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Money
Currency: Naira (N) = 100 kobo. Notes are in denominations of N500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of N1.
Currency exchange: The government of Nigeria has fixed an artificially high rate for local currency (the Naira) in terms of its value in exchange for foreign currencies. However, trading on the black market is extremely dangerous and could lead to arrest. Therefore, visitors are advised to exchange currency at the official rate and at approved exchange facilities, which often include major hotels. Inter-bank transfers are frequently difficult, if not impossible, to accomplish.
Credit & debit cards: American Express, MasterCard, Diners Club and Visa are rarely accepted in Nigeria and, because of the prevalence of credit card fraud, their use is ill-advised.
Travellers cheques: Travellers cheques are generally not recommended.
Currency restrictions: Import of local currency is limited to N20 in notes and must be declared on arrival. Export of local currency is restricted to N20 in notes. Import of foreign currency is unlimited, but it must be declared on arrival; export is limited to the amount declared. Penalties for black market transactions are severe.
Exchange rate indicators
The following figures are included as a guide to the movements of the Naira against Sterling and the US Dollar:
| Date | May ’02 | Aug ’02 | Nov ’02 | Feb ’03 | | £1.00= | 170.94 | 195.36 | 202.74 | 204.84 | | $1.00= | 117.30 | 128.45 | 128.20 | 128.65 |
Banking hours: Mon 0800-1500, Tue-Fri 0800-1330. There are over 80 commercial banks. The Government owns 60 per cent of all foreign banks.
Copyright © 2003 Columbus Publishing Ltd.
Terms and Conditions apply.
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