Specials DIVERSITY EMPLOYERS MAGAZINE Spring 2011 - Anniversary Commemorative Issue

Gallery of the Nations

Nigeria

Money

Visiting Nigeria

Nigeria Today For Business Visitors Conventions & Trade Shows For Vacationers Vacation Spots Things to See Festival Nigeria Where to Stay Hotels in Nigeria Transportation Money

Nigeria uses the Naira currency. One Naira is equal to 100 Kobo (N1.00 = 100K)

Naira Denominations

The Naira comes in denominations of:

• Five (N5),
• Ten (N10),
• Twenty (N20),
• Fifty (N50),
• One hundred (N100),
• Two hundred (N200),
• Five hundred (N500) and
• One thousand (N1000) Naira notes.

There are coins in circulation in denominations of:

• One Kobo (1k),
• Ten kobo (10k),
• Twenty five kobo (25k),
• Fifty kobo (50k),
• One Naira (N1), and
• Two Naira (N2).

But few people use these coins. All goods and services in the country are priced within the eight denominations of Naira notes mentioned above. Some gas stations and a few other merchants may sell you goods or services requiring change in coins, but most people don't bother. They simply round up to five Naira.

Credit Cards

While credit cards are not generally used in Nigeria, they are acceptable as a means of payment in most hotels and by an increasing number of merchants. You can also get cash advances with your credit card at some ATM machines. Such machines are available in the big hotels. DO NOT ACCEPT TO DO ANY MANUAL TRANSACTIONS USING YOUR CREDIT WITH ANY OUTFIT (BANK OR MERCHANT OR HOTEL) IN WHICH YOU ARE ASKED TO FILL OUT A FORM WITH YOUR CREDIT CARD INFORMATION!!!

Hotel Room Rates

Hotel rooms rates range from as low as N3000 to N37,500 (US$20 to $250).

Local Transportation

Taking a taxi from the airport to downtown or the city center in Abuja will cost you between N3000 and N6000. Short hauls within the city cost about N100 to N500. Longer trips to the outskirts of the city cost between N500 and N1500. These rates are about the same for Lagos and Port Harcourt. Expect to pay approximately 30 percent less within other cities such as Kano, Kaduna, Aba, Umuahia, Calabar, Enugu, Ibadan and Maiduguri.

Exchange Rate

The exchange rate fluctuates. One US dollar will fetch you about one hundred and fifty Naira (US$1.00 = N150). Many of the bigger hotels accept payment in US dollars, UK pounds or Euros. Most other currencies are easily exchangeable.

You can always exchange your dollars, pounds or Euros or any other major currency at the banks or the bureau de change. The banks will give you the official rate; the bureau de change dealers will give the going market rate which is usually higher than the official rate.