose money due to hidden fees and poor exchange rates offered by local banks.

Local banks typically offer exchange rates that are lower than market value. This often leads to losses. Additional charges and hidden fees make currency exchange more expensive. Many banks do not provide real-time rates, making it hard to track accurate exchange values.

Grey, on the other hand, offers competitive exchange rates that align closely with real market rates. The transparent pricing ensures you always get the best value without surprises.

Also read: How Fiverr freelancers in Nigeria can receive payments easily in 2025

Speed and convenience

Quick access to exchanged currency is crucial for businesses, freelancers, and travellers. Thus, delays in processing transactions, especially for those with urgent financial needs, can be very disappointing.

Traditional banks often have long processing times and hectic procedures that cause delays. Some of them even require physical visits.

Inversely, Grey offers a fully digital experience. Transactions are completed in minutes.

Fast processing helps individuals and businesses plan their expenses better.

Multi-currency support for global transactions

A reliable currency exchange provider should offer flexible options for different currencies.

Many times, local banks have restrictions on handling multiple foreign currencies. This then results in higher transaction fees, making cross-border payments expensive.

Grey solves this problem by supporting various currencies. Users can create USD, GPD and  EUR accounts. This multi-currency support enhances financial flexibility for freelancers, businesses, and expatriates.

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How to open a Grey account in Nigeria

1. Sign up for Grey

Creating an account with Grey is quick and easy, requiring only a few personal details. Here’s how to get started:

• Visit grey.co: On your browser, enter grey.co and click on “Get started – it’s free.” You can also download the app.

• Choose your country: Select your current country of residence. This helps Grey tailor the setup to your location. Here, you’ll choose Nigeria.

• Enter your details: You’ll be prompted to provide your full name, email address, and phone number, then create a secure password.

• Verify your email: Grey will send a one-time password (OTP) to your email address. Enter the code to complete this step.

• Once you’re set up, you’re ready for identity verification.

2. Verify your identity for secure access

Here’s what you’ll need to provide:

• Government-issued ID: A valid passport or national ID card is required. Make sure it’s clear and up-to-date.
• Proof of address: A recent utility bill or bank statement will verify your location. Grey uses this document to confirm your residency.
• Submit your documents for review: Once uploaded, Grey will review your documents, a process that typically takes a few business days. Providing clear and accurate information speeds up approval.

3. Access your global bank accounts

Once your identity is verified, you can access your bank accounts.

• Log in to your Grey account.
• Navigate to the “Accounts” section and select “Create Account.”
• Choose the currency (USD, GBP or EUR).
• Your global bank account details, including your account number and routing number, will be generated instantly.

Also read: How freelancers in Nigeria can receive payments from US, UK & EU clients

Why Grey is the best currency exchange option in Nigeria

When comparing Grey and local banks for currency exchange in Nigeria, Grey comes out on top. Its competitive exchange rates, lower fees, faster transactions, and digital experience provide Nigerians with an affordable and efficient way to manage currency exchange.

Create your Grey account today or download the app to start exchanging currency at the best rates.

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