Which currency did Nigeria introduce in 1973 to replace the pound?

Nigeria introduced the Nigerian naira in 1973 to replace the pound.

The naira became Nigeria’s currency on 1 January 1973, replacing the Nigerian pound. Nigeria was the last country to abandon the £sd system inherited from British rule, and the change made the country’s currency decimal.

The naira was initially divided into 100 kobo. Its name is derived from a contraction of “Nigeria,” while “kobo” comes from a pronunciation of the English word “copper,” referring to small-value coins.

The Central Bank of Nigeria issues the naira. The currency’s symbol is ₦, and its ISO 4217 code is NGN. The naira is distinct from the cedi of Ghana and the kwacha used in countries such as Zambia and Malawi.