The common currency in Northern Cyprus is the Turkish Lira, which means that all expenses related to living, food and clothing, unit charges, restaurants, entertainment, and taxes are in Turkish Lira.
For this reason, the cost of living is affordable compared to other countries. In the sale and purchase of property and cars, the currency used is the British pound. If you buy any type of currency (the 4 currencies mentioned in the above paragraph) you can pay its equivalent.
In renting an apartment unit or villa: 4 types of currency are used: dollar, euro, British pound, Turkish lira (optional).
All government institutions and bodies pay their incomes in Turkish lira, but some private companies and hotels and universities may pay their employees’ incomes in euros or dollars.