Nigerian naira conversion

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Nigerian naira

Worldwide use:

  • Nigeria

Description:

The Nigerian Naira is the official currency of Nigeria. One Nigerian Naira is worth 100 Kobo. Coins come in 50 Kobo as well as 1 and 2 Naira. Banknotes are distributed in 5, 10, 20, 50, 100, 200, 500 and 1000 Naira.

There were plans to revalue the Nigerian Naira in 2008 and introduce a new series of banknotes. This was abandoned by the president at the time and the currency has since suffered from high inflation rates and interest rises.

Origin:

Nigeria originally used the British West African Pound until it was replaced with the Nigerian Pound and then the Nigerian Naira was launched on 1 January 1973. Nigeria was the last country to stop using pre-decimal currency.

Component units:

  • kobo (100)

Date introduced:

Central bank:

  • Central Bank of Nigeria

Printer:

  • Nigerian Security Printing and Minting Company Limited

Mint:

  • Nigerian Security Printing and Minting Company Limited