Nigerian naira
Naira Banknotes
ISO 4217 Code	NGN
User(s)	Nigeria
Inflation	6.5%
Source	The World Factbook, 2007 est.
Subunit
1/100	kobo
Symbol	₦
Plural	naira
kobo	kobo
Coins	50 kobo, 1, 2 naira
Banknotes	5, 10, 20, 50, 100, 200, 500, 1000 naira
Central bank	Central Bank of Nigeria
Website	www.cenbank.org
Printer	Nigerian Security Printing and Minting Company Limited
Website	www.mintnigeria.com
Mint	Nigerian Security Printing and Minting Company Limited
Website	www.mintnigeria.com

naira symbol

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.

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. There was a plan to redenominate the naira at 1 new naira = 100 old naira in 2008, but the plan has been suspended.

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 coins were issued in denominations of 50 kobo, 1 and 2 naira, with the 1 and 2 naira bimetallic. Some Nigerians expressed concerns over the usability of the N2 coin.^[1] The deadline for exchanging the old currency was set at 31 May 2007.^[2] The central bank stated that the ½ to 25 kobo coins were withdrawn from circulation with effect from 28 February 2007.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, ^[4] although currently only the 20 naira is made of polymer. The notes are slightly smaller and redesigned.

Currently Circulating Banknotes [1]
1999–2005 Series
Image		Value	Dimensions	Main Colour	Description			Date of
Obverse	Reverse				Obverse	Reverse	Watermark	first printing	issue
	[2]	₦100	151 × 78 mm	Red and multicolour	Obafemi Awolowo	Zuma Rock	As portrait(s), "CBN", value	1999	1 December 1999
	[3]	₦200		Blue and multicolour	Ahmadu Bello	Pyramid of agricultural commodity and livestock farming		2000	1 November 2000
	[4]	₦500		Purple and multicolour	Nnamdi Azikiwe	Off-shore oil-rig		2001	4 April 2001
	[5]	₦1000		Purple	Aliyu Mai-Bornu, Clement Isong	CBN's corporate headquarters in Abuja		2005	12 October 2005
2006 Series
	[6]	₦5	130 × 72 mm	Mauve	Abubakar Tafawa Balewa	Nkpokiti dancers	Central Bank of Nigeria logo, "CBN"	2006	28 February 2007
	[7]	₦10		Brown	Alvan Ikoku	Fulani milk maids
	[8]	₦20		Green	Murtala Mohammed	Ladi Kwali
	[9]	₦50		Blue	Hausa, Igbo and Yoruba men and a woman	Local fishermen
These images are to scale at 0.7 pixels per millimetre, a Wikipedia standard for world banknotes. For table standards, see the banknote specification table.

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.

On the first prints of the 100 naira notes, Zuma Rock was captioned as located in Federal Capital Territory. Since its real location is Niger State, later prints showed the correct location^[5].

Second naira

The naira was scheduled for redenomination in August 2008 (Although this has now been cancelled by President Alhaji Umaru Musa Yar'Adua^[6]), with 100 old naira to become 1 new naira. The Nigerian Central Bank has stated that it will 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".^[7].

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.50)
• 1 Naira (N.100)
• 5 Naira (N.500)
• 10 Naira (N.1000)
• 20 Naira (N.2000)

Exchange rate history

This table shows the historical value of one U.S. Dollar in Nigerian naira:

PM = Parallel Market

See also

• Economy of Nigeria

References

External links

• New coin issue pictures

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