Currency - Nigerian naira

Currency  >  Nigerian naira

Nigerian naira

The naira (sign: ₦; code: NGN) is the currency of Nigeria. It is subdivided into 100 kobo.

The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Nigerian Federation. It controls the volume of money supplied in the economy in order to ensure monetary and price stability. The Currency & Branch Operations Department of the CBN is in charge of currency management, through the procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins.

The naira was introduced on 1 January 1973, replacing the pound at a rate of 2 naira = 1 pound. This made Nigeria the last former British colony to abandon the £sd currency system in favour of the decimal currency system. There was a plan to redenominate the naira at 1 new naira = 100 old naira in 2008, but the plan was suspended. The currency sign is. The name naira is simply a contraction of "Nigeria", while the subdivision, kobo, is a local pronunciation of English "copper."

Rampant inflation has occurred in Nigeria. The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10%. In 2011, the CBN increased key interest rate 6 times, rising from 6.25% to 12%. On 31 January 2012, the CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to reduction in fuel subsidies.

As of 20 June 2016, the naira was allowed to float, after being pegged at 197 to one US dollar for several months. Trades speculated the natural range of the naira would be between 280 and 350 to the dollar.

In 1973, coins were introduced in denominations of ½, 1, 5, 10 and 25 kobo, with the ½ and 1 kobo in bronze and the higher denominations in cupro-nickel. The ½ kobo coins were minted only that year. In 1991, smaller 1, 10 and 25 kobo coins were issued in copper-plated-steel, along with nickel-plated-steel 50 kobo and 1 naira. On 28 February 2007, new coins were issued in denominations of 50 kobo, 1 and 2 naira, with the 1 and 2 naira bimetallic. Some Nigerians expressed concerns over the usability of the ₦2 coin. The deadline for exchanging the old currency was set at 31 May 2007. The central bank stated that the ½ to 25 kobo coins were withdrawn from circulation with effect from 28 February 2007.

* ½ kobo

* 1 kobo

* 5 kobo

* 10 kobo

Country

Nigeria

The Federal Republic of Nigeria, commonly referred to as Nigeria, is a federal republic in West Africa, bordering Niger in the north, Chad in the northeast, Cameroon in the east, and Benin in the west. Its coast in the south is located on the Gulf of Guinea in the Atlantic Ocean. The federation comprises 36 states and 1 Federal Capital Territory, where the capital, Abuja is located. Nigeria is officially a democratic secular country.

Nigeria has been home to a number of ancient and indigenous kingdoms and states over the millennia. The modern state originated from British colonial rule beginning in the 19th century, and took its present territorial shape with the merging of the Southern Nigeria Protectorate and Northern Nigeria Protectorate in 1914. The British set up administrative and legal structures while practising indirect rule through traditional chiefdoms. Nigeria became a formally independent federation in 1960. It experienced a civil war from 1967 to 1970. It thereafter alternated between democratically elected civilian governments and military dictatorships until it achieved a stable democracy in 1999, with the 2011 presidential election considered the first to be reasonably free and fair.

Language

Nigerian naira (English)  Naira nigeriana (Italiano)  Nigeriaanse naira (Nederlands)  Naira (Français)  Naira (Deutsch)  Naira (Português)  Найра (Русский)  Naira (Español)  Naira (Polski)  奈及利亞奈拉 (中文)  Naira (Svenska)  ナイラ (日本語)  Нігерійська найра (Українська)  나이지리아 나이라 (한국어)  Naira (Suomi)  Naira Nigeria (Bahasa Indonesia)  Naira (Lietuvių)  Nigerijská naira (Česky)  Nijerya nairası (Türkçe)  Нигеријска наира (Српски / Srpski)  Naira (Slovenčina)  Nigériai naira (Magyar)  Nigerijska naira (Hrvatski)  ไนรา (ไทย) 
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