Currency in Nigeria NGN - Things to know
Foreign exchange guide to Nigeria and 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.
Things to know about the Nigerian naira
The Nigerian naira (NGN) is the official currency of Nigeria, a country located in West Africa. Here are a few things to know about the Nigerian naira:
- The Nigerian naira is abbreviated as NGN and is divided into 100 kobo.
- The Central Bank of Nigeria is responsible for issuing and regulating the Nigerian naira.
- The exchange rate for the Nigerian naira is determined by supply and demand in the foreign exchange market.
- Nigeria has a large, diversified economy that is heavily reliant on oil exports. The country is the largest oil producer in Africa and has the largest proven reserves of oil in Africa.
- The Nigerian naira has experienced significant depreciation in recent years due to economic challenges such as high inflation and a large trade deficit. In addition, Nigeria has faced political instability and conflict, which have also had an impact on the value of the Nigerian naira.
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 .
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 .
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.
Travel Ideas and Money Tips for Nigeria
Describe Nigeria for travelers and expats
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.
USD/NGN Market Data
The below interactive chart displays the USD/NGN trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
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 ₦.
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?
Converted at USD/NGN interbank rate, compare Send Money and Currency Exchange exchange rates.
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!
Expat Money & Business Guide to 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.
By following these tips and 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.
Managing your finances in Nigeria
Here we list some key points for expats and businesses to consider when managing financial dealings in Nigeria:
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 currency exchange service 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.
