Nigerian naira

The naira is the currency of Nigeria. The ISO currency code is NGN.

Introduction

Nigeria's domestic currency is the naira, which is circulated in banknotes and coins. The naira bank notes and coins are legal tender. The widespread confidence in naira purchasing power makes it popular in the region and enhances the operation of the payment system.

The naira was introduced in 1973, replacing the pound at a rate of 2 naira = 1 pound. This made Nigeria the last state to abandon the £sd currency system. It is divided into 100 kobo.

The symbol for the naira is ₦, which is included in Unicode at code point U+20A6.

Central Bank of Nigeria

The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federation. It controls the volume of money supply in the economy in order to ensure monetary and price stability. The Currency & Branch Operations Department of the CBN is in charge of currency management, through the procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins.

Legal Tender

Circulating Currency

One thousand naira N1000 note is the highest denomination in circulation. It was released into circulation on October 12, 2005.

The security thread is the metallic strip on the back of the note. There is a subtle shiny strip running down the back of the note. It is a shimmery gold colour showing 1000 naira. The triangular shape in the middle of the front of the note changes its color from green to blue when tilted

The main feature on the front is the engraved portrait of Alhaji Aliyu Mai - Bornu and Dr Clement Isong. Former Governors of the Central Bank of Nigeria The back illustrates Central Bank Head Office Building Abuja.

There are plans to reintroduce the 50 kobo and 1 naira coins as well as a 2 naira coin. All this is along with newer versions of the 5-50 naira banknotes.

Coins

½ kobo ^*
1 kobo
5 kobo
10 kobo
25 kobo
50 kobo
1 naira ^*

Banknotes

Exchange Rate History

This table shows the historical value of one U.S. Dollar in Nigerian naira:

Date	Naira per US $	Date	Naira per US $
1972	0.658	1973	0.658
1974	0.630	1975	0.616
1976	0.627	1977	0.647
1978	0.606	1979	0.596
1980	0.550 (0.900 PM)	1981	0.610
1982	0.673	1983	0.724
1984	0.765	1985	0.894 (1.70 PM)
1986	2.02 (3.90 PM)	1987	4.02 (5.90 PM)
1988	4.54 (6.70 PM)	1989	7.39 (10.70 PM)
1990	8.04 (9.30 PM)	1991	9.91
1992	17.30 (21.90 PM)	1993	22.33 (56.80 PM)
1994	21.89 (71.70 PM)	1995	21.89 (84.58 PM)
1996	21.89 (84.58 PM)	1997	21.89 (84.70 PM)
1998	21.89 (88-90 PM)	1999	85.98 (105.00 PM)
2000	99-106 (104-122 PM)	2001	109-113 (122-140 PM)
2002	114-127 (135-137 PM)	2003	127-130 (137-144 PM)
2004	132-136	2005	128.50-131.80

PM = Parallel Market

External links

Economy of Nigeria | Currency signs