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Foreign Exchange Guide to Nigeria

Read this currency guide to Nigeria with money transfer and travel tips.   [USD/NGN=362.23]

 
Nigeria
Country Code:
NG
Domestic Currency:
Nigerian Naira
Symbol - Code:
₦ NGN
Telephone Prefix:
+234

This is a foreign exchange guide to Nigeria, the Nigerian Naira currency plus NGN transfers and travel tips.


In this Nigeria currency guide we take a look at :

  1. Nigerian Naira info - general info about the Nigerian Naira
  2. Nigerian Naira in the markets - recent NGN moves and predictions from the FX markets
  3. Travelling in Nigeria - currency & money saving tips
  4. Buying Nigerian Naira cash online - travel money for Nigeria
  5. Sending money to Nigeria - save on Nigerian Naira bank transfers to Nigeria
  6. Nigerian Naira exchange rates - latest & historic exchange rates.

Nigerian Naira (NGN) general currency information


What is the Nigerian Naira currency code and symbol?

The three letter currency code for the Nigerian Naira is NGN and the symbol is .


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?


Which countries use the Nigerian Naira?

It is the domestic currency in Nigeria.


Nigerian Naira (NGN) in the markets

The interactive chart below shows the USD to NGN exchange rate and trend for the previous 3 months:

Travel, Currency and Money saving tips for Nigeria

 

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 Trip Checklist    

 
  1. Search Hotel deals - Save on your accomodation in Nigeria
  2. Lonely Planet - world's best travel guide (coupon and deals)

Sending money to Nigeria

When searching around for information on how to get a good exchange rate when sending money to Nigeria you need to start with finding out the latest Nigerian Naira foreign-transfer exchange rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).


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 :

  1. Open an account with a BER reviewed FX provider (id docs may be required)
  2. You specify the local or Nigerian Naira amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted NGN amount will be transfered to the recipient account you specify in Nigeria.

Use our Send to NGN 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!

   

Bank Transfers to Nigeria

Compare Transfer Rates

 

NGN/USD - Nigerian Naira to United States Dollar - Historical Rates

PeriodNGN/USDDate
1 Day0.00274919 Aug 2019
1 Week0.00274913 Aug 2019
1 Month0.00276321 Jul 2019
6 Months0.00276221 Feb 2019
1 Year0.00276620 Aug 2018
5 Years0.00617221 Aug 2014
10 Years0.00638822 Aug 2009

NGN/EUR - Nigerian Naira to Euro - Historical Rates

PeriodNGN/EURDate
1 Day0.00248119 Aug 2019
1 Week0.00246013 Aug 2019
1 Month0.00246321 Jul 2019
6 Months0.00243621 Feb 2019
1 Year0.00240720 Aug 2018
5 Years0.00464721 Aug 2014
10 Years0.00445722 Aug 2009

NGN/GBP - Nigerian Naira to British Pound Sterling - 10 Year History

PeriodNGN/GBPDate
1 Day0.00226719 Aug 2019
1 Week0.00227913 Aug 2019
1 Month0.00220921 Jul 2019
6 Months0.00211821 Feb 2019
1 Year0.00216020 Aug 2018
5 Years0.00372321 Aug 2014
10 Years0.00386722 Aug 2009

NGN/AUD - Nigerian Naira to Australian Dollar - Historical Rates

PeriodNGN/AUDDate
1 Day0.00406919 Aug 2019
1 Week0.00404513 Aug 2019
1 Month0.00392321 Jul 2019
6 Months0.00388621 Feb 2019
1 Year0.00377120 Aug 2018
5 Years0.00663421 Aug 2014
10 Years0.00765722 Aug 2009

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