Which currency is used in Nigeria, where 100 kobo make one unit?

The currency used in Nigeria, with 100 kobo making one unit, is the Nigerian naira.

The naira is Nigeria’s official currency and is issued by the Central Bank of Nigeria. Its ISO 4217 code is NGN, and the currency is divided into 100 kobo. The naira was introduced on 1 January 1973, replacing the Nigerian pound at a conversion of two naira for one pound.

The name “naira” is derived from “Nigeria,” while “kobo” is associated with the Nigerian pronunciation of “copper.” The change from the pound was part of a broader effort to establish a decimal currency after independence and to move away from the old British colonial monetary system.

Nigeria’s currency should not be confused with the Ghanaian cedi or the Kenyan shilling, which are used in other West African and East African countries. The naira’s ISO code, NGN, identifies it in international financial systems.