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Nigerian Currency Conversion

Friday, July 24, 2009
Related Tags: naira | exchange | nigeria | banknotes | rate
 

Instructions

Exchange Rate

  • Step 1:
    The exchange rate as of July 21, 2009, was $1 USD equaled 146.72 naira and 1 euro equaled 208.7679 naira. The exchange rate is found on the Central Bank of Nigeria's website in the right hand column. It shows the current day's exchange rate of how many naira one would get for 1 unit of the commonly listed currencies.

Coins

  • Step 1:
    Nigeria has 3 denominations for coins: 50 kobo, 1 naira and 2 naira.

Banknotes

  • Step 1:
    Nigeria has 8 banknotes: 5 naira, 10 naira, 20 naira, 50 naira, 100 naira, 200 naira, 500 naira and 1,000 naira. The larger denominations are seldom used.

Where to Change Money

  • Step 1:
    Exchange money in banks or in authorized exchange facilities, which may include hotels. The exchange rate is set by the government and is high. However, exchanging money on the black market is illegal and can be dangerous.

Credit Cards

  • Step 1:
    Credit cards are rarely accepted in Nigeria because of the problem of fraud.

Traveler's Checks

  • Step 1:
    Traveler's checks may be exchanged in banks in the larger cities.

Nigerian Currency Conversion Provided by eHow.com
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