Currency in Nigeria: NGN Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Nigeria with the Nigerian naira.
What's in this Nigeria currency guide?
What currency is used in Nigeria?
The official currency of Nigeria (country code: NG) is the Nigerian naira, with symbol ₦ and currency code NGN.
What is a good Nigerian naira 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’:
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Good things to know about the Nigerian naira
Here are recent developments concerning the Nigerian Naira (NGN) that may interest travelers, expatriates, and business owners:
- Currency Depreciation: The Naira has experienced significant depreciation against the US Dollar, with the official exchange rate reaching N1,625 per USD in May 2025, marking its lowest point in 2025. (nairametrics.com)
- Economic Reforms: In May 2025, Nigeria's Senate passed four key tax reform bills aimed at increasing government revenue and improving fiscal efficiency. These reforms include raising the value-added tax (VAT) from 7.5% to 12.5% starting next year. (reuters.com)
- Currency Redesign and Cash Withdrawal Limits: The Central Bank of Nigeria (CBN) implemented a currency redesign and imposed cash withdrawal limits to promote a cashless economy. As of August 2023, the maximum weekly cash withdrawal limit for individuals was N500,000, with processing fees applied to withdrawals exceeding this amount. (thecable.ng)
- Introduction of AfriGo Pay: In January 2023, Nigeria launched AfriGo Pay, its first national domestic card scheme, aiming to enhance the cashless economy and promote financial inclusion. The scheme offers various products, including debit, credit, prepaid, and virtual cards. (en.wikipedia.org)
- Crackdown on 'Money Spraying': The Nigerian government has intensified efforts to curb the cultural practice of "money spraying" at social events, enforcing a 2007 law that criminalizes "naira abuse." Offenders face fines and potential jail sentences of up to six months. (ft.com)
Recent Developments Affecting the Nigerian Naira:
For more NGN information check out our selection of Nigerian naira news and guides.
Frequently Asked Questions
What currency should I use in Nigeria?
The domestic currency in Nigeria is the Nigerian naira.
What is the Nigerian naira currency code and symbol?
The three letter currency code for the Nigerian naira is NGN — symbol is ₦.
What does the Nigerian naira look like?
Here is an example Nigerian naira banknote:
Which countries use the Nigerian naira?
It is the domestic currency in Nigeria.
Is the Nigerian naira a closed currency?
Yes the Nigerian naira is a closed currency. Which means that you may find it difficult to purchase the currency (NGN) before departure and will probably need to buy it upon arrival. If you do manage to buy some of the currency or have some left over from a previous trip, make sure you are aware if you are allowed to bring this closed currency into the country.
For more information and a full list of closed currencies please refer to our guide: What is a closed currency?
What are equivalent amounts of CAD and NGN?
Here are some popular conversion amounts for CAD to NGN (Canadian dollar to Nigerian naira)*.
*Converted at the current CADNGN interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Nigeria
As mentioned above, the Nigerian naira is a closed currency. Which means that you may find it difficult (or be permitted) to purchase the currency (NGN) before departure and will need to buy it upon arrival in Nigeria.
For these types of destinations, using a pre-paid travel card is a good solution. As no travel cards support loading closed currencies like the NGN you will incur currency conversion or foreign transaction fees if you use a travel money card in Nigeria.
However, using a pre-paid travel card is still a good idea as you can avoid ATM fees and also you can avoid using (and losing!) your main bank or debit/credit card.
Nigeria: Travel Guide
Traveling to Nigeria 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.
Nigeria is a large country located in Western Africa. It is a culturally diverse country with many different ethnic and linguistic groups. The official language is English, but there are also many local languages spoken. The country is home to a large number of tourist attractions, including the ancient city of Ife, the exotic beaches of the Niger Delta, and the vibrant metropolis of Lagos. Nigeria is also a popular destination for expats, due to its strong economy and growing expatriate community.
Best things to do and see in Nigeria
Visit Lagos: Explore Africa’s biggest city, visit the beach, eat local food, and try your hand at bargaining at the markets.
See the Rock of Gibraltar: This natural wonder is one of the most popular tourist attractions in Nigeria.
Visit Olumo Rock: This popular tourist spot is home to many interesting rock formations.
Take a Safari: See Nigeria’s amazing wildlife up close on a safari through one of the country’s many national parks.
Visit the Zuma Rock: This enormous monolith is a popular spot for climbing and hiking.
Shop at the Kano Market: This world-famous market is the best place to buy traditional Nigerian arts and crafts.
See the Slave River: This river was once used to transport slaves from Nigeria to the Americas.
Top Travel tips for Nigeria
1. Plan your trip in advance and book your tickets ahead of time to get the best deals.
2.Pack light and only bring what you need to avoid paying extra for baggage fees.
3. Research the local customs and culture before you travel to know what to expect and how to behave respectfully.
4. Nigeria is a cash-based society, so make sure to have enough cash on hand for your expenses.
5. Be aware of your surroundings and take precautions to keep yourself safe, especially in larger cities.
6. Learn some basic phrases in Yoruba, Hausa, or Igbo to make communicating with locals easier.
7. When in doubt, ask a local for help or directions – they are generally very friendly and helpful.
8. Try the local food! Nigerian cuisine is full of flavor and you’ll find many unique dishes to enjoy.
9. Shop around for souvenirs – you can find great deals on arts and crafts in the markets.
10. Relax and enjoy your trip! Nigeria is a beautiful country with a lot to offer, so take your time and savor your experience.
Is it safe in Nigeria?
Nigeria is generally a safe country to travel to, however there are areas that are safer than others. It is always best to research the area you are planning to visit and to travel with a reputable tour company.
Everyday Costs in in Nigeria
How much does it really cost to live, work, or travel in Nigeria? Here's what to expect for daily expenses and expat living.
Currency Guide for Nigeria (ISO Code: NG)
For travelers planning a one-week mid-range stay in Nigeria, preparing a budget of around ₦350,000 to ₦500,000 (approximately $400 to $600) should provide a comfortable experience. Below is a breakdown of typical daily expenses you might encounter during your visit, which can help in planning your funds:
- 🍽️ Meal at a local restaurant: ₦3,000 - ₦5,000
- ☕ Coffee: ₦1,000 - ₦2,500
- 🚍 Public transport fare: ₦200 - ₦500
- 📱 Prepaid SIM card: ₦1,500 - ₦3,000
- 🏨 Budget hotel or Airbnb: ₦10,000 - ₦20,000 per night
In general, Nigeria offers an affordable travel experience compared to many Western countries. When contrasted with the United States, for instance, daily costs in Nigeria can be significantly lower, with meals and accommodations often costing a fraction of those in the US. Similarly, compared to the UK, where expenses can be quite high for a similar mid-range experience, Nigeria certainly presents a cheaper option for savvy travelers.
Expat Living in Nigeria
For expats settling into life in Nigeria, the average monthly living costs can range between ₦150,000 and ₦380,000, depending on lifestyle choices. This includes rent, groceries, utilities, and transportation. Banking in Nigeria has seen significant improvements, but it's advisable to have both local bank accounts and international ones. Credit and debit cards are widely accepted in urban areas, though cash is still king, especially in more rural regions. When it comes to sending and receiving money, online transfer services like Wise or OFX often provide better rates and lower fees compared to exchanging money at banks or local exchanges. For best rates, consider exchanging money locally; however, using a reliable online service can be convenient for larger remittances, ensuring more value over time.
USD/NGN Market Data
The below interactive chart displays the USD/NGN change and UP📈 DOWN📉 trends over the past 1 Year.
Recent Nigerian naira Market News
Here is a structured list of general market facts and recent developments affecting the Nigerian Naira (NGN):
General Market Facts:
- Currency Code: NGN
- Central Bank: Central Bank of Nigeria (CBN)
- Currency Symbol: ₦
- ISO 4217 Code: NGN
- Subunit: Kobo (1 NGN = 100 Kobo)
- Currency Peg: Historically pegged to the US Dollar; recent reforms have allowed for a more flexible exchange rate.
- Inflation Rate: As of May 2025, inflation exceeded 23%, influenced by economic reforms and global factors. (reuters.com)
- Foreign Reserves: As of June 2023, Nigeria's total public debt was US$113.4 billion, comprising US$70.3 billion in domestic debt and US$43.2 billion in external debt. (en.wikipedia.org)
- Debt-to-GDP Ratio: As of November 2023, the debt-to-GDP ratio was 38.79%, below the Sub-Saharan Africa average of 56.3%. (en.wikipedia.org)
- Economic Reforms: The government has implemented measures such as removing fuel subsidies and devaluing the naira to address economic challenges. (ft.com)
Recent Developments Affecting NGN:
- Crackdown on 'Money Spraying': The Economic and Financial Crimes Commission (EFCC) is enforcing a 2007 law against the cultural practice of "spraying" naira notes at parties, aiming to strengthen the currency. (ft.com)
- External Borrowing Request: President Bola Tinubu has requested parliamentary approval for external borrowing totaling $21.5 billion to support economic reforms. (reuters.com)
- Telecom Sector Impact: MTN Group reported a 69% decline in annual profit, partly due to the devaluation of the naira and operational challenges in Sudan. (reuters.com)
- Investor Interest: Foreign investors are increasingly attracted to Nigeria's markets, with the naira appreciating over 7% against the dollar since November 2024, driven by high local bond yields and economic reforms. (ft.com)
- Natural Disasters: The 2025 Mokwa flood in Niger State resulted in over 200 fatalities and significant infrastructure damage, potentially impacting the economy and currency stability. (en.wikipedia.org)
Recent Developments Impacting the Nigerian Naira:
For more NGN information read our News and guides to the Nigerian naira.
Send Money to Nigeria - Best Rates
To get a good (and fair) exchange rate when sending money to Nigeria 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 Nigeria
When sending money to Nigeria 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 Nigerian naira 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 NGN amount will be transfered to the recipient account you specify in Nigeria.
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 Nigerian naira deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Nigeria
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 Nigerian naira currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the NGN 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 Nigerian naira bank account: A local NGN bank account can make it easier for you to manage your finances and pay bills while you are in Nigeria. It may also be more convenient to use a local NGN 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 Nigeria. 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 Nigeria. 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 Nigeria, 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 Nigeria.
What is the cost of living in Nigeria?
There is no definitive answer to this question since it can vary greatly depending on the individual's lifestyle and location within Nigeria. However, according to Numbeo's Cost of Living Index for 2018, Lagos, Nigeria's largest city, ranks as the 95th most expensive city in the world out of a total of 679 cities.
How is the expat life in Nigeria?
The expat life in Nigeria is generally good. There are many things to do and see, and the people are generally friendly and welcoming. However, there are some challenges, such as the high crime rate and the lack of infrastructure.
Any laws in Nigeria that foreigners should be aware of?
The main law that foreigners should be aware of in Nigeria is the National Immigration Act. This act regulates the entry and exit of foreigners into the country. It also sets out the requirements for obtaining a visa and other permissions to stay in Nigeria.
What is doing business like in Nigeria?
The business climate in Nigeria is challenging. Corruption is rampant, and the rule of law is weak. Infrastructure is poor, and power shortages are common. Despite these challenges, Nigeria is Africa's largest economy, and many businesses are doing well.
How is the economy in Nigeria?
The economy in Nigeria is in a recession.