Nigeria Currency & Money Guide
Everything you need to know about the Nigerian Naira, exchange, payments, and costs
The Nigerian Naira (NGN)
The official currency of Nigeria is the Nigerian Naira (NGN), symbolised by the sign ₦. Notes come in denominations of ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, and ₦1,000. Coins exist but are rarely used.
The Naira has experienced significant depreciation in recent years. Exchange rates fluctuate frequently, so check current rates before your trip. As of early 2026, approximate rates are:
| Currency | Approx. Rate |
|---|---|
| 1 USD | ~NGN 1,500-1,600 |
| 1 GBP | ~NGN 1,900-2,000 |
| 1 EUR | ~NGN 1,600-1,700 |
| 1 CAD | ~NGN 1,100-1,200 |
Rates are approximate and change frequently. Check live rates before exchanging.
Where to Exchange Money
- Banks: Safest option. Major banks (GTBank, Access, Zenith, UBA, First Bank) exchange major currencies. Rates may be slightly lower than bureaux.
- Licensed Bureaux de Change (BDC): Found in shopping malls, airport terminals, and major streets. Better rates than banks. Always ask for a receipt.
- Airport Exchange: Available at Lagos (LOS) and Abuja (ABV) arrivals. Rates are usually poor. Exchange only enough for immediate needs (taxi, SIM card).
- Hotels: Many hotels exchange money for guests. Rates are typically the worst option.
Cards, ATMs & Digital Payments
ATMs
ATMs are widely available in cities, particularly at bank branches and shopping malls. Most accept Visa and Mastercard. Maximum withdrawal is usually NGN 20,000-40,000 per transaction (limits vary by bank). Fees apply for international cards.
Card Payments
POS (Point of Sale) machines are common in hotels, upscale restaurants, supermarkets, and shopping malls in Lagos and Abuja. However, many smaller businesses, markets, and restaurants outside major cities are cash-only.
Mobile Money & Bank Transfers
Bank transfers are extremely popular in Nigeria. Many businesses accept transfers via mobile banking apps. If you open a Nigerian bank account, you can use apps like OPay, PalmPay, or bank apps for seamless payments.
Cost of Things
| Item | Cost (NGN) | Cost (USD approx.) |
|---|---|---|
| Street food meal | 500-2,000 | $0.30-$1.30 |
| Restaurant meal (local) | 2,000-5,000 | $1.30-$3.30 |
| Restaurant meal (upscale) | 10,000-30,000 | $6-$20 |
| Bottle of water (1.5L) | 200-500 | $0.15-$0.30 |
| Local beer (bottle) | 500-1,500 | $0.30-$1 |
| Bolt ride (within city) | 1,500-5,000 | $1-$3 |
| Budget hotel (per night) | 15,000-30,000 | $10-$20 |
| Mid-range hotel | 40,000-80,000 | $25-$50 |
| Luxury hotel | 150,000+ | $100+ |
| SIM card + data | 1,000-3,000 | $0.70-$2 |
Tipping Guide
Tipping is appreciated but not mandatory in Nigeria:
- Restaurants: 10% is generous; service charge is sometimes included
- Hotels: NGN 500-1,000 for porters and housekeeping
- Taxis/Bolt: Not expected, but rounding up is appreciated
- Tour Guides: NGN 2,000-5,000 per day depending on the tour
- Hairdressers/Barbers: NGN 200-500
Money Tips
- Exchange at banks or licensed BDCs
- Never use street money changers
- Always carry some cash
- Cover ATM keypad when entering PIN
- Use ATMs inside bank branches
- Notify your bank you're travelling