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Practical guide for Chinese residents in Nigeria New to Nigeria? Start here · News · Blog
尼日利亚华人NIRILIYA HUAREN

Banking, the Naira and Mobile Money in Nigeria

The naira was near ₦1,333 per dollar in October 2026. Bank accounts, exchange, transfers and mobile wallets explained.

Nigerian woman in Ankara print using her phone – naira exchange rate and mobile money
Photo: Ahmed Nasiru / Unsplash

After the Central Bank of Nigeria floated the naira in June 2023 it fell sharply, ending 2024 at about ₦1,535 per dollar. It then strengthened in 2025, closing the year at ₦1,429, and on 12 October 2026 the official market closed at ₦1,332.99, with the parallel market around ₦1,357–1,375. For Chinese residents, day-to-day money comes down to three things: opening the right bank accounts (including a dollar account), choosing a safe way to change money, and using mobile wallets such as OPay and PalmPay.

Official naira rate per US dollar

  1. 2024-121535
  2. 2025-12-311429
  3. 2026-10-121332.99
Source: Blueprint; Nairametrics · Data as of 2026-10 · Niriliya Huaren

Key points

  • The gap between the official and parallel rates has narrowed to roughly 2–3% (October 2026).
  • Foreigners need a residence permit (CERPAC) and a Bank Verification Number (BVN) to open a bank account.
  • Domiciliary (USD) account holders have free access to their funds; whether the $10,000 daily withdrawal and transfer cap still applies should be checked with your bank.
  • Foreign investors with a Certificate of Capital Importation (CCI) can repatriate profits, dividends and capital.
  • Mobile money transactions reached ₦20.71 trillion in Q1 2025; OPay, PalmPay and Moniepoint lead the market.

The naira over time

Date Official rate (₦/$) Note
June 2023 About 700–750 After the CBN float
End 2024 1,535
31 Dec 2025 1,429 First annual gain in 13 years (+7.4%)
12 Oct 2026 1,332.99 NFEM close

Exchange rates hit Chinese residents directly: naira salaries and rents change value in dollar or yuan terms as the rate moves, and imported goods priced in dollars tend to cost more locally when the naira weakens. Headline inflation was 14.63% in September 2026, with food inflation at 19.59%, so living costs remain high.

External reserves stood at $55.07bn in early October 2026. A CNY 15bn yuan–naira currency swap was renewed in December 2024, and in March 2026 the government was negotiating to expand it to as much as $10bn, but day-to-day exchange still runs mainly through the dollar. Channels, official versus parallel rates and practical tips are in our naira exchange guide.

Bank accounts

Foreigners usually need a passport, residence permit, proof of address and a BVN, which every account holder must have. China’s Ministry of Commerce notes that Nigerian banks have no substantive partnerships with banks in mainland China, and most Chinese companies settle in dollars and naira. Stanbic IBTC, part of Standard Bank Group (in which ICBC bought 20% in 2008), runs an Africa-China Banking Centre with Chinese-speaking relationship managers and is used by many Chinese firms.

Mobile wallets: OPay, PalmPay and Moniepoint

Mobile wallets are close to essential in Nigeria: transfers, airtime, electricity bills and merchant payments all run through them. OPay was founded by Opera in 2018, and PalmPay’s seed round was led by Transsion, so both have Chinese backing. Wallets set daily limits and balance caps by KYC level; foreigners can raise their level by linking passport and residence details. Sign-up steps, limits and security tips are in our OPay and PalmPay mobile money guide.

Mobile money and betting deposits

Sports betting is very common in Nigeria, and many licensed platforms take deposits by OPay, PalmPay, bank transfer and USSD. Bet9ja, for example, collects through Monnify, and platforms such as BetKing accept PalmPay. Betting is for adults 18+ only and should be done only with operators licensed in your state; since February 2026 Lagos has withheld 5% tax on online betting winnings. For state laws, licensed operators and payment methods, read our guide to gambling in Nigeria.

A newcomer’s first-month money checklist

  1. Get a SIM card first (linked to a NIN or passport); wallets and bank verification codes depend on it.
  2. Once you have your residence permit, get a BVN and open naira and dollar accounts.
  3. Install one mobile wallet: use it for small daily payments and the bank for large ones.
  4. Rent and deposits are large sums, so pay by bank transfer and keep receipts; see our guide to housing in Nigeria.
  5. Avoid carrying large amounts of cash; our Nigeria security guide has practical advice.

Common questions at a glance

Where is the best place to change money? Official channels are compliant and the spread has narrowed, so use a bank or licensed operator rather than street changers. Can I send my salary home? Lawful personal income can be sent abroad through a bank with tax and ID documents; companies repatriating profits need a CCI. Can I use a mobile wallet without a residence permit? Yes, at a lower KYC level with a passport, but limits are lower.

Sources

In this section

FAQ

What is the naira-to-dollar rate now?

The official market closed at ₦1,332.99/$ on 12 October 2026, with the parallel market around ₦1,357–1,375. Rates move daily, so check your bank's quote.

What does a foreigner need to open a bank account in Nigeria?

Usually a passport, a residence permit (CERPAC), proof of address and a Bank Verification Number (BVN).

Is there a bank with Chinese-speaking service?

Stanbic IBTC runs an Africa-China Banking Centre with Chinese-speaking relationship managers.

Are OPay and PalmPay Chinese companies?

Both have Chinese backing: OPay was founded by Opera and PalmPay's seed round was led by Transsion, but both operate as Nigerian businesses.

Facts checked: 2026-10-22 · Niriliya Huaren Editorial Team · How we check facts

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