Traveling to Lagos Advice

Appendix

Paying for Things in Lagos, Nigeria

Exchange Rates

The official USD to Naira exchange rate quoted on Google is generally not very reliable. Nigeria’s exchange rate system was reformed in June 2023, but there is often still a gap between “official” rates and the parallel market rate. Check out this twitter feed or a WhatsApp bot like KoboFx to get a sense for the current market rates.

Paying for Things

Nigeria’s digital payments system is instant and modern, but it’s disconnected from global card networks, so don’t expect to use your international credit or debit cards here. International cards can sometimes be used at high-end restaurants or hotels, but they require a separate POS device which many don't have.

And, while cash is widely accepted, it’s painful to use because the largest denomination is the N1,000 note (less than $1). On top of this, there are often periods of cash scarcity, making physical cash difficult to acquire.

The ultimate setup as a visitor is to find a friend who can lend you their local debit card and local bank account, but in lieu of that, you can manage with international remittance apps.

The international remittance apps I recommend are Tap Tap Send (most recommended), Sendwave, LemFi, and Wise (most expensive). Try to set them up prior to arriving because if you sign up from Nigeria your account may be flagged and you’ll need to message their support to get unblocked. These apps support users from many countries but not all so check before you arrive. They allow you to send Naira directly to local bank accounts with a foreign debit card. Transfers usually occur within a few minutes and the rates are quite good. With this setup, you’ll be able pay for just about anything locally. Just ask anyone you’re trying to pay which bank they use and their account number.

It can still be useful to carry a bit of physical cash just in case an instant bank transfer is delayed or you want to buy something small. If your visit is short, you can withdraw cash from most ATMs using your international debit card. You’ll only be able to withdraw a maximum of 10k Naira per transaction but you can do this repeatedly.

The alternative setup is to come with new $100 dollar bills (the ones with the hologram) to exchange into Naira. Don’t come with smaller denominations. They’re either not accepted or exchanged at a worse rate. You can exchange physical dollars for naira at the airport or at a Bureau de Change in town. The rate posted at the airport kiosks often isn’t great, but you can improve this with a little negotiation.