Sending money from Canada to Nigeria: the payments stack
Sending CAD 200 from Canada to Nigeria cost 3.15% of the amount on average in Q3 2025, across 13 services in the World Bank's Remittance Prices Worldwide survey. Payouts in Nigeria typically run over NIP (NIBSS Instant Payments), CBN RTGS; between now and the end of 2027 there are 7 weekdays when banks in Canada are closed but Nigeria keeps paying out, so the payout balance has to be funded before them.
| Average cost to send | 3.15% of CAD 200 (Q3 2025, World Bank RPW) source |
| Money transfer operators | 3.15% across 13 services |
| Collect in Canada | Lynx, ACSS and USBE (EFT, pre-authorized debits, direct deposits), Interac e-Transfer for Business, Real-Time Rail (RTR) |
| Pay out in Nigeria | NIP (NIBSS Instant Payments), CBN RTGS |
| Corridor playbook | CAD to NGN: funding and prefunding |
What it costs to send CAD 200
The World Bank surveyed 13 services sending from Canada to Nigeria from 19 August 2025 to 20 August 2025. The average total cost, fees plus the FX margin, was 3.15% of the amount sent; money transfer operators averaged 3.15%. source
Bank and operator averages are worked out from the survey's provider types.
The send side: Canada
- Money services businesses operating in Canada, and foreign money services businesses that direct and provide services to clients in Canada, must register with FINTRAC before they begin to operate, even if they hold a provincial licence; FINTRAC charges no registration fee. source
- FINTRAC registration is valid for two years and must be renewed before expiry; changes such as a new representative for service in Canada must be reported within 30 days. source
- A foreign money services business must designate a representative for service who resides in Canada, and banks must confirm that a foreign money services business is registered with FINTRAC before opening an account for it. source
Licences, sponsor banks, collections, ramps and KYC providers: sending from Canada.
The payout side: Nigeria
| Payout partner | What it does in Nigeria | Source |
|---|---|---|
| Flutterwave · our guide | Transfers API pays out NGN individually or in bulk from a Flutterwave balance to Nigerian bank accounts, and can verify Nigerian bank account details before sending. | source |
| Thunes · our guide | MoMo PSB wallet holders receive international transfers instantly through Thunes' network from markets including the USA, UK, Canada, France, Australia, Saudi Arabia, Israel and South Africa (November 2025). | source |
| TerraPay · our guide | Its network page lists Nigeria among its African receive markets. | source |
| dLocal · our guide | Payouts V3 sends NGN bank transfers for B2C, B2B and P2P flows through Demerge Nigeria Limited, a CBN-licensed Payment Solution Service Provider. | source |
| Fincra | Payout API sends NGN to Nigerian bank accounts, alongside cross-currency payouts and USDT, USDC and cNGN payouts to crypto wallets. | source |
| Onafriq | Its integration with the Yuno platform is live in Nigeria and six other markets, covering disbursements, collections, card issuance and FX treasury services. | source |
| Nairagram | Payout network and API for money transfer operators and payment companies, paying out by bank deposit, mobile wallet and cash pickup across 30+ African countries. | source |
Licensing, local banks, stablecoin ramps, FX and KYC in Nigeria: launching payments in Nigeria.
Payout rails in Nigeria
| Rail | Operator | What matters for payouts | Source |
|---|---|---|---|
| NIP (NIBSS Instant Payments) | Nigeria Inter-Bank Settlement System (NIBSS) | Account-number based real-time interbank transfers, available 24 hours a day, 365 days a year, with funds usable by the recipient immediately. All commercial banks, microfinance banks and mobile money operators participate. | source |
| CBN RTGS | Central Bank of Nigeria | Large-value settlement in four sessions with cut-offs at 09:00, 12:00, 15:00 and 18:00, and access for external users on RTGS and S4 until 18:30 since the April 2023 upgrade. | source |
Holiday gaps to plan for, to December 2027
Weekdays when one side of the corridor is closed. On the 7 dates when Canada is closed and Nigeria is open, the payout balance has to already hold enough to cover them. On the 5 dates when Nigeria is closed, instant rails may still pay out.
| Date | Canada | Nigeria | What it means |
|---|---|---|---|
| Wed 11 Nov 2026 | Remembrance Day | Open | Prefund Nigeria the day before: no funding from Canada, payouts continue |
| Fri 25 Dec 2026 | Christmas Day | Christmas Day | Both closed |
| Mon 28 Dec 2026 | Boxing Day (observed) | Boxing Day substitute | Both closed |
| Fri 1 Jan 2027 | New Year's Day | New Year's Day | Both closed |
| Tue 9 Mar 2027 | Open | Id el Fitr | Nigeria banks closed: only always-on rails pay out |
| Fri 26 Mar 2027 | Good Friday | Good Friday | Both closed |
| Mon 29 Mar 2027 | Open | Easter Monday | Nigeria banks closed: only always-on rails pay out |
| Mon 3 May 2027 | Open | Workers' Day substitute | Nigeria banks closed: only always-on rails pay out |
| Mon 24 May 2027 | Victoria Day | Open | Prefund Nigeria the day before: no funding from Canada, payouts continue |
| Mon 14 Jun 2027 | Open | Democracy Day substitute | Nigeria banks closed: only always-on rails pay out |
| Thu 1 Jul 2027 | Canada Day | Open | Prefund Nigeria the day before: no funding from Canada, payouts continue |
| Mon 6 Sep 2027 | Labour Day | Open | Prefund Nigeria the day before: no funding from Canada, payouts continue |
| Thu 30 Sep 2027 | National Day for Truth and Reconciliation | Open | Prefund Nigeria the day before: no funding from Canada, payouts continue |
| Fri 1 Oct 2027 | Open | National Day (Independence Day) | Nigeria banks closed: only always-on rails pay out |
| Mon 11 Oct 2027 | Thanksgiving | Open | Prefund Nigeria the day before: no funding from Canada, payouts continue |
| Thu 11 Nov 2027 | Remembrance Day | Open | Prefund Nigeria the day before: no funding from Canada, payouts continue |
| Mon 27 Dec 2027 | Christmas Day (observed) | Christmas substitute | Both closed |
| Tue 28 Dec 2027 | Boxing Day (observed) | Boxing Day substitute | Both closed |
Full calendars: Canada and Nigeria. Size the buffer with the corridor runway calculator.
Funding the corridor
- Lynx and the ACSS run Monday to Friday except statutory holidays. Remaining 2026 closures are Remembrance Day (Wednesday 11 November), Christmas Day (Friday 25 December) and Boxing Day, observed on Monday 28 December, so CAD wires sent after Lynx closes on Thursday 24 December next settle on Tuesday 29 December. source
- Lynx regular payments run in Settlement Window 1 from 12:30 a.m. to 6:00 p.m. ET; the window from 6:00 p.m. to 7:00 p.m. ET is reserved for interbank lending and repaying Bank of Canada intraday loans. source
- IMTOs are barred from buying foreign exchange in Nigeria's domestic market for settlement, and customer funds meant for remittance must sit in a designated account with the agent Authorised Dealer Bank, separate from the operator's other accounts. source
- A CBN circular of 24 March 2026, effective 1 May 2026, requires every IMTO to open designated naira settlement accounts with Authorised Dealer Banks and run all beneficiary payments and settlements through them. The accounts can be credited only with remittance flows and the proceeds of FX conversions with authorised NFEM participants, and IMTOs can hold several such accounts with different banks. source
- Trades with the CBN window settle the same day only when executed and confirmed before 12 noon on a trading date, and participants file daily returns on the sources of funds. source
Running the corridor
Polynopsis shows every balance on both sides of this corridor in one live position: the collection accounts in Canada, the payout partners and banks in Nigeria and any stablecoin in between. It warns before the Nigeria balance runs dry, holidays included. See how it works.
Frequently asked questions
How much does it cost to send money from Canada to Nigeria?
The World Bank's survey put the average total cost of sending CAD 200 at 3.15% in Q3 2025, across 13 services. Money transfer operators averaged 3.15%.
Which rails pay out in Nigeria?
Local payouts run over NIP (NIBSS Instant Payments), CBN RTGS.
When do I need to prefund Nigeria payouts ahead of holidays?
Between now and December 2027 there are 7 weekdays when Canada is closed and Nigeria is open, the first on Wed 11 Nov 2026. The payout balance has to cover those days before they start.
Related corridors
Sources
- World Bank, Remittance Prices Worldwide dataset · World Bank
- System closure schedule (2026) · Payments Canada
- High-value payment system: Lynx · Payments Canada
- Public Holidays Act (Laws of the Federation) · Policy and Legal Advocacy Centre (PLAC)
- Buhari signs June 12 bill into law · ThisDay
Know where all your money is.
Polynopsis gives cross-border payment teams one live position across every bank, payout partner, exchange and wallet, including money in flight, and warns before a corridor runs dry.