The Nigerian Naira
The official currency of Nigeria, introduced in 1973 to replace the Nigerian pound, named after the Niger River.
Quick Facts
- Introduced
- January 1, 1973
- Replaced
- Nigerian Pound
- Issued by
- Central Bank of Nigeria
- ISO Code
- NGN
- Symbol
- ₦
- Subdivisions
- 100 Kobo
History
The Naira was introduced on January 1, 1973, replacing the Nigerian pound at a rate of 2 naira to 1 pound. The currency was named after the Niger River, which gives Nigeria its name. The Central Bank of Nigeria (CBN) is responsible for issuing and regulating the Naira.
Design and Notes
Nigerian banknotes feature prominent Nigerians on the front and important landmarks or cultural imagery on the reverse. Current denominations include ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, and ₦1,000. The notes celebrate Nigeria's cultural diversity and historical achievements.
Significance
The Naira is a symbol of Nigerian sovereignty and economic identity. As West Africa's largest economy, Nigeria's currency plays a significant role in regional trade and commerce. The exchange rate and monetary policy managed by the CBN affect the livelihoods of over 200 million Nigerians.
Related
The Nigerian National Anthem
Arise O Compatriots — adopted in 1978, lyrics written by a collective of Nigerian citizens selected through a nationwide competition.
The Nigerian Coat of Arms
Nigeria's national coat of arms features a black shield divided by two wavy white lines, two white horses, and an eagle — each element rich with symbolism.