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. Ove...
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