To do Alt + N P I F on Mac in Excel, download and install Accelerator Keys, then press Option, followed by N, P, I, and F.
Command: Picture from File (Place in Cell)
This is how to do Alt + N P I F 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 I F opens a file browser to select an image file to place in a cell. The selected image will be embedded within the cell, moving and resizing with it as you adjust your spreadsheet layout.