Nigeria — Shopping
Shopping
Markets are the most interesting places to shop. Special purchases include adire (patterned, indigo-dyed cloth), batiks and pottery from the southwest, leatherwork and kaduna cotton from the north and carvings from the east. Designs vary greatly, many towns having their own distinctive style. Other purchases include herbs, beadwork, basketry and ceremonial masks such as those of the Ekpo.
Shopping hours: Mon-Fri 0800-1700, Sat 0800-1630.
Currency
Naira (NGN; symbol ₦) = 100 kobo. Notes are in denominations of ₦500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of ₦1 and kobo 25, 10, 5 and 1.
Currency Exchange
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.
Credit Cards, Debit Cards, and ATMs
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.
Travelers Checks
Facilities for changing traveler's checks are limited to Abuja and larger towns, but exchanging them can be problematic.
Currency Restrictions
There are no restrictions on the import and export of local currency. The import and export of foreign currency is unrestricted but must be declared.
Banking Hours
Mon 0800-1500, Tue-Fri 0800-1330.
Exchange Rate
| 1.00 GBP = 245.3 NGN |
| 1.00 USD = 152.69 NGN |
| 1.00 EUR = 215.66 NGN |
| Currency conversion rates as of 19 July 2011 |
