Naira (NGN) = 100 kobo. Notes are in denominations of NGN500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of NGN1 and kobo 25, 10, 5 and 1.

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.

American Express, Diners Club, MasterCard and Visa are rarely accepted in Nigeria and, because of the prevalence of credit card fraud, their use is ill-advised.

Facilities for changing traveller's cheques are limited to Abuja and larger towns.

Import of local currency is limited to NGN20 in notes and must be declared on arrival. Export of local currency is restricted to NGN20 in notes. Import of foreign currency is unlimited, but it must be declared on arrival; export is limited to NGN100 per adult over 16 and must be declared. Penalties for black market transactions are severe.

Mon 0800-1500, Tue-Fri 0800-1330. The Government owns a large percentage of all foreign banks.