What’s that bulge in my trousers, you ask?
Why, it’s a wad of money, of course. The currency of Nigeria is the
Naira. There are 133 Naira to the Dollar, making N100 equal to $0.75. Naira
come in denominations between 5 and 500 and are slightly larger than the Dollar.
The N500 note is worth $3.75 and since it is the largest note and since this a
cash economy (no credit cards) and since many prices here are equal to or
greater than those in New York City, you’d better have quite a wad on you when
you go shopping.
For instance, shortly after I arrived here I bought a Sony TV. The television cost me N100,000 ($750) and I paid for it with two hundred N500 notes. Whenever I go to Lagos, I cash a $1000 check at the U.S. Embassy and take N133,000 (266 N500 notes) with me. Fortunately, in Lagos, I ride into the city, from the airport, in an armored Chevy Suburban.
Jack, you are doing a great job on keeping us up to date. Lenny at Split Rock send his regards!
Posted by: Ray Doherty | September 23, 2005 at 09:16 PM
Such a disappointment, but interesting info.
Posted by: Riley | September 23, 2005 at 01:18 PM