The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Nigerian Federation. It controls the volume of money supplied 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.
|Banknotes||₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, ₦1000|
|Coins||50 kobo, ₦1, ₦2|
|Central bank||Central Bank of Nigeria|
|Printer||Nigerian Security Printing and Minting Company Limited|
|Mint||Nigerian Security Printing and Minting Company Limited|
The naira was introduced on 1 January 1973, replacing the pound at a rate of 2 naira = 1 pound. This made Nigeria the last former British colony to abandon the £sd currency system in favour of the decimal currency system. There was a plan to redenominate the naira at 1 new naira = 100 old naira in 2008, but the plan was suspended. The currency sign is U+20A6 ₦ NAIRA SIGN. The name naira is simply a contraction of "Nigeria", while the subdivision, kobo, is a local pronunciation of English "copper."
Rampant inflation has occurred in Nigeria. The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10%. In 2011, the CBN increased key interest rate 6 times, rising from 6.25% to 12%. On 31 January 2012, the CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to reduction in fuel subsidies.
As of 20 June 2016, the naira was allowed to float, after being pegged at 197 to one US dollar for several months. Trades speculated the natural range of the naira would be between 280 and 350 to the dollar.
In 1973, coins were introduced in denominations of ½, 1, 5, 10 and 25 kobo, with the ½ and 1 kobo in bronze and the higher denominations in cupro-nickel. The ½ kobo coins were minted only that year. In 1991, smaller 1, 10 and 25 kobo coins were issued in copper-plated-steel, along with nickel-plated-steel 50 kobo and 1 naira. On 28 February 2007, new coins were issued in denominations of 50 kobo, 1 and 2 naira, with the 1 and 2 naira bimetallic. Some Nigerians expressed concerns over the usability of the ₦2 coin. The deadline for exchanging the old currency was set at 31 May 2007. The central bank stated that the ½ to 25 kobo coins were withdrawn from circulation with effect from 28 February 2007.
On January 1, 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 and 20 naira. The 50 kobo notes were last issued in 1989. In 1991, 50 naira notes were issued, followed by 100 naira in 1999, 200 naira in 2000, 500 naira in 2001 and 1000 naira on October 12, 2005.
On February 28, 2007, new versions of the 5 to 50 naira banknotes were introduced. Originally the 10, 20 and 50 naira were to be polymer banknotes, but the 5,10 and 50 were delayed to late 2009 and only the 20 was released in polymer. The notes are slightly smaller (130 × 72 mm) and redesigned from the preceding issues. In mid-2009 when Sanusi Lamido Sanusi took over as CBN Governor he eventually changed the 5, 10 and 50 naira to polymer notes.
On the 1000 naira notes, 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 colour from green to blue when tilted. The main feature on the front is the engraved portraits of Alhaji Aliyu Mai-Bornu and Dr Clement Isong, former governors of the Central Bank of Nigeria.
On the first prints of the 100 naira notes issued starting December 1, 1999, Zuma Rock was captioned as located in Federal Capital Territory, while actually it is situated in Niger State. Later prints removed the reference to FCT, ABUJA.
In 2012 the Central Bank of Nigeria may be contemplating the introduction of new currency denominations of N5,000. The bank has also made plans to convert ₦5, ₦10, ₦20 and ₦50 into coins which are all presently notes.
On November 12, 2014, the Central Bank of Nigeria issued a 100 naira commemorative note to celebrate the centennial of Nigeria's existence. The notes are similar to its regular issue with the portrait of Chief Obafemi Awolowo on front, but is redesigned to include a new color scheme, revised security features, the text "One Nigeria, Great Promise" in microprinting and on the back is a quickresponse code (QRC) which when scanned leads users to a website about Nigeria's history.
|Currently Circulating Banknotes |
|Image||Value||Dimensions||Main Colour||Description||Date of|
|||₦100||151 × 78 mm||Red and multicolour||Chief Obafemi Awolowo||Zuma Rock||As portrait(s), "CBN", value||1999||1 December 1999|
|||₦200||Blue and multicolour||Sir Ahmadu Bello||Pyramid of agricultural commodity and livestock farming||2000||1 November 2000|
|||₦500||Purple and multicolour||Dr. Nnamdi Azikiwe||Off-shore oil-rig||2001||4 April 2001|
|||₦1000||Purple||Alhaji Aliyu Mai-Bornu, Dr. Clement Isong||CBN's corporate headquarters in Abuja||2005||12 October 2005|
|2006 Series (Paper and Polymer banknotes)|
|||₦5||130 × 72 mm||Mauve||Alhaji Abubakar Tafawa Balewa||Nkpokiti dancers||Central Bank of Nigeria logo, "CBN"||2006||28 February 2007|
|||₦10||Red||Mr. Alvan Ikoku||Fulani milk maids|
|||₦20||Green||General Murtala Mohammed||Ladi Kwali|
|||₦50||Blue||Hausa, Igbo and Yoruba men and a woman||Local fishermen|
|For table standards, see the banknote specification table.|
The naira was scheduled for redenomination in August 2008, although this was cancelled by then-President Umaru Musa Yar'Adua), with 100 old naira to become 1 new naira. The Nigerian Central Bank stated that it will make the naira fully convertible against foreign currencies by 2009. Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. The naira appreciated against the dollar through 2007 due to high oil revenues. Also, the then-Bank Governor, Professor Chukwuma Soludo noted the weekly central bank auctions of foreign currency will gradually be phased out, and that the bank would "only intervene in the market as may be required to achieve defined policy objectives".
