5 Ways to Buy Chinese Yuan/RMB in Nigeria
RMB is not as widely used as the dollar, making it more challenging to acquire in Nigeria. If you import goods from China, it’s even harder to pay Chinese suppliers in their local currency due to several limitations.
In this guide, we’ll walk you through the top five methods used by Nigerians to buy and send RMB to Chinese suppliers. For each method, we’ll share the requirements and grade the ease of getting started.
The Five Ways to Buy RMB in Nigeria Include:
1. Using Midddleman App
Midddleman is a trusted mobile app for more than 13,000 importers across Africa. It provides importers with the tools to trade with China easily, including a payments feature that allows you to buy and send RMB to China in minutes.
The payment process is simplified, much like a mobile banking experience. You only need to fund your account with Naira and add a recipient Alipay wallet address. It takes around 10 minutes to receive the RMB, and you’ll get a receipt.
The sign-up process requires BVN verification in accordance with the CBN (Central Bank of Nigeria) regulations. Once verified, you can buy and send up to 50,000 yuan to China.
Download the mobile app on Google Play Store or Apple App Store to easily buy RMB and send it to China in minutes.
2. Via Procurement Agents
Procurement agents are individuals who buy goods from China on behalf of businesses in Nigeria. These agents receive payments in Naira or Dollars and manage the currency exchange to complete the final payment to a Chinese supplier.
It's easy to buy or send RMB via a reputable procurement agent. However, you may incur additional charges beyond the standard procurement fee, which usually only includes finding your product and a reliable supplier.
Procurement agents who reside in China may not accept payments in Naira. You may need to first convert to dollars, and that translates to additional expenses.
3. From Nigerian Banks
Many Nigerian banks exchange RMB for naira. They just don’t publicise it enough. Examples of Nigerian banks that sell RMB for naira are GT Bank, Access Bank, and FCMB. Note that it’s best to confirm at a physical branch of any of these banks before including them in your business plans.
Buying RMB 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 stricter CBN regulations, making their processes unhelpful when you need RMB regularly.
Some of the documents required by Nigerian banks when exchanging foreign currencies are a Nigerian passport, a valid visa, proof of income, a flight return ticket, and tax clearance certificates.
Buying RMB from Nigerian banks is far from simple and quick, but it’s usually safe.
4. Through Money Exchangers
Money exchangers convert Naira to foreign currencies, including Chinese yuan, for a fee. They are usually individuals found online or in major tourist cities.
Money exchangers typically have higher rates influenced by local factors, unlike other methods that are mainly influenced by exchange rates. The difference varies widely, making money exchangers unpredictable at times.
Buying RMB 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. On Web3 Exchanges
Web3 exchanges are primarily for trading cryptocurrencies and virtual tokens, and they can also be used to buy RMB.
Not all exchanges can be used to buy RMB. First, confirm that a Web3 exchange includes RMB as a fiat currency. Then, you can buy a stablecoin or any cryptocurrency of your choice with naira and convert it to RMB.
The entire process of buying a crypto token with Naira and converting it to RMB 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 RMB.
Why Choose Midddleman?
Buying RMB in Nigeria is a huge challenge. It’s even more difficult for businesses that import from China. This is exactly the business profile Midddleman is built for.
It doesn’t matter if it’s a small business run by a student entrepreneur or a business that operates nationwide. You’ll get all the tools to run a successful importation business from one mobile app.
Simply download the app to unlock:
- Faster RMB Payments to Alipay wallets
- Procurement from China via agents in China
- 1688 AI Translation tool
- China-Nigeria logistics (coming soon)