Nigeria currency exists in two forms, in Nairas as well Nigerian Dollars, both issued by the Central Bank of Nigeria. The Naira and the dollar of Nigeria exchange rate has been so issued by the Central Bank so that it is finally the profit of the country that should count. The value if 1 Naira would in future equal to 100 old Naira and the decision is that of the government of the nation. This new system would be implemented from the year 2008. Presently 1 Naira can be further subdivided to 100 Kobos. The dollar or the foreign currency, though circulated by banks through the auction system, is fast declining when it comes to usability in the Nigerian market. This is a very healthy sign for the Nigerian economy. The major reason behind this improvement is the annual revenue that Nigeria is reaping from its oil trade. CURRENCY EXCHANGE RATE OF NAIRA
100 Naira = US$ 0.78
100 Naira = A$ 0.91
100 Naira = £ 0.39
100 Naira = C$ 0.82
100 Naira = R 5.43 €
100 Naira = NZ$ 1.00
100 Naira = € 0.57
Tourists to Nigeria are always advised to carry enough cash in Dollars, Nigeria currency or Euros. If using credit cards or for that matter any card, it is better to use them only when you are sure of the place. Changing money on the street is strictly prohibited and the violation of the same can land the offender in serious trouble with the authorities.
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