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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 Nigerian Naira against Sterling
and the US Dollar:
| Date |
Nov
’01 |
Feb
’02 |
May
’02 |
Aug
’02 |
| £1.00= |
168.14 |
170.75 |
170.94 |
195.36 |
| $1.00= |
119.40 |
119.40 |
117.30 |
128.45 |
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
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