Which currency was introduced in Nigeria in 1973 to replace the pound?

The Nigerian naira was introduced in 1973 to replace the Nigerian pound.

Nigeria launched the naira on 1 January 1973 as part of a monetary change after independence. The new currency used a decimal system, with one naira divided into 100 kobo. Its introduction ended the country’s use of the pound-based system inherited from British colonial administration.

The naira’s name is derived from “Nigeria,” while “kobo” comes from a Nigerian pronunciation of the English word “copper.” The Central Bank of Nigeria is responsible for issuing and managing the currency. The naira’s ISO 4217 code is NGN.

The naira should not be confused with the Ghanaian cedi or the Kenyan shilling, which are separate West African and East African currencies. Nigeria’s currency symbol is ₦, introduced to distinguish it visually from other currencies using an N-based abbreviation.