Country Guides
Nigeria
Money
Money
Nigeria
Currency
Naira (NGN; symbol ₦) = 100 kobo. Notes are in denominations of ₦500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of ₦1 and kobo 25, 10, 5 and 1.
Currency Exchange
The government of Nigeria has fixed an artificially high rate for local currency (the Naira) in terms of its value in exchange for foreign currencies. However, trading on the black market is extremely dangerous and could lead to arrest. Therefore, visitors are advised to exchange currency at the official rate and at approved exchange facilities, which often include major hotels. Inter-bank transfers are frequently difficult, if not impossible, to accomplish.
Credit/Debit Cards and ATMs
American Express, Diners Club, MasterCard and Visa are rarely accepted in Nigeria and, because of the prevalence of credit card fraud, their use is ill-advised.
Traveller's Cheques
Facilities for changing traveller's cheques are limited to Abuja and larger towns.
Currency Restrictions
Restrictions apply.
Banking Hours
Mon 0800-1500, Tue-Fri 0800-1330.
Exchange Rate Indicators
Date
Apr 09
£1.00=
₦220.21
$1.00=
₦148.00
€1.00=
₦196.34
Currency
Naira (NGN; symbol ₦) = 100 kobo. Notes are in denominations of ₦500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of ₦1 and kobo 25, 10, 5 and 1.
Currency Exchange
The government of Nigeria has fixed an artificially high rate for local currency (the Naira) in terms of its value in exchange for foreign currencies. However, trading on the black market is extremely dangerous and could lead to arrest. Therefore, visitors are advised to exchange currency at the official rate and at approved exchange facilities, which often include major hotels. Inter-bank transfers are frequently difficult, if not impossible, to accomplish.
Credit/Debit Cards and ATMs
American Express, Diners Club, MasterCard and Visa are rarely accepted in Nigeria and, because of the prevalence of credit card fraud, their use is ill-advised.
Traveller's Cheques
Facilities for changing traveller's cheques are limited to Abuja and larger towns.
Currency Restrictions
Restrictions apply.
Banking Hours
Mon 0800-1500, Tue-Fri 0800-1330.
Exchange Rate Indicators
| Date | Apr 09 |
| £1.00= | ₦220.21 |
| $1.00= | ₦148.00 |
| €1.00= | ₦196.34 |
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