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.

Date	Jul 06
£1.00=	NGN233.92
$1.00=	NGN128.50

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

The following goods may be imported into Nigeria by persons over 18 years of age without incurring customs duty:
200 cigarettes or 50 cigars or 200g of tobacco; 1l of spirits and 1l of wine; 284ml of perfume; gifts to the value of NGN300 (excluding jewellery, photographic equipment, electronics and luxury goods).

(a) If more than each of the above is imported, duty will be levied on the whole quantity. Heavy duty will be levied on luxury items such as cameras or radios unless the visitor’s stay is temporary. (b) It is forbidden to buy or sell antiques from or to anyone other than the Director of Antiquities or an accredited agent; visitors should obtain a clearance permit from one of the above before presenting antiques, artefacts or curios at the airport.

Champagne, sparkling wine, beer, mineral water and soft drinks; fruits, vegetables, cereals and eggs, whether fresh or preserved; jewellery and precious metals; textile fabrics and mosquito netting.