Naira

The Naira is the official currency of Nigeria, denoted by the currency code NGN and the symbol ₦. It is subdivided into 100 kobo and is issued by the Central Bank of Nigeria (CBN). The naira is used for all daily transactions across the country and forms the basis of Nigeria’s monetary system.

The naira was introduced on 1 January 1973, replacing the Nigerian pound as the country decimalized its currency. Since then, the naira has undergone several reforms and redesigns to improve security, curb counterfeiting, and manage monetary policy. The CBN is responsible for issuing currency, maintaining liquidity, and regulating the money supply.

Banknotes and coins have circulated in multiple denominations. Common banknotes include 5, 10, 20, 50, 100, and 200 naira, with higher denominations issued at various times. Coins have included 1 naira and 50 kobos, though very small coins have become less common in everyday use due to inflation. In recent years, Nigeria has promoted electronic payments and cashless transactions, which has affected the relative use of cash versus digital means.

Monetary policy and foreign exchange operations are conducted by the CBN. Nigeria has pursued a managed float exchange-rate regime with multiple windows for access to foreign currency, aiming to balance inflation, growth, and stability. The naira’s value has fluctuated with oil revenues, inflation, and policy changes, leading to periodic reforms and currency redesigns to strengthen financial integrity and market confidence.

The naira remains a central symbol of Nigeria’s economy and monetary policy, shaping payments infrastructure and financial inclusion across the country.