Nigeria

Currency in Nigeria: what to use and how to exchange

Nigeria uses the naira (NGN, ₦), roughly ₦1,400–1,600 per US$ in 2026 (check). Bring some clean US dollars or pounds as backup, but plan on withdrawing naira from bank ATMs in Lagos or Abuja and paying small amounts in cash; cards work in hotels and big restaurants, not in markets or taxis.

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Updated Sep 20263 min read

GuideNigeria

Key facts

Currency: Naira (NGN, ₦); 100 kobo = ₦1, kobo coins rarely seen
Typical ratecheck: About ₦1,400–1,600 per US$1 in 2026
Best value: Bank ATM withdrawal in naira; licensed bureau de change for cash
Cards: Accepted at hotels, malls and big restaurants in Lagos and Abuja; carry cash elsewhere
Cash is king: Markets, taxis, buses, small food stalls and tips are cash-only
Notes in use: ₦100, ₦200, ₦500, ₦1,000; older low-value notes circulate worn
Cash limit at entrycheck: Declare amounts over US$10,000 equivalent; check current customs rules
Time zone: UTC+1, no daylight saving — banks and markets run on West Africa Time

Details

The naira is the only currency you can spend in Nigeria. Prices in tourist hotels and on international booking sites are sometimes quoted in US dollars, but you settle in naira at the day's rate. Everything else — market produce, taxi fares, suya, phone top-ups — is naira cash.

The practical split: use cards where they are accepted (Lagos and Abuja hotels, supermarkets, larger restaurants, some ride-hailing apps), and keep a cash float of ₦20,000–50,000 for the day. Outside the big cities, assume cash only.

Exchange options, in rough order of convenience for a visitor:

1. Bank ATM in Lagos or Abuja — usually the best rate, but fees and daily limits apply and machines run out of cash, especially at weekends and month-end. Withdraw during business hours and use machines inside a bank branch or a mall.

2. Bureau de change (BDC) — licensed money changers in Lagos (Victoria Island, Ikeja) and Abuja change cash dollars, pounds and euros. Rates are negotiable; count your naira before leaving the counter.

3. Hotel front desk — the easiest and the worst rate. Fine for a small top-up on arrival night, not for a week's spending.

4. Airport exchange — open on arrival, but rates are poor and queues long. Change only enough for your first taxi and SIM.

Bringing cash: use clean, unmarked, post-2013 US dollar or pound notes. Torn, stamped or older notes are often refused or discounted. Carry a mix of denominations and split it between bags.

Cards and ATMs are covered in more detail on the cards and ATMs page; tipping norms are on the money and tipping page.

Details
Method	Typical cost or limit	Best for
Bank ATM	Bank fee plus your home bank fee; daily limit often ₦100,000–150,000 (check)	Everyday naira cash
Bureau de change	Rate negotiated; no fixed commission	Changing US$, £ or € cash
Hotel front desk	Worst rate of the three	Small arrival-night top-up
Airport exchange	Poor rate, long queues	First taxi and SIM only
Card payment	Accepted in hotels, malls, big restaurants	Lagos and Abuja city spending

Tips

Ask your bank before you fly whether your card works in Nigeria; some foreign banks block Nigerian transactions by default.
Carry small notes. Nobody wants to break a ₦1,000 note for a ₦200 fare.
Count cash at the counter, not in the street afterwards.
Keep a second card and a cash backup separate from your main wallet.
Mobile money and transfer apps are common among Nigerians but usually need a local bank account; don't count on them as a visitor.
If a rate sounds far better than the bank rate, it is either a scam or counterfeit notes — walk away.

Questions people ask

What currency is used in Nigeria?

The naira (NGN, ₦), divided into 100 kobo. It is the only currency accepted for everyday spending. In 2026 the rate has been around ₦1,400–1,600 per US$1 (check).

Where is the best place to exchange money in Nigeria?

A bank ATM in Lagos or Abuja usually gives the best effective rate for cash. For changing dollar, pound or euro notes, a licensed bureau de change beats hotels and the airport. Compare before you commit.

Is it better to bring cash or use a card in Nigeria?

Both. Cards work at hotels, malls and larger restaurants in Lagos and Abuja. Markets, taxis, buses and small food stalls are cash-only, so keep naira notes on you. Bring clean US dollar or pound notes as backup.

Can I use US dollars in Nigeria?

Not for everyday purchases. Some hotels and tour operators quote in dollars, but you pay in naira at the day's rate. Keep dollars for exchange, not for spending.

How much cash should I carry day to day?

₦20,000–50,000 covers a normal day of taxis, food and small entries in Lagos or Abuja. Carry less in unfamiliar areas and split it between pockets and bags.

Deep dive

Every source; changeable facts are marked check