Foreign exchange guide to Niger and the West African franc
What's in this Niger currency guide?
The official currency of Niger (country code: NE) is the West African franc, with symbol and currency code XOF.
In several central African states the Central African CFA franc (currency code XAF) is in circulation, such as Cameroon - Central African CFA franc. The Central African CFA franc is of equal value to the West African franc. Both XAF and XOF currencies are referred to as the CFA franc.
Save money and time by Ordering your West African franc online from Travelex, you get better rates and can pick up the XOF cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in West African franc otherwise you may get much worst exchange rates.
Niger is a landlocked West African country. It is bordered by Chad to the north, Nigeria to the south, Benin to the southwest, Burkina Faso to the southwest, and Mali to the northwest. The capital city is Niamey. Niger is a largely desert country with a hot, dry climate. The terrain is mostly flat plains with some hills in the northeast and southwest. The Niger River runs through the country from west to east.
There are many things to do and see in Niger. Here are some of the most popular:
Visit the Sahara Desert: The Sahara Desert is one of the most popular tourist destinations in Niger. It is home to some of the world's largest dunes, and offers a unique experience.
Visit the ancient city of Agadez: Agadez was once the capital of the kingdom of Niger. Today, it is a UNESCO World Heritage Site and one of the most popular tourist destinations in Niger.
Visit the Rio Niger Delta: The Rio Niger Delta is a large river delta in Niger. It is home to a large number of bird species, and is a popular destination for birdwatchers.
Visit the capital city, Niamey: Niamey is the capital and largest city of Niger. Niamey is a beautiful city, with a large number of parks and gardens.
Visit the Toubou people: The Toubou people are a nomadic people who live in the Sahara Desert. They are known for their unique culture and way of life.
1. When travelling to Niger, it is recommended that you pack light. There are many areas of the country that are very remote, and you will not want to be weighed down by unnecessary baggage.
2. Make sure to drink plenty of water and eat food that is high in protein to stay energized during your travels.
3. Be sure to dress conservatively, as Niger is a largely Muslim country.
4. Be aware of your surroundings at all times, as petty crime is common in Niger.
5. It is also advisable to avoid travelling during the rainy season, as many roads become impassable due to flooding.
There is no easy answer to this question. Niger has many areas that are safe for travelers, but there are also areas of the country that are dangerous. It is important to do your research before traveling to Niger and to consult with the State Department's travel advisories for the most up-to-date information.
The domestic currency in Niger is the West African franc.
The three letter currency code for the West African franc is XOF.
No, the West African franc is freely available and convertible. See guide: What is a closed currency?
To get a good (and fair) exchange rate when sending money to Niger you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
When sending money to Niger it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more West African franc deposited into the recipient bank account and less margins and fees kept by the banks!
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Niger.
The cost of living in Niger is relatively low. Most basic necessities, such as food and housing, are relatively affordable. However, there are some more expensive items, such as clothing and electronics, that can be more costly.
Expat life in Niger can be challenging at times due to the lack of infrastructure and resources in the country. There are limited housing options, healthcare facilities, and pharmacies. Additionally, access to reliable internet and electricity can be difficult to come by. Despite these challenges, there is a strong sense of community among expats in Niger. Many expats have found ways to create their own support systems and thrive in the country.
There are several laws in Niger that foreigners should be aware of, including the requirement to obtain a visa before entering the country, the prohibition on same-sex marriage, and the requirement to register with the local police station within eight days of arrival.
Doing business in Niger can be a challenge due to the country's lack of infrastructure and resources. However, there are opportunities for businesses that are willing to work with the local population and government. corruption is also a problem in Niger, so businesses need to be aware of the potential for bribery and other illicit activities.
The economy of Niger is in a state of flux. Niger's GDP growth rate was 7.5% in 2018, but is expected to fall to 5.5% in 2019 as the country experiences a period of slower growth. Niger's primary economic drivers are agriculture and livestock, which account for approximately 40% of GDP, followed by mining and energy, which account for 20%.
Here we list some key points for expats and businesses to consider when managing financial dealings in Niger:
Understand West African franc currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the XOF exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local West African franc bank account: A local XOF bank account can make it easier for you to manage your finances and pay bills while you are in Niger. It may also be more convenient to use a local XOF bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Niger. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Niger. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Niger, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.