The Fresh Fish Guide - currency & cash
Q: What is the currency in Nigeria?
A: The local currency here is Naira. 100 Kobo equaling 1 Naira.
Q: Can I hold a bank account in Nigeria?
A: You can and you may.
Q: Can I change hard currency?
A: Money changers and banks will exchange most major foreign currencies. Expect to get better exchange rates on the most widely used currencies. These are US Dollars, UK Pounds and Euros.
When changing UK Pounds, do note that people are usually only willing to exchange Bank of England notes so do check your pockets before you leave with notes issued in the UK by any other bank. These include all Scottish notes. You will eventually find someone to take them but expect the rate to be lower.
Q: How do I get money into Nigeria?
A: Ask your bank back home if they will transfer funds into a Nigerian bank. Do expect the banks here to issue your funds in local currency only. You can also send cash via Western Union.
A lot of companies will offer cash advances on your salary in Naira. This stops the need to bring in large quantities of cash each time you travel.
Ask your company before you travel if this will be available to you.
Q: Can I use my credit cards?
A: You can but we really don’t recommend it. Credit card fraud is huge here.
There are very few places that will accept your plastic in this country. Those that do tend to be the major hotel chains and airlines.
If you do use your card here be sure and check your next statements closely for any unauthorized transactions.
Also, check with your card company before you come in. We do know that some issuers will routinely cancel their cards after only 1 Nigerian transaction is recorded.
We’d hate to see you land back in Europe or the US only to discover that your card has died and you can’t even buy a coffee