Coins were to be issued in denominations of:
Banknotes were to be printed in denominations of:
This table shows the historical value of one U.S. Dollar in Nigerian naira - PM = Parallel Market.
|Date||Naira per US$||Date||Naira per US$||Date||Naira per US$|
|1972||0.658||1993||17.30 (21.90 PM)||2014||170–199|
|1973||0.658||1994||22.33 (56.80 PM)||2015||199–300|
|1974||0.63||1995||21.89 (71.70 PM)||2016||390–489|
|1975||0.616||1996||21.89 (84.58 PM)||2017||?|
|1976||0.62||1997||21.89 (84.58 PM)||2018||360|
|1977||0.647||1998||21.89 (84.70 PM)|
|1978||0.606||1999||21.89 (88–90 PM)|
|1979||0.596||2000||85.98 (105.00 PM)|
|1980||0.550 (0.900 PM)||2001||99–106 (104–122 PM)|
|1981||0.61||2002||109–113 (122–140 PM)|
|1982||0.673||2003||114–127 (135–137 PM)|
|1983||0.724||2004||127–130 (137–144 PM)|
|1985||0.894 (1.70 PM)||2006||128.50–131.80|
|1986||2.02 (3.90 PM)||2007||120–125|
|1987||4.02 (5.90 PM)||2008||115.50–120|
|1988||4.54 (6.70 PM)||2009||145–171|
|1989||7.39 (10.70 PM)||2010||148.21–154.8|
|1990||7.39 (10.70 PM)||2011||151.05–165.1|
|1991||8.04 (9.30 PM)||2012||155.09–161.5|
|Current NGN exchange rates|
|From Google Finance:||AUD CAD CHF EUR GBP HKD JPY USD INR CNY|
|From Yahoo! Finance:||AUD CAD CHF EUR GBP HKD JPY USD INR CNY|
|From XE:||AUD CAD CHF EUR GBP HKD JPY USD INR CNY|
|From OANDA:||AUD CAD CHF EUR GBP HKD JPY USD INR CNY|
|From fxtop.com:||AUD CAD CHF EUR GBP HKD JPY USD INR CNY|
Aero Contractors Company of Nigeria Limited, known as Aero Contractors or simply Aero, is a state-controlled Nigerian aviation company based at Murtala Muhammed International Airport in Ikeja, Lagos State, Nigeria. Furthermore, it operates
helicopter services and fixed wing domestic and international scheduled passenger services, air charter and third party aircraft operations, largely in support of Nigeria's extensive oil and gas industry.Africans in Guangzhou
Africans in Guangzhou (simplified Chinese: 广州非裔; traditional Chinese: 廣州非裔, more commonly 广州黑人; 廣州黑人; "Black people in Guangzhou") are Africans who travel to or reside in Guangzhou, China for short and long term periods.
Beginning during the late 1990s economic boom, an influx of thousands of African traders and business people, predominantly from West Africa, arrived in Guangzhou and created an African community in the middle of the southern Chinese metropolis. At 2012, there was an estimation of more than 100,000 African living in Guangzhou. Since 2014, the city's African population has significantly declined due to strict immigration enforcement by Chinese authorities and economic pressures in home countries including depreciation of the Nigerian naira and Angolan kwanza.Benedict Ayade
Benedict Bengioushuye Ayade, (born on 2 March 1969), is a Nigerian politician and the current Governor of Cross River State since 29 May 2015. He ran successfully for the office of Governor in April 2015 on the platform of People's Democratic Party (PDP). Before that, he was a member of the 7th Senate of Nigeria.Biafran pound
The Biafran pound was the currency of the breakaway Republic of Biafra between 1968 and 1970.
The first notes denominated in 5 shillings and £1 were introduced on January 29, 1968. A series of coins was issued in 1969; 3 pence, 6 pence, 1 shilling and 2½ shilling coins were minted, all made of aluminium. In February 1969, a second family of notes was issued consisting of 5 shilling, 10 shilling, £1, £5 and £10 denominations. Despite not being recognised as currency by the rest of the world when they were issued, the banknotes were afterwards sold as curios (typically at 2/6 (=.0125 GBP) for 1 pound notes in London philately/notaphily shops) and are now traded among banknote collectors at well above their original nominal value.
