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How Much Is Philippine Money in Nigeria: A Comprehensive Guide
Are you planning a trip to Nigeria and wondering how much your Philippine money can get you? Or are you a Filipino residing in Nigeria and want to know the exchange rate? Whatever the reason, this article will provide you with a comprehensive guide on how much Philippine money is worth in Nigeria.
Understanding the Nigerian Currency
The Nigerian currency is called the Nigerian Naira (NGN). The Central Bank of Nigeria (CBN) is responsible for issuing and regulating the Nigerian currency. The Nigerian Naira is distributed in coins and banknotes. The coins are issued in denominations of 50 kobo, 1 Naira, and 2 Naira, while the banknotes come in denominations of 5, 10, 20, 50, 100, 200, 500, and 1000 Naira.
Understanding the Philippine Currency
The Philippine currency is called the Philippine Peso (PHP). The Bangko Sentral ng Pilipinas (BSP) is responsible for issuing and regulating the Philippine currency. The Philippine Peso is distributed in coins and banknotes. The coins are issued in denominations of 1, 5, and 10 pesos, while the banknotes come in denominations of 20, 50, 100, 200, 500, and 1000 pesos.
The Exchange Rate
The exchange rate between the Nigerian Naira and the Philippine Peso is not fixed and can fluctuate depending on various factors such as economic conditions, political stability, and market demand. As of July 2021, the exchange rate is approximately 1 Nigerian Naira to 0.014 Philippine Peso.
How to Convert Philippine Money to Nigerian Naira
To convert Philippine money to Nigerian Naira, you can use various methods. The most common method is through banks or foreign exchange bureaus. These institutions can provide you with the current exchange rate and assist you in exchanging your Philippine money to Nigerian Naira.
Another method is through online currency converters. These converters provide you with the current exchange rate and allow you to convert your Philippine money to Nigerian Naira from the comfort of your home.
Using Credit Cards and ATMs
Credit cards and ATMs are widely accepted in Nigeria, and you can use them to withdraw Nigerian Naira. However, it is essential to check with your bank and credit card company to ensure that your card can be used in Nigeria and to inquire about any charges or fees associated with using your card abroad.
Where to Exchange Philippine Money in Nigeria
You can exchange Philippine money to Nigerian Naira at banks or foreign exchange bureaus. Some popular banks in Nigeria include Access Bank, First Bank of Nigeria, and Zenith Bank. Foreign exchange bureaus, on the other hand, are private institutions specializing in foreign exchange transactions.
Conclusion
In conclusion, the exchange rate between the Nigerian Naira and Philippine Peso is not fixed and can fluctuate depending on various factors. To convert Philippine money to Nigerian Naira, you can use various methods such as banks, foreign exchange bureaus, and online currency converters. It is also essential to check with your bank and credit card company before using your credit card and ATM in Nigeria.
FAQs
- Can I use Philippine Peso in Nigeria?
No, Philippine Peso is not accepted as a form of payment in Nigeria. You need to convert your Philippine money to Nigerian Naira to make any transactions.
- Is it safe to carry cash in Nigeria?
It is not advisable to carry large amounts of cash when traveling to Nigeria. Instead, use credit cards and ATMs or exchange your money at banks or foreign exchange bureaus.
- How long does it take to exchange Philippine money to Nigerian Naira?
The exchange process can take a few minutes to a few hours, depending on the institution and the amount you wish to exchange.
- Can I exchange Nigerian Naira back to Philippine Peso?
Yes, you can exchange Nigerian Naira back to Philippine Peso at banks or foreign exchange bureaus.
- What is the maximum amount of Nigerian Naira I can carry when leaving Nigeria?
The maximum amount of Nigerian Naira you can carry when leaving Nigeria is 5,000 Naira or its equivalent in foreign currency.
