Nigeria currency is Naira (N) which is divided into 100 kobo. Currency notes are issued in denominations of N5, N10, N20, N50 and N100. Coins are issued in 10K, 25K, and N 1. Except for hotel bills, foreigners can do their shopping and other businesses in the local currency. Major banks operate electronic money transfer services, and it is safe to use your credit cards.
Foreign visitors can easily exchange their money to Nigerian currency perhaps at the banks or the bureau de change outlets all over the country. It is advisable for foreign visitors to have a member of the community with them when going to bureau de change for security reason. Meanwhile, this doesn’t mean that you are not safe by going on your own, but it is very good to be on a safer side.
The banking industry in Nigeria is one of the lucrative industries in the country because the banks are internationally recognised and well patronised. After the recent reforms in banking sector that intended to bolster the financial sector which saw regular bank failures and corruption in the 1990s, Nigeria banks are now competing with their foreign counterparts
in the area of lending, mortgaging, saving etc.
Nigerian banks now issue credit cards such as Mastercard, Visa and others and they are globally accepted. Also, it is safe for foreign visitors to use their credit cards to carry out transactions. Below are the list of the banks in Nigeria, and you can check out their websites for more information:
Major Banks in Nigeria
|Access Bank Nigeria Limited
Address: Head Office: 1665, Oyin Jolayemi Street, Victoria Island, Lagos
Tel: +234 1 26210404-41, 2626273-76,
Fax: +234 1 2621037
Afribank Nigeria Plc
Address: Head Office: Afribank Plaza, (14th Floor) 51/55, Broad Street, Lagos
Tel: +234 1 2641566-9 Ext. 2267, 2252;
Fax: +234 1 2669763
Bank PHB (PlatinumHabib Bank Ltd)
Diamond Bank Plc
Ecobank Nigeria Plc
Equitorial Trust Bank Limited
Fidelity Bank Plc
FinBank Plc (Fomerly First Inland Bank Plc)
First Bank Nigeria Plc
First City Monumental Bank Plc
Guaranty Trust Bank Plc
Intercontinental Bank Plc
|Nigeria International Bank Limited (Citigroup)
Address: Head Office: 1, Idowu Taylor Street,
Victoria Island, Lagos
Tel: +234 1 4613060-74 Ext. 1219
Oceanic Bank International Nigeria Ltd
Address: Head Office: Waterfront Plaza, Plot 270,
Ozumba Mbadiwe Avenue, Victoria Island, Lagos
Tel: +234 1 2705010-9;
Fax: +234 1 2705066
Skye Bank Nigeria Ltd.
Spring Bank Nigeria Ltd.
Stanbic IBTC Bank Ltd.
Sterling Bank Nigeria Ltd.
Union Bank Of Nigeria Plc.
Unity Bank Nigeria Ltd.
United Bank For Africa Plc. (UBA)
Wema Bank Plc
Zenith Bank Plc