Nigerian naira
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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.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
Banknotes
- [1 naira] (discontinued)
- [5 naira]
- [10 naira]
- [20 naira]
- [50 naira]
- [100 naira]
- [200 naira]
- [500 naira]
- [1000 naira]
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
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