The most common note is the 1968 and 1969 1 pound notes, with the 10 pound note and all coins being rare.Cape Verdean escudo
The escudo (sign: ; ISO 4217: CVE) is the currency of the Republic of Cape Verde.
Amounts are generally written by using the cifrão as the decimal separator, such as 2000 for 20 escudos, or 1.00000 for 1000.Currency symbol
A currency symbol is a graphic symbol used as a shorthand for a currency's name, especially in reference to amounts of money.
Although several former currency symbols were rendered obsolete by the adoption of the euro, having a new and unique currency symbol – implementation of which requires the adoption of new Unicode and type formats – has now become a status symbol for international currencies. The European Commission considers the global recognition of the euro sign € part of its success. In 2009, India launched a public competition to replace the ₨ ligature it shared with neighbouring countries. It finalised its new currency symbol, ₹ (₹) on 15 July 2010. It is a blend of the Latin letter 'R' with the Devanagari letter 'र' (ra).Egyptian pound
The Egyptian pound (Egyptian Arabic: جنيه مصرى Genēh Maṣri [ɡeˈneː(h) ˈmɑsˤɾi]; sign: E£, L.E. ج.م; code: EGP) is the currency of Egypt. It is divided into 100 piastres, or ersh (Egyptian Arabic: قرش [ʔeɾʃ]; plural قروش [ʔʊˈɾuːʃ]), or 1,000 milliemes (Egyptian Arabic: مليم [mælˈliːm]; French: millième).
The Egyptian pound is frequently abbreviated as LE or L.E., which stands for livre égyptienne (French for Egyptian pound). E£ and £E are commonly used on the internet. The name Genēh [ɡeˈneː(h)] is derived from the Guinea coin, which had almost the same value of 100 piastres at the end of the 19th century.Ivory Nwokorie
Ivory Nwokorie MON is a Nigerian powerlifter who won the gold medal in the women's 44 kg weight class at the 2012 Summer Paralympics in London, England. She was banned for two years in 2013, after testing positive for Furosemide.Joseph Oladele Sanusi
Chief (Dr.) Joseph Oladele Sanusi (born 24 September 1938) is a Nigerian chartered accountant who was Governor of the Central Bank of Nigeria from May 1999 to May 2004.Kabo Air
Kabo Air is a Nigerian charter airline headquartered in Kano, Kano State and based at Mallam Aminu Kano International Airport.List of central banks of Africa
There are two African currency unions associated with multinational central banks; the West African Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) and the Central African Banque des États de l'Afrique Centrale (BEAC). Members of both currency unions use the CFA Franc as their legal tender.
Below is a list of the central banks and currencies of Africa.List of circulating currencies
This list contains the 180 currencies recognized as legal tender in United Nations (UN) member states, UN observer states, partially recognized or unrecognized states, and their dependencies. Dependencies and unrecognized states are listed here only if another currency is used in their territory that is different from the one of the state that administers them or has jurisdiction over them.List of currencies in Africa
African currency was originally formed from basic items, materials, animals and even people available in the locality to create a medium of exchange. This started to change from the 17th century onwards, as European colonial powers introduced their own monetary system into the countries they administered. As African countries achieved independence during the 20th century, some retained the new denominations that had been introduced, though others renamed their currencies for various reasons. Today inflation often creates a demand for more stable (but forbidden) foreign currency, while in rural areas the original bartering system is still in widespread usage. As of January 1, 2013, the Zambian Kwacha (ZMW) has the strongest currency in Africa.Maradi, Niger
Maradi is the third largest city in Niger and the administrative centre of Maradi Region. It is seat of the Maradi Department and an Urban Commune.N
N (named en ) is the fourteenth letter in the modern English alphabet and the ISO basic Latin alphabet.NGN
NGN, News Group Newspapers, the umbrella organisation for Rupert Murdoch's news empire.
NGN can mean multiple things:
Neurogenins, a family of bHLH transcription factors involved in specifying neuronal differentiation
New Game Network, a video game review website
New Generation Network, a British group and manifesto set up to challenge the current discourse of race relations in the UK
Next Generation Networking, a broad term to describe some key architectural evolutions in telecommunication core and access networks that will be deployed over the next 5–10 years
Nigerian naira, the ISO 4217 code for the currency of Nigeria
Nippon Golden Network, a Cable television network broadcasting Japanese programs in Hawaii, United States
No Good Nick, an upcoming American comedy web television series.
Noida Greater Noida Expressway, in Delhi, India
Non-geographic numbers, in the UK, telephone numbers not assigned to geographic areas or exchanges