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The short answer
Decide first whether you are fixing the euro amount you can afford or the naira amount your parents need, because the exchange rate will move one of the two every month. Most families in Spain do best with a fixed naira core paid on the same date each month, a small euro buffer for rate moves, and one written record of everything sent.
Start from two numbers, not one
A monthly allowance has two sides. On your side is a euro figure that has to fit around rent, the cuota or your nómina deductions and your own savings. On your parents' side is a naira figure that has to cover food, power, medicine and the small costs of a household. The exchange rate links the two, and because the naira floats, the same euros buy a different amount of naira each month.
Before choosing an amount, write down what your parents spend in a normal month in naira, line by line, and what you can send in euros without borrowing. If the naira need is higher than your euro budget at today's rate, the gap is a conversation to have with siblings now, not a shortfall to discover in March. Our guide to setting a monthly allowance for parents covers that family conversation in more depth.
Fixed euros or fixed naira: a worked example
The figures below are an example only, using made-up exchange rates to show the mechanics. Check the real rate in your transfer app on the day.
| Approach | Month at ₦1,700 per euro (example) | Month at ₦1,600 per euro (example) | Who carries the swing |
|---|---|---|---|
| Fix €300 a month | Parents receive ₦510,000 | Parents receive ₦480,000 | Your parents: ₦30,000 less in the weaker month |
| Fix ₦500,000 a month | You send about €294.12 | You send about €312.50 | You: about €18.38 more in the weaker month |
| Fix ₦450,000 core plus €30 buffer | Core costs about €264.71, buffer adds ₦51,000 | Core costs about €281.25, buffer adds ₦48,000 | Shared: core is stable, buffer moves |
Fixing euros protects your budget in Spain and pushes the uncertainty onto your parents. Fixing naira protects the household in Nigeria and pushes it onto you. The third row is a middle path: the core covers fixed bills, so it is set in naira, and the buffer is a small euro amount that buys whatever it buys that month. Over a year, a €30 buffer is €360, which you can plan for in advance.
Count the cost of sending, not just the rate
Every transfer has two costs: any transfer fee, and the margin between the rate you are given and the mid-market rate. On a €300 transfer, a €3 fee plus a 1% margin (both example figures) costs about €6, or 2% of the amount. Sending twice a month in two €150 transfers would double the fixed fee to €6 while the margin stays about €3, so the total rises to about €9. One planned transfer a month is usually cheaper than several small ones. Taptap Send's help centre, for example, says its rate is locked at the moment you confirm the transfer and that local providers may deduct handling or cash-out fees on the receiving side (page updated 20 Aug 2026), which is a reminder to ask your parents what actually lands. Our page on euro-to-naira transfer fees from Spain explains how to compare the two costs.
When in the month to send
- Send a few days after your own salary or main client payment lands, not on the day, so a late payment in Spain does not become a late allowance in Nigeria.
- Aim for the money to arrive before the household's biggest fixed date, such as a power token top-up, a school charge or a market day.
- Avoid relying on weekends and Spanish or Nigerian public holidays for the final day; transfers that need a bank to process them can wait until the next working day.
- Pick one date and keep it. A predictable date helps your parents plan and makes it easier to spot a missing payment.
Trying to time the rate rarely pays. Nobody knows which way the euro-naira rate will move next week, and waiting for a better rate can leave your parents short. If you want to react to rate moves, use the buffer for that and keep the core on its fixed date.
How the money arrives in Nigeria
Under the CBN's Foreign Exchange Manual 2026, as reported by TheCable on 3 Jun 2026, money sent through international money transfer operators is paid out in naira, and over-the-counter cash payouts are capped at the naira equivalent of $200, with anything above credited to a bank account. For a regular allowance, a payout into your parents' own account is the cleaner route: it leaves a record and avoids queuing for cash. Make sure the name on the account matches the name you enter, and that the account is fully verified with BVN and NIN, or the transfer may be held.
If your parents also hold dollars or euros
Some families prefer to send euros into a Nigerian domiciliary account and convert only when needed. That can make sense for a larger, less frequent sum, but it adds a conversion step in Nigeria and a decision about when to convert. For a monthly allowance that is spent within weeks, a naira payout is usually simpler.
Keep a record from the first month
Write down, for each month, the date, euros sent, naira received, fee and the purpose. A shared note or spreadsheet is enough. The record helps you see whether the allowance is keeping up with prices, it settles family questions about who sent what, and it gives you something to show your bank if it ever asks about regular payments to Nigeria. See keeping a record of money sent to family for a simple template.
Where Pryme fits
With a Pryme account you can hold euros and naira side by side, use Swap to convert when you choose, and send to your parents' Nigerian account. The app shows the rate and the fee before you approve. If your parents keep naira for a known future cost, a Savings Box can hold it separately from day-to-day money. Outside Nigeria, Pryme's services are provided through regulated partners.
Questions people ask
How much should I send my parents in Nigeria every month from Spain?
There is no right figure. List your parents' monthly naira costs, compare them with what you can afford in euros, and agree any gap with siblings. Many families fix a naira core for bills and add a small euro buffer.
Is it better to send euros or naira to my parents?
For money spent within the month, a naira payout into their own account is usually simplest. Euros into a domiciliary account suit larger, less frequent sums, but someone then has to decide when to convert.
When is the best time of month to send money to Nigeria?
Shortly after your own income lands and before your parents' biggest fixed bill. Pick a regular date and avoid weekends and bank holidays for the final day.
Why did my parents receive less naira than last month?
If you fixed the euro amount, a weaker naira-per-euro rate means fewer naira. Fees taken on the receiving side can also reduce what lands. Ask what arrived and compare it with your receipt.
Sources
- Taptap Send Help: how do exchange rates work (updated 20 Aug 2026) · accessed Oct 2026
- TheCable: CBN FX Manual 2026 (3 Jun 2026) · accessed Oct 2026
- Mondaq: Key regulatory update, the CBN Foreign Exchange Manual 2026 (24 Jun 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.