Nigerian Currency Conversion

The unit of currency in Nigeria is the naira. The code for this is NGN and the symbol is a capital N with 2 lines through it. The naira is broken down into 100 kobo. The singular and plural forms of both naira and kobo are the same. The naira replaced the pound in 1976.

Exchange Rate

The exchange rate as of July 21, 2009, was $1 USD equaled 146.72 naira and 1 euro equaled 208.7679 naira. The exchange rate is found on the Central Bank of Nigeria's website in the right hand column. It shows the current day's exchange rate of how many naira one would get for 1 unit of the commonly listed currencies.

Coins

Nigeria has 3 denominations for coins: 50 kobo, 1 naira and 2 naira.

Banknotes

Nigeria has 8 banknotes: 5 naira, 10 naira, 20 naira, 50 naira, 100 naira, 200 naira, 500 naira and 1,000 naira. The larger denominations are seldom used.

Where to Change Money

Exchange money in banks or in authorized exchange facilities, which may include hotels. The exchange rate is set by the government and is high. However, exchanging money on the black market is illegal and can be dangerous.

Credit Cards

Credit cards are rarely accepted in Nigeria because of the problem of fraud.

Traveler's Checks

Traveler's checks may be exchanged in banks in the larger cities.

References

• Central Bank of Nigeria
• The Mint