Getting Nigerian Naira for Your Trip

Nigeria, Africa's largest economy, operates primarily on cash. Understanding Nigeria's currency situation is essential – the Naira has experienced significant volatility, and the country effectively has multiple exchange rates. The "parallel" or Bureau de Change (BDC) rate is typically much higher than the official Central Bank of Nigeria (CBN) rate.

For visitors, this means you'll generally get better value exchanging foreign currency cash at licensed BDCs than using your card at ATMs (which use the less favourable official rate). Planning ahead is crucial – Nigeria's banking infrastructure can be challenging.

Best Ways to Get Nigerian Naira

Options for obtaining Naira (comparison assumes parallel market rates)

Understanding Nigeria's Exchange Rates

Nigeria has a complex currency situation:

• Official rate (CBN): Used by banks, ATMs, and international card transactions. This rate is significantly lower than market rates
• Parallel market rate (BDC): The rate at licensed Bureau de Change offices. This reflects actual supply and demand and is typically 20-40% higher
• Practical impact: If you withdraw ₦100,000 from an ATM, you'll pay more in GBP than if you exchanged cash at a BDC for the same amount

For most visitors, bringing USD or GBP cash and exchanging at licensed BDCs offers significantly better value than relying on cards.

Using Cards in Nigeria

Card acceptance is limited in Nigeria:

Where cards may work: International hotels (Hilton, Sheraton), large shopping malls in Lagos (The Palms, Ikeja City Mall), some upmarket restaurants, airlines, and major supermarkets like Shoprite.

Where you'll need cash: Most restaurants, local shops, markets, taxis, smaller hotels, and essentially anywhere outside major commercial centres. Even some businesses that have POS terminals may decline foreign cards.

Important: Don't rely on cards as your primary payment method in Nigeria. Always have sufficient Naira cash on hand.

Withdrawing Cash from ATMs

Nigerian ATMs can be frustrating but are sometimes necessary:

• Best banks: GTBank, Zenith Bank, Access Bank, and First Bank have the most reliable ATMs
• Withdrawal limits: Typically ₦20,000-50,000 per transaction, with daily limits of ₦100,000-200,000 for foreign cards
• Common issues: ATMs frequently run out of cash, have technical problems, or reject foreign cards. Visit during banking hours when staff can help
• Fees: Nigerian banks charge ₦65 per withdrawal. Your home bank may add fees. ATMs use the official (lower) exchange rate

Always have a backup plan – don't assume ATMs will work when you need them.

Exchanging Cash in Nigeria

For the best rates, exchange foreign currency at Bureau de Change (BDC) offices:

• Licensed BDCs: Look for CBN-licensed bureaux in Lagos (Victoria Island, Ikoyi, Lekki) and Abuja (Wuse, Garki). These offer parallel market rates legally
• Currency preference: USD is most widely exchanged, followed by GBP and EUR. Bring clean, unmarked bills from 2006 or later
• Rates vary: Shop around – rates can differ by 2-5% between BDCs. Larger amounts may get better rates
• Avoid: Airport exchanges (poor rates), hotel desks, and unofficial street changers (risky and illegal)

Safety: BDC transactions often involve large amounts of cash. Use reputable offices, visit during business hours, and consider having someone accompany you.