Oestradiol‐17β: NAD+ 17‐oxidoreductase from human placenta can accept coenzyme analogues of NAD+ and NADP+ where the amide group is replaced by methyl ketone, nitrile or thioamide. The inhibition with analogues of NAD+ has been studied. The presence of a substituent at C‐3 of the pyridinium ring is necessary for the binding. The inhibition by C‐4 methylated analogues is very poor, and the effect of a methyl group at C‐5 depends on the substituent at C‐3. The 1,4,5,6‐tetra‐hydronicotinamide adenine dinucleotide is a competitive inhibitor. Nicotinamide 8‐bromoadenine dinucleotide and nicotinamide 8‐thioadenine dinucleotide are efficient hydrogen acceptors.