Local Currency and Exchange Information

The local currency in Lagos, Nigeria is the Nigerian Naira (NGN). As of October 2023, the exchange rate is approximately ₦500 to $1 USD, but this rate fluctuates, so it’s best to check for the latest rates before you travel.

Currency exchange services are available at banks, exchange bureaus, and the airport, but be sure to compare rates. It's advisable to exchange a small amount of money at the airport to cover initial expenses.

Payment Methods and Banking Options

In Lagos, cash is still a predominant form of payment, especially in local markets and smaller establishments. However, credit and debit cards are widely accepted in hotels, restaurants, and larger stores.

ATMs

• ATMs are available throughout Lagos, but it’s wise to use machines located in bank branches or secure locations.
• Most ATMs accept international cards, but be cautious of withdrawal fees that can apply.

Credit Cards

Visa and Mastercard are the most accepted credit cards in Lagos. However, be prepared for some places that only accept cash. Always inform your bank of your travel plans to avoid any issues with card transactions.

Tipping Customs and Payment Etiquette

Tipping is appreciated in Lagos, though not mandatory. Here are some guidelines:

• Restaurants: A tip of 10-15% of the total bill is customary if service isn’t included.
• Taxis: Rounding up the fare or adding a small amount is common.
• Service Workers: Small tips for hotel staff or tour guides (₦200-₦500) are appreciated.

Always hand tips directly to the person receiving them, rather than leaving them on the table.

Cost Considerations and Budgeting Tips

Lagos can be quite affordable, but costs can vary widely depending on your lifestyle and preferences. Here are some typical costs:

• Meals: Budget around ₦2,000-₦5,000 for local dining.
• Accommodations: Mid-range hotels can range from ₦15,000-₦30,000 per night.
• Transportation: Local transport, like buses or ride-hailing apps, can cost ₦500-₦2,000 per trip.

To manage your budget effectively, consider using cash for daily expenses to avoid overspending. Set a daily limit and track your spending to stay within your budget.

Practical Financial Advice for Travelers

• Carry Cash: While cards are accepted, always have cash on hand for smaller transactions or in case of service failures.
• Monitor Exchange Rates: Use reliable currency conversion apps to get real-time rates and avoid unnecessary losses.
• Secure Your Cash: Use a money belt or hidden pouch to keep your cash and cards safe while exploring.
• Stay Informed: Be aware of common scams and always keep your belongings close in crowded areas.

By following these tips and being mindful of your spending, you can navigate the financial landscape of Lagos effectively and enjoy your travel experience.