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The short answer
The usual reasons are charges taken by intermediary or receiving banks on a SWIFT wire sent with the SHA or BEN option, a rate that was not locked when you paid, a promotional rate that covered only part of the amount, or a conversion into naira you did not expect. A transfer through an exchange house app normally shows a fixed naira amount at the moment you pay, so a shortfall there should be raised with the provider using your receipt.
You were quoted one naira figure and a smaller one arrived. Before you assume a mistake, work out which kind of transfer it was, because the causes are different for an exchange-house or app transfer and for a bank wire. Here are the causes in turn, how to tell which one hit you, and what to do.
Cause 1: deductions along a SWIFT wire
A bank wire often passes through one or more correspondent banks before it reaches Nigeria. Each payment message carries a charges option. BNZ's MT103 specification defines them: OUR means the sender bears all charges, SHA means the beneficiary bears all charges except the sender's own bank's, and BEN means the beneficiary bears them all. Under SHA or BEN, a correspondent can deduct its fee from the amount in transit, and the receiving bank may charge too.
The quote from a UAE bank usually covers only its own fee and conversion, so deductions further down the chain are not in it. The fix next time is to ask for OUR, accepting a higher fee in the UAE. For the details a wire needs, see which SWIFT code to give a UAE sender.
Cause 2: the rate was not fixed when you thought
App quotes are usually fixed when you confirm and pay. Payment methods that complete later can be priced later. LuLu Money's UAE FAQ, for example, gives you 4 hours to get a wire payment to LuLu's account and enter the bank reference, and says its rates update every few minutes. If your payment cleared after the quote moved, the naira figure can change. LuLu also mentions a "rate adjustment" on cancellations, which matters if a transfer was cancelled and re-sent.
Cause 3: the promotional rate ran out
Introductory rates often cover only part of a first transfer. Remitly's UAE page, read in October 2026, offered a promotional rate to new customers on the first AED 4,000 sent, one per customer. Send more than that and the rest is converted at the standard rate, so the average falls. Read the small print beside any rate that looks unusually good.
Cause 4: an unexpected conversion
If you sent dollars to someone in Nigeria through a money transfer operator expecting dollars to arrive, they will have received naira. Under a CBN circular effective 1 May 2026, licensed operators pay recipients in Nigeria in naira only. The operator converts at its own rate, and that conversion may not be the one you had in mind. A wire in dollars to a domiciliary account is the route for dollars; see dollars to a domiciliary account.
Working out which cause it was
Example only, with round illustrative numbers: you wire $1,000 under SHA. A correspondent deducts $20 and the receiving bank charges $10, so $970 is credited. Whatever rate is then used, the naira credited is worth 3% less than you expected from $1,000, because 1,000 minus 20 minus 10 is 970 and 30 is 3% of 1,000. A gap that matches a round charge like this points to deductions in the chain, not to the exchange rate. A gap that moves with the amount sent, by contrast, points to the rate.
- Compare the amount credited with the amount sent, in the same currency. A gap of a round figure suggests charges.
- Check the rate the provider actually used, on your receipt, against the quote.
- Check whether a promotional rate had a cap.
- Ask the recipient's bank for the credit advice, which shows the amount received and any charges.
- Raise it with the provider, quoting the reference and attaching your receipt.
For a fuller method to compare providers before you send, see the real cost of an AED to naira transfer.
Preventing it next time
- For bank wires, ask for the OUR charge option and confirm the correspondent details with the recipient's bank.
- For app transfers, pay by a method that completes at once, so the quote you saw is the rate you get.
- Read the cap on any introductory rate and keep the first transfer within it, or expect a blended rate.
- Send to an account in the currency you want to arrive, and remember that money transfer operators pay out in naira.
- Screenshot the quote before you confirm, and keep the receipt; both are what you will need if you complain.
Where Pryme fits
With Pryme, Swap shows the rate first and the fee on its own line before you approve, and each transaction has a receipt that records what was converted and at what rate.
Questions people ask
Why did my family receive less naira than I was quoted?
Usually intermediary or receiving-bank charges on a wire, a rate that moved before your payment cleared, or a promotional rate that covered only part of the amount.
How do I stop intermediary banks deducting charges?
Ask the sending bank to use the OUR charge option, so the sender pays all charges. Expect a higher fee in the UAE.
Can I claim back the missing naira?
If the provider credited less than its fixed quote, raise it with your receipt. Deductions under SHA or BEN are usually allowed by the payment terms.
Why did dollars I sent arrive as naira?
Since 1 May 2026, licensed money transfer operators pay recipients in Nigeria in naira only.
Sources
- BNZ: SWIFT MT103 message specification (Nov 2021) · accessed Oct 2026
- LuLu Money: Frequently asked questions (UAE, undated) · accessed Oct 2026
- Remitly: Send money from the UAE to Nigeria (c. 2026) · accessed Oct 2026
- Udo Udoma & Belo-Osagie: Routing remittances through regulated channels, the CBN's new directive to IMTOs (Mar 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.