Changing Money for Nigeria: Compare the Amount You Receive

A headline exchange rate is only part of the cost. Compare what leaves your account with the usable naira you receive, including fees, any extra conversion and the timing of delivery. This guide does not quote a live rate or recommend an informal exchange market.

Make quotes comparable

Ask each provider for the same transaction: the currency and amount you will pay, the naira delivered, all fees and when the quote expires. Keep cash exchange, card spending and bank transfer quotes separate because their costs and availability can differ.

For example, if a hypothetical provider takes £100 including fees and delivers ₦180,000, the effective rate is ₦1,800 per pound. These figures illustrate the calculation only. Compare actual quotes obtained for your journey instead of treating the example as a market rate.

Check the provider

The Central Bank of Nigeria's reforms information describes BDC licensing changes and directs people to the operators authorised by the bank. Check current authorisation; an old sign or historical list is insufficient. For international transfers, the CBN's IMTO directory is an official reference, alongside the provider's current terms and the regulator where you send from.

Ask for a receipt and check the amount before leaving a counter. Do not send money to an unknown personal account simply because someone offers an attractive rate.

Cards and ATMs

Ask your card issuer about foreign-use fees, cash-withdrawal charges, limits and security controls before travelling. Read any ATM or merchant conversion offer and compare its disclosed cost with your issuer's terms. Neither cards nor cash exchange are universally the cheapest option.

Have a fallback payment method appropriate to your trip. Avoid carrying more cash than you need simply to chase a marginal rate difference, and check declaration requirements for your route through official customs channels.

Plan the first day separately

Estimate your immediate transport and food needs, agree how the driver is paid and keep sufficient accessible funds for that plan. Our airport cash and connectivity guide covers the arrival tasks. Use the currency calculator to check arithmetic against a quote you have obtained; it is not a bank's offer.