To do Alt + N P B on Mac in Excel, download and install Accelerator Keys, then press Option, followed by N, P, and B.
Command: Picture from File
This is how to do Alt + N P B on Mac in Excel with Accelerator Keys, the native ribbon and alt key shortcut solution for Mac users who get more done with Excel.
Alt + N P B opens a file browser to select and insert an image file directly from the Pictures menu. This is a quick way to add a picture to your spreadsheet without going through the submenu options.