Currency in Niger: XOF Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Niger with the West African franc.
What's in this Niger currency guide?
What currency is used in Niger?
The official currency of Niger (country code: NE) is the West African franc, with symbol and currency code XOF.
What is a good West African franc exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
Loading rates...
|
|
|
Good things to know about the West African franc
The West Africa CFA franc (XAF) is the currency of six independent states in Western Africa - Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.
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.
For more XOF information check out our selection of West African franc news and guides.
Frequently Asked Questions
What currency should I use in Niger?
The domestic currency in Niger is the West African franc.
What is the West African franc currency code and symbol?
The three letter currency code for the West African franc is XOF.
What does the West African franc look like?
Here is an example West African franc banknote:
Which countries use the West African franc?
It is the domestic currency in Senegal, Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger and Togo.
Is the West African franc a closed currency?
No, the West African franc is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and XOF?
Here are some popular conversion amounts for USD to XOF (US dollar to West African franc)*.
*Converted at the current USDXOF interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Niger
Using Wise for West African franc travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in West African franc otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want West African franc cash before departure, you can save money by ordering online. You generally get better rates and can pick up the XOF cash locally or even on travel day at the airport.
Niger: Travel Guide
Traveling to Niger requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
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.
Best things to do and see in Niger
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.
Top Travel tips for Niger
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.
Is it safe in Niger?
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.
Everyday Costs in in Niger
How much does it really cost to live, work, or travel in Niger? Here's what to expect for daily expenses and expat living.
Currency Guide for Niger (ISO Code: NE)
Traveling to Niger for a week? For a mid-range stay, you should budget around 170,000 to 250,000 West African CFA francs (XOF), which is approximately $300 to $450 USD or £240 to £360 GBP. Here’s a quick breakdown of typical daily expenses:
- 🍽️ Meal at a local restaurant: 4,000 XOF
- ☕ Coffee: 1,000 XOF
- 🚍 Public transport fare: 300 XOF
- 📶 Prepaid SIM card: 8,000 XOF
- 🏨 Budget hotel or Airbnb: 25,000 XOF
Overall, Niger offers an average travel experience compared to other countries. When comparing costs with the United States, travelers will find Niger to be considerably cheaper; dining out and transportation are slightly more affordable. This is similar when compared to the UK, where one might spend three to four times more on equivalent meals and services.
Living Costs for Expats in Niger
For those considering a longer-term move, the typical monthly living costs in Niger can range from about 300,000 to 600,000 XOF ($530 to $1,060 USD). This is based on accommodation, food, transport, and other personal expenses. Expatriates should keep in mind that banking in Niger can be quite different from what they may be used to, so it's wise to open a local bank account. Most banks accept international cards, but transaction fees may apply.
When it comes to sending and receiving money, online transfer services like Wise or OFX often yield better exchange rates and lower fees compared to exchanging money locally. Although cash is still vital in Niger, using digital options for larger transactions can lead to significant savings. Always compare the rates before converting currency, as local exchanges can fluctuate.
USD/XOF Market Data
The below interactive chart displays the USD/XOF change and UP📈 DOWN📉 trends over the past 1 Year.
Recent West African franc Market News
The West Africa CFA franc has a fixed rate of exchange with the euro (and previously the French franc) set at 1 euro = 655.957 XOF. The XOF franc is characterised as a credible and stable currency, a significant virtue given the experience of most currency-issuing African nations.
For more XOF information read our News and guides to the West African franc.
Send Money to Niger - Best Rates
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.
Get a better deal for foreign transfers to Niger
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 :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or West African franc amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted XOF amount will be transfered to the recipient account you specify in Niger.
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 money while living and working in Niger
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.
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 money transfer specialist 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.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Niger.
What is the cost of living 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.
How is the expat life in Niger?
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.
Any laws in Niger that foreigners should be aware of?
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.
What is doing business like in Niger?
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.
How is the economy in Niger?
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%.