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The first major currency issue in Nigeria was undertaken sequel to the colonialordinance of 1880 which introduced the Shillings and Pence as the legal tendercurrency in British West Africa. The units of coins managed by the Bank of Englandwere one shilling, one penny, 1/2 penny and 1/10 penny and were distributed by a private bank,the Bank for British West Africa till 1912.

On 1st July, 1959 the Central Bank of Nigeria (CBN) issued Nigerian currency banknotes,while the WACB-issued banknotes and coins were withdrawn. It was not until 1st July,1962 that the currency was changed to reflect the country&#8217s republican status.The banknotes which bore the inscription, &#8217FEDERATION OF NIGERIA&#8216, now had,&#8216FEDERAL REPUBLIC OF NIGERIA&#8217, inscribed at the top. The notes were again changed in 1968following the misuse of the currency banknotes during the civil war.

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Sequel to the decision by the government to change from the metric to decimal,the name of the Nigerian currency was changed in January, 1973. The major unit of currencywhich used to be &pound1 ceased to exist and the one naira which was equivalent to ten shillingsbecame the major unit, while the minor unit was called the kobo; hundred of which made one naira.

The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria.[3][4] It controls the volume of money supplied in the economy in order to ensure monetary and price stability. The Currency Operations Department of the CBN is in charge of currency management, through the designs, procurement, distribution and supply, processing, reissue and disposal or disintegration of bank notes and coins.[5]

The 2023 Nigerian currency crisis was precipitated in February 2023 by a shortage of naira cash currency and an attempt by the Nigerian government to force citizens to use a newly-created government-sponsored central bank digital currency. This led to extensive street protests in mid-February 2023.[6][7][8]

The naira was scheduled for redenomination in August 2008, although this was cancelled by then-President Umaru Musa Yar'Adua,[44] with 100 old naira to become 1 new naira. The Nigerian Central Bank stated that it would make the naira fully convertible against foreign currencies by 2009. Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. The naira appreciated against the dollar through 2007 due to high oil revenues. Also, the then-Bank Governor, Professor Chukwuma Soludo noted the weekly central bank auctions of foreign currency will gradually be phased out, and that the bank would "only intervene in the market as may be required to achieve defined policy objectives".[45]

Shortly after he took office, Tinubu suspended Godwin Emefiele, the central bank governor who was under fire for pushing new currency notes that led to a critical lack of cash for people to pay for their everyday needs. He has since been arrested.

Tinubu also halted subsidies for gasoline, forcing people to pay far more for fuel they need to travel and power generators at home. Now, the currency devaluation is expected to push up prices for imports like food amid a significantly higher foreign exchange rate.

Check the currency rates against all the world currencies here. The currency converter below is easy to use and the currency rates are updated frequently. This is very much needed given the extreme volatility in global currencies lately.

Even as more Nigerians deposit old currency in banks, The Associated Press found some financial institutions were still issuing the outdated notes to customers as of Monday. Bank customers told the AP that they are allowed to withdraw very little cash and face high bank charges for each transaction.

The currency of Nigeria is the Nigerian Naira (NGN). The term Naira, which originated from Chief Obafemi Awolowo, is a play on the country's name Nigeria. The Nigerian Naira is issued by the Central Bank of Nigeria, which was established in 1958 and began issuing its own currency in 1973. The Nigerian Naira is subdivided into 100 kobo, which is the smallest unit of currency. The currency also comes in physical denominations such as coins and banknotes with various denominations available, ranging from 1 kobo coins to 500 Naira banknotes.

The currency was originally introduced in 1973, replacing the Pound Sterling at a rate of 2 Naira for 1 pound. In 1985, it experienced its first devaluation due to an economic crisis and has since been pegged to the United States Dollar at different rates in order to manage inflation within Nigeria's economy. The Central Bank of Nigeria issues and manages the currency. One Nigerian Naira is equal to 0.0022 US Dollars as of January 2023. The currency can also be purchased, exchanged, and traded in various money markets around Nigeria.

In 2018, the naira underwent a further redenomination exercise in order to combat the continued devaluation of its currency and make it more usable for everyday transactions. This process involved reducing the naira's denominations even further with coins ranging from 50 kobo to 5 nairas being introduced.

As of 2023, the naira remains Nigeria's official currency and is used throughout the country for all transactions. It serves as an important symbol of national identity and pride, allowing Nigerians to maintain their economic autonomy despite volatile international markets and rapid economic changes. As such, its strength and stability remain essential to ensuring the economic prosperity of the country.

The naira, the official currency of Nigeria, is divided into 100 kobo. It is available in denominations of N5, N10, N20, N50, N100, N200 and N500 banknotes and 1 and 2 naira coins. The banknotes feature images related to Nigerian history and political figures on them. For example, N5 banknote has the image of Nigeria's first prime-minister Nnