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