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Introduction of Naira and Kobo in Nigeria

The Naira is the currency of Nigeria, divided into 100 kobo. The Central Bank of Nigeria (CBN) is solely responsible for issuing currency and controlling the money supply to ensure monetary and price stability. The CBN's Currency Operations Department manages currency by designing, procuring, distributing, processing, reissuing, and disposing of banknotes and coins.

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31 views1 page

Introduction of Naira and Kobo in Nigeria

The Naira is the currency of Nigeria, divided into 100 kobo. The Central Bank of Nigeria (CBN) is solely responsible for issuing currency and controlling the money supply to ensure monetary and price stability. The CBN's Currency Operations Department manages currency by designing, procuring, distributing, processing, reissuing, and disposing of banknotes and coins.

Uploaded by

moses
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

The 

Naira (sign: ₦; code: NGN) is the currency of Nigeria. It is subdivided into 100 kobo.


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 Operations Department of the CBN is in charge of currency
management, through the designs, procurement, distribution/supply, processing, reissue and
disposal/disintegration of bank notes and coins.

Contents

 1History
o 1.1Coins
o 1.2Banknotes
 2Second naira
o 2.1Coins
o 2.2Banknotes
 3Exchange rates
 4See also
 5References
 6External links

History[edit]
The naira was introduced on 1 January 1973, replacing the Nigerian pound at a rate of 2 naira = 1
pound.[2] The coins of the new currency were the first coins issued by an independent Nigeria, as all
circulating coins of the Nigerian pound were all struck by the colonial government of the Federation
of Nigeria in 1959, with the name of Queen Elizabeth II on the obverse. This also made Nigeria the
last former British colony to abandon the £sd currency system in favour of the decimal currency
system. There was a government 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 named by a derivation of the English
"copper."

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