What is the currency of Nigeria?

What is the currency of Nigeria? The currency of Nigeria is the Nigerian naira.

The naira has the ISO code NGN and the symbol ₦. It is issued and managed by the Central Bank of Nigeria, which is responsible for the country’s legal-tender banknotes and coins. One naira is divided into 100 kobo, although low-value kobo coins are now far less prominent in everyday transactions.

Nigeria introduced the naira on 1 January 1973, replacing the Nigerian pound. The change made Nigeria the last country to leave the old British-style pounds, shillings, and pence system for a decimal currency. At introduction, one pound was exchanged for two naira.

The name “naira” was derived from “Nigeria” and is commonly associated with politician Obafemi Awolowo, who proposed it. It should not be confused with the Ghanaian cedi, Kenyan shilling, or South African rand: all are African currencies, but each belongs to a different national monetary system. Nigeria also launched the eNaira in 2021 as a digital version of its national currency.