Quick Facts About Nigerian Naira
1. Naira and kobo are Nigeria’s official currency and legal tender. 2. The currency was introduced in Nigeria on 1 st January 1973 to replace the British Pounds and Shillings to reflect the country independent status. 3. The currency structure comprises of three coin denominations (50k, N 1 and N 2), eight banknote denominations ( N 5, N 10, N 20, N 50, N 100, N 200, N 500 and N 1000). 4. The N 20, N 50, N 100, N 200, N 500 and N 1000 banknotes were introduced in 1977, 1991,1999, 2000, 2001 and 2005 respectively. 5. ‘Naira’ was derived from the word ‘Nigeria’ by the late nationalist, Obafemi Awolowo. 6. The currency is often abbreviated as ‘NGN’ and depicted with letter ‘N’ having double strikethrough ‘ N’ 7. Central Bank of Nigeria (CBN), pursuant to the CBN Act is the sole issuer of legal tender currency in Nigeria. Consequently, it is unlawful for any individual or establishment to print or counte...