About the Naira – History, Value & Facts | Naira Today

About the Naira – History and Significance of Nigeria’s Currency

The Naira is Nigeria’s official currency and a powerful symbol of the nation’s economic identity. Introduced on January 1, 1973, the Naira replaced the Nigerian pound, making Nigeria the last country to abandon the £sd system inherited from British colonial rule. At the time, one Naira equaled ten shillings, simplifying trade and aligning Nigeria with global currency standards.

The name “Naira” was derived from “Nigeria” by Chief Obafemi Awolowo, then Federal Commissioner for Finance. Today, the currency is issued and regulated by the Central Bank of Nigeria (CBN), which manages its supply, security features, and policies to maintain economic stability. The Naira Today is central to all aspects of Nigerian trade and commerce, even as its value fluctuates in the foreign exchange market.

Evolution of the Naira

When first introduced, the Naira came in ₦1, ₦5, and ₦10 notes alongside coins for smaller kobo values. Over time, higher denominations such as ₦100, ₦200, ₦500, and ₦1000 were introduced to cope with inflation. The designs evolved to reflect Nigeria’s heritage, showcase leaders, and incorporate advanced security features to prevent counterfeiting.

Naira in the Global Economy

In its early years, the Naira was one of Africa’s strongest currencies. However, the oil price crash of the 1980s, economic reforms, and increasing import dependence weakened its strength. The Naira Today faces a volatile market, influenced by global oil prices, forex policies, and economic reforms in Nigeria.

Importance of the Naira

For Nigerians, the Naira is more than money—it’s a measure of daily purchasing power and a reflection of the country’s economic health. Whether at local markets or in international trade, the Naira plays a vital role in connecting Nigeria to the rest of the world.

To see today’s Naira exchange rate, visit our Naira Today homepage for the latest updates.