NIGERIA

(XOF) Currency News >>

CURRENCY:

Naira - NGN

DENOMINATIONS:

NOTE: NGN 500, 200, 100, 50, 20, 10 and 5.

COIN: NGN 1 and kobo 25, 10, 5 and 1.

US DOLLAR ACCEPTED?

N/A

CREDIT/DEBIT CARDS AND ATMS:

It is NOT advised to use credit cards in Nigeria as there are continued issues with credit card fraud. Very few credit cards are accepted.

CURRENCY EXCHANGE:

It is advised to use authorised money exchange services in Nigeria as using the black market is illegal. The exchange rate for the Naira has been fixed at a very high level but it is nonetheless not worth using unauthorised services.

TRAVELLER'S CHEQUES:

These are not recommended as there are limited opportunities to change traveller's cheques.

BANKING HOURS:

Mon 0800-1500 Tue-Fri 0800-1330.

CURRENCY RESTRICTIONS:

Declare on arrival.

COUNTRY OVERVIEW:

Nigeria is officially called the Federal Republic of Nigeria, and is a country in West Africa. Traces of inhabitants in Nigeria go as far back as 9000BC. It has the highest population in Africa. The capital is Abuja but the largest city is Lagos. The official language is English, but many regional languages are also spoken.

POPULATION:

Just under 50 million.

ECONOMY:

Nigeria is nearly at middle income status, and has many resources, the main one of which is petroleum. Sectors to the economy include finance, legal, transport and communications. These are all well-developed. There were problems with corruption due to years of military governments, but these issues have improved with democracy.