Among many questions in the heart of someone planning to relocate to Canada is how to get proof of funds in Nigeria. No thanks to the significantly devalued naira currency that has made the naira-cad exchange to be extremely financially tasking.
For instance at the writing of this post, 1 CAD equals 310 naira. The falling naira requires you to have more money set aside for your proof of funds. This is also amidst rising unemployment and underemployment that has significantly reduced income.
A proof of fund after conversion to naira could range from 2m naira for a single person to somewhere around 6m for a family of 4. This lump sum of money is usually required to be in the applicant’s account before it is required by the Canadian immigration.
However, with that being said, the good news is that is there is a way arouond getting your proof of funds depending on your strength and network.
Do’s and Dont’s of Proof of Fund
Do not falsify accounts
- Do not buy fake statements
- Do not borrow with a remark loan on your account
- If you must borrow, borrow into another account then move the funds in instalments
- Do not introduce a lump sum that cant be justified in the weeks leading to your departure
- If at all number 4 above happens, have a reasonable explanation to justify it.
- Ensure that you add a gift letter if you plan to receive a gift from a parent, sponsor or friend
- Start planning your proof of fund immediately you do your CRS calculations and you qualifies to apply.
How To Get Proof Of Fund in Nigeria
- Seek the Support of Sponsor, Parents and or Family Members
- Start a Saving Plan Ahead on Time
- Enroll in Loan Scheme With a Reputable Company