A World Bank report on Monday stated that each year, $20bn was being sent to Nigeria in form of remittances and that the final week before Christmas was one of the busiest times to send money.
According to the report, the average cost of sending money is around 7.21 per cent with Sub-Saharan Africa being one of the most expensive regions to send money to at 9.13 per cent.
“The high costs of sending money home mean the Nigerian diaspora are losing out on up to seven per cent when sending money home,” it stated.
A recent research by WorldRemit revealed that switching to lower cost channels could mean thousands of Nigerians could receive an extra Christmas present this year.
It stated that the savings were highest when sending from Australia to Nigeria, with a saving of $14.3 enough to buy a board game.
According to WorldRemit, with hourly wages in Australia ranging from between $15 and $25 on average, these high costs mean the diaspora have to work an extra half hour just to cover the elevated costs of sending money home at Christmas.