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The 'naira' is the currency of Nigeria. The ISO currency code is NGN. It is subdivided into 100 ''kobo''. The symbol for the naira is ₦, which is included in Unicode at code point U+20A6.
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.

Contents

History

Coins

Banknotes

Exchange rate history

New Naira

Coins

Banknotes

See also

References

External links

History

The naira was introduced in 1973, replacing the pound at a rate of 2 naira = 1 pound. This made Nigeria the last country to abandon the £sd currency system.

Coins

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 denomnations in cupro-nickel. The ½ kobo coins were only minted 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, bimetallic coins were issued in denominations of 50 kobo, 1 and 2 naira. Some Nigerians expressed concerns over the usability of the N2 coin.^[1] The deadline for exchanging the old currency is 31 May 2007.^[2] The central bank states that the ½ to 25 kobo coins were withdrawn from circulation on 28 February 2007.

★ ½ kobo ^[3]

★ 1 kobo

★ 5 kobo

★ 10 kobo

★ 25 kobo

★ 50 kobo

★ 1 naira

★ 2 naira

Banknotes

In 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.
In 2007, new versions of the 5 to 50 naira banknotes were announced. The 10, 20 and 50 naira will be polymer banknotes, CBN warns against fixing prices in foreign currency
★ To launch new notes Feb 2007 although currently only the 20 naira is made of polymer. The notes will be slightly smaller and redesigned.

★ 5 naira

★ 10 naira

★ 20 naira

★ 50 naira

★ 100 naira

★ 200 naira

★ 500 naira

★ 1000 naira
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. The back illustrates Central Bank Head Office Building, Abuja.

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

New Naira

The naira was scheduled for redenomination in August 2008 (Although this has now been cancelled by President Alhaji Umaru Musa Yar'Adua^[4]), with 100 old naira to become 1 new naira. The Nigerian Central Bank has stated that it will was to 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. Bank governor 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".^[5].

Coins

Coins were to be issued in denominations of:

★ 1 Kobo (N.1)

★ 2 Kobo (N.2)

★ 5 Kobo (N.5)

★ 10 Kobo (N.10)

★ 20 Kobo (N.20)

Banknotes

Banknotes were to be printed in denominations of:

★ 50 Kobo (N.5)

★ 1 Naira (N.100)

★ 5 Naira (N.500)

★ 10 Naira (N.1000)

★ 20 Naira (N.2000)

See also

★ Economy of Nigeria

References

1. Nigeria: Nigeria's New Notes And Coins
2. Nigeria: New Currency - Two Per Cent of Withdrawals to Be in Coins - CBN
3. Old Coins - 1973 Coins Central Bank of Nigeria
4. http://www.cenbank.org/out/publications/pressrelease/gov/2007/pr27-8-07.pdf
5. "Nigeria set to free its currency", ''BBC News'', 14 August 2007

External links

★ New coin issue pictures