The base currency of Nigeria is the naira, divided into 100 kobos. One and two naira pieces are coins, but look for bills for anything higher. Bill denominations follow the same pattern as American bills: 5, 10, 20, 50, 100, 500 and 1,000 naira. At the time of publication, it takes more than 150 naira to purchase one United States dollar. You can exchange Nigerian naira for dollars at the Central Bank of Nigeria or at any international currency exchange.

Items you will need

  • Passport
Step 1

Visit the website of the Nigeria Bank to determine current exchange rates between the naira and the dollar, updated daily. Realize that most currency exchange agents will not give you as advantageous a rate as banks use to transfer money, so the official exchange rate is simply a guide.

Step 2

Go to the Central Bank of Nigeria, if you are in Nigeria. The sole branch is in Abuja, at the following address: Zaria Street, Garki II, Abuja, Nigeria. The bank has no branches outside the country. Show the teller or bank officer your passport and ask to exchange your naira for dollars.

Step 3

Locate a foreign exchange office, if you are in the United States. Most international airports have currency exchange desks but you might get a better exchange rate elsewhere. Try large banks in big cities or currency exchange specialists such as Forex. Telephone the establishment before going to be sure that it carries Nigerian naira and to compare exchange rates.

Step 4

Go to the establishment with your passport during regular business hours. Show the teller or bank officer your passport and name the amount of naira you wish to exchange. Sign the exchange documents, exchange currency, and count your dollars while still at the window.


  • If you travel often between Nigeria and the United States, realize that one of the easiest ways of exchanging currency is to keep a bank account in one country with an international ATM card. You "exchange" money by using your ATM to withdraw currency in the other country.


  • Never respond to unsolicited emails offering exchange of Nigerian money. According to Consumer Fraud Reporting, the Nigerian letter scam -- also called "419" for its violation of Section 419 of the Nigerian Criminal Code -- operates by means of unsolicited emails from con artists claiming to be Nigerian officials, businesspeople, lottery officials or persons wishing to exchange Nigerian money. They ask for some advance payment to help pay expenses in exchange for which you are to receive transfers to your bank account. This is simply a scheme to bilk you out of your money.

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