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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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 USD and NGN?
Here are some popular conversion amounts for USD to NGN (US dollar to Nigerian naira)*.
*Converted at the current USDNGN 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.
USD/NGN Market Data
The below interactive chart displays the USD/NGN change and UP📈 DOWN📉 trends over the past 1 Year.
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!
