The naira was introduced on 1 January 1973, replacing the
Nigerian pound at a rate of £1 = ₦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 country in the world to abandon the
£sd currency system in favour of a decimal currency system. There was a government plan to redenominate the naira at 100:1 in 2008, but the plan was suspended. The
currency sign is . The name "Naira" was coined from the word "Nigeria" by
Obafemi Awolowo. However, Naira as a currency was launched by
Shehu Shagari as minister of finance in 1973. Naira was pegged to USD between 1993-1998. The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10%. In 2011, the CBN increased key interest rate six times, rising from 6.25% to 12%. On 31 January 2012, the CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to a reduction in fuel subsidies. From 20 June 2016, the naira was allowed to float, after being pegged at ₦197 to US$1 for more than a year (since March 2015). Trade speculated the natural range of the naira would be between ₦280 and ₦350 to the dollar. In October 2021, the eNaira, the digital version of the state currency, was officially launched by President
Muhammadu Buhari. The
2023 Nigerian currency crisis was precipitated in January 2023 by a shortage of naira cash amid an attempt by the
Nigerian government to force citizens to use newly-designed notes, which the government said would help stem the tide of vote-buying in the lead-up to the
2023 general elections. This led to extensive street protests throughout January and February 2023. The country's
Supreme Court later invalidated the government's pronouncement that the previous notes had ceased to become legal tender. On 14 June 2023, the Naira fell 23% in a day, to a rate of ₦600 to US$1, as the central bank abandoned its currency peg (that started in 2017) and allowed the naira to trade freely. On 19 July 2023, the Naira fell to a new record low of ₦853 to US$1. Between the 1st Feb 2024 and the 5th Feb 2024, the currency fell again, more than 50%, from NGN 898 to NGN 1,400, before drifting down to NGN 1,600 as of 30 July 2024.
Coins Nigerian central bank info as of 2022 is in this source: In 1973, coins were introduced in denominations of , 1, 5, 10 and 25 kobo, with the and 1 kobo in bronze and the higher denominations in cupro-nickel. The kobo coins were minted only 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. On 28 February 2007, new coins were issued in denominations of 50 kobo, ₦1 and ₦2, with the ₦1 and ₦2 bimetallic. Some Nigerians expressed concerns over the usability of the ₦2 coin. The deadline for exchanging the old currency was set at 31 May 2007. The central bank stated that the to 25 kobo coins were withdrawn from circulation with effect from 28 February 2007. • kobo • 1 kobo • 10 kobo • 25 kobo • 50 kobo • 1 naira • 2 naira
Banknotes of Nigeria On 1 January 1973, the Central Bank of Nigeria introduced notes for 50 kobo, ₦1, ₦5, ₦10 and ₦20: in April 1984, the colors of all naira banknotes were changed in an attempt to control
money laundering. On 28 February 2007, new versions of the ₦5 to ₦50 banknotes were introduced. Originally the ₦10, ₦20 and ₦50 were to be
polymer banknotes, but the ₦5, ₦10 and ₦50 were delayed to late 2009 and only the ₦20 was released in polymer. The notes are slightly smaller (130 × 72 mm) and redesigned from the preceding issues. In mid-2009 when
Sanusi Lamido Sanusi took over as CBN Governor, The Central Bank of Nigeria changed the ₦5, ₦10 and
₦50 to polymer notes. On the
₦1,000 notes, there is a subtle shiny strip running down the back of the note to prevent counterfeiting. The strip is a shimmery gold color showing ₦1,000 and has a triangular shape in the middle of the front of the note which changes its color 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, both of which are former governors of the Central Bank of Nigeria. On the first prints of the ₦100 notes issued starting 1 December 1999,
Zuma Rock was captioned as located in
Federal Capital Territory, while actually it is situated in
Niger State. Later prints removed the reference to FCT, ABUJA. In 2012, the Central Bank of Nigeria was considering the introduction of new currency denominations of ₦5,000. The bank also made plans to convert ₦5, ₦10, ₦20 and
₦50 into coins which are all presently notes. The Central Bank of Nigeria announced that it would no longer issue banknotes on polymer citing higher costs and environmental issues. On 12 November 2014, the Central Bank of Nigeria issued a ₦100 commemorative note to celebrate the centennial of Nigeria's existence. The notes are similar to its regular issue with the portrait of Chief Obafemi Awolowo on the front, but are redesigned to include a new color scheme, revised security features, and the text "One Nigeria, Great Promise" in microprinting. On the back is a
QR code (Quick Response code) which when scanned leads users to a website about Nigeria's history. In 2019, the naira attained a landmark when it featured the signature of
Priscilla Ekwere Eleje, the new Director of Currency operations of the Central Bank of Nigeria and the first woman to hold the post. Currently, Nigeria has two #200 notes, two #500 notes, and two #1000 notes in circulation. ==Proposed redenomination==