Nigerian naira

The naira is Nigeria’s official currency, introduced in 1973 and divided into 100 kobo. The Central Bank of Nigeria issues it.

Central Bank of Nigeria: Nigeria’s central bank, responsible for monetary policy, currency issuance, and financial stability. It issues naira banknotes and coins and manages the currency’s monetary framework.
Nigerian pound: Nigeria’s currency before the naira, divided into 20 shillings and 240 pence. The pound was replaced by the naira in 1973 as Nigeria adopted decimal currency.
Nigerian inflation: A sustained increase in the general price level in Nigeria, reducing the purchasing power of money. Inflation measures how quickly naira purchases lose value over time.
US dollar: The official currency of the United States and a leading currency in international trade and finance. The dollar is a common benchmark for the naira’s exchange rate and Nigeria’s external transactions.
Nigerian naira banknotes: Paper and polymer notes denominated in naira and issued by the Central Bank of Nigeria. Banknotes are the naira’s principal form for everyday cash payments.
Decimal Day (Nigeria): The 1 January 1973 changeover when Nigeria replaced pounds, shillings, and pence with decimal currency. This transition established the naira and its 100-kobo subdivision.
Purchasing power parity: A method of comparing currencies by the prices of equivalent goods and services in different countries. It compares what the naira can buy at home with what other currencies buy abroad.
West African CFA franc: A currency used by eight West African countries in the West African Economic and Monetary Union. It provides a regional comparison with a currency shared across several neighboring economies.
Nigerian naira coins: Coins denominated in naira or kobo and issued for use as Nigerian currency. Coins represent the naira’s fractional unit, though they are now uncommon in everyday transactions.
Murtala Muhammed: A Nigerian military ruler who served as head of state from 1975 until his assassination in 1976. His government oversaw the 1977 currency change that replaced Queen Elizabeth II’s portrait on banknotes.

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