Nigerian Naira (NGN) Exchange Rates on 01st July 2015 (01/07/2015)

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Exchange rates for Nigerian Naira (NGN)

Updated: 2015-07-01
Convert from Convert to 1 NGN Conversion in currency Conversion
NGN GBP 0.0038 NGN to GBP 263.995 GBP to NGN
NGN BGN 0.0093 NGN to BGN 107.2543 BGN to NGN
NGN HRK 0.0362 NGN to HRK 27.5982 HRK to NGN
NGN CZK 0.1312 NGN to CZK 7.6208 CZK to NGN
NGN DKK 0.0354 NGN to DKK 28.2621 DKK to NGN
NGN HUF 1.4936 NGN to HUF 0.6695 HUF to NGN
NGN KZT 1.118 NGN to KZT 0.8945 KZT to NGN
NGN LVL 0.0033 NGN to LVL 299.4306 LVL to NGN
NGN LTL 0.0164 NGN to LTL 60.9247 LTL to NGN
NGN MKD 0.2918 NGN to MKD 3.4267 MKD to NGN
NGN MDL 0.0878 NGN to MDL 11.3848 MDL to NGN
NGN NOK 0.0392 NGN to NOK 25.5124 NOK to NGN
NGN PLN 0.02 NGN to PLN 50.1201 PLN to NGN
NGN RON 0.021 NGN to RON 47.6171 RON to NGN
NGN RUB 0.2307 NGN to RUB 4.3349 RUB to NGN
NGN SEK 0.0438 NGN to SEK 22.8296 SEK to NGN
NGN CHF 0.0057 NGN to CHF 173.9389 CHF to NGN
NGN TRY 0.0135 NGN to TRY 73.9512 TRY to NGN
NGN UAH 0.0797 NGN to UAH 12.5424 UAH to NGN

Nigerian Naira (NGN)

1 Nigerian Naira is subdivided into 100 kobo.

Nigeria or the Federal Republic of Nigeria is located in West Africa. Nigeria borders the Republic of Benin, Chad, Cameroon and Niger and lies directly on the Gulf of Guinea in the Atlantic Ocean. Nigeria’s economy is classified as middle income status and the country offers a bounty of natural resources as well as financial, communication, legal and transport sectors. It is currently ranked 37th in terms of GDP in the world and is a large supplier of oil for various countries around the world including the United States.

Coins used:
½, 1, 5, 10, 25, 50 kobo, 1 & 2 naira

Banknotes used:
5, 10, 20, 50, 100, 200, 500 & 1000 naira

Central Bank
Central Bank of Nigeria
The Nigerian naira is the official currency of Nigeria. The naira is noted by the ISO sign NGN and is subdivided into 100 kobo. Currency in Nigeria is issued by the Central Bank of Nigeria. The Nigerian Central Bank controls the entire volume of money supplied in order to ensure price stability and monetary stability. Nigeria’s Currency & Branch Operations Department within the Central Bank of Nigeria controls the procurement, reissue, withdrawal and disposal of bank notes and coins and the supply and distribution of all monies in the country.

The naira is issued in denominations of N5, N10, N20, N50, N100, N200 and N500. Nigerian coins are issued in denominations of N1 and kobo 1, 10, 25 and 50. The import of local currency is limited to N20 in banknotes and these must be declared upon arrival to Nigeria. The export of local currency is also limited to N20 in banknotes. Importing foreign currency is unlimited throughout the country but any foreign currency is required to be declared immediately upon arrival to the country. Export is restricted to the amount that is declared. Nigeria has strict penalties for black market currency transactions.

Those visiting Nigeria will need to exchange currency through moneychangers. There are many banks in the country but virtually none of them provide currency exchange. Moneychangers are found readily at a number of locations within the larger cities and are considered to be among the most honest in all of Africa. Many banks and certain retailers also offer Western Union branches for those who need to have money wired to them while visiting the country. ATMs are bountiful but most recommend avoiding their use due to the high level of theft throughout the country. Travelers’ checks are virtually useless in Nigeria as well. Those visiting will find it much easier to find a moneychanger in order to exchange foreign currencies for the naira.

Other References
Wikipedia article on Nigerian Naira Live Currency Converter for NGN

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