Nigeria (NG)
Nigeria is Africa's most populous nation and its largest economy — a vibrant, dynamic, and entrepreneurial country of over 220 million people spanning 36 states and 250+ ethnic groups.
Currency & Money
Practical money tips for living in Nigeria.
Denominations
Coins: ₦0.50, ₦1, ₦2. Notes: ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, ₦1000. Exchange rate approx. ₦1,550–1,600/USD (2026).
Payment Culture
Nigeria has undergone a rapid shift toward cashless payments driven by the Central Bank of Nigeria's (CBN) cashless policy. Bank transfers (via USSD codes or mobile apps) and POS terminals are widely used in Lagos, Abuja, and Port Harcourt. However, cash remains essential for markets, street vendors, and smaller towns. Carry both cash and a card. Palmpay and Opay are popular fintech wallets.
ATM Tips
ATMs are available in major cities but can be unreliable — out of cash, offline, or with low withdrawal limits (₦10,000–20,000 per transaction at some machines). GTBank, First Bank, and Access Bank ATMs most commonly accept international Mastercard/Visa. Inform your home bank before travel. Expect queues. Carry cash reserves at all times.
Exchange Tips
Exchange currency at licensed BDC (Bureau de Change) operators — rates are significantly better than bank rates. Airport rates are poor. Avoid unofficial street changers. The naira has experienced significant volatility — exchange in smaller amounts and more frequently to manage rate risk. Wise and international wire transfers are reliable for large amounts. Always get a receipt.
Pro tip: Best apps for expats
- • Wise — Send money internationally at near-interbank rates
- • Revolut — Multi-currency account, free ATM withdrawals (limits apply)
- • N26 — German IBAN, free account, good for EU residents