The Currency of Nigeria. A quick guide.The Currency of Nigeria is the Naira represented by the symbol ₦ and ₦1 = 100 kobo coins. In 1973, the Naira replaced the British pound as the country's official currency. Inflation in 2008 is expected to be 7.9%.
Use of Kobo coins is extremely rare. You won't need those to pay for things. If the Central Bank of Nigeria decide to re-denominate the currency in future then we may start using coins again. But until then lets focus on the notes. Click to expand image.
Locally, the best exchange rates are offered by street dealers. Most are of Hausa origin, that is from the North. Most are Muslims and seem to congregate somewhere on major city streets. If you happen to be in a taxi or car and an Hausa man signals to you, then they're probably asking if you want to trade currencies. However, street currency trades are illegal. For security reasons use approved outlets like Western Union for money transfers, Travelex or any Bank's bureau de change service for currencies and travelers cheques. Check the money sections of newspapers to compare bank offers. The differences can be quite considerable.
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