What currency replaced the Nigerian pound in 1973?

The Nigerian naira replaced the Nigerian pound in 1973.

Nigeria introduced the naira on 1 January 1973 as part of its move away from the British-style pound system. The name “naira” was formed from “Nigeria,” while its hundredth subdivision was called the kobo. At its introduction, one naira was worth ten shillings in the former currency system.

The Central Bank of Nigeria is responsible for issuing the naira. The currency has undergone several redesigns and denomination changes, including the introduction of higher-value banknotes as prices and economic conditions changed. The naira is often confused with the Nigerian pound, but the pound was the earlier colonial and post-independence currency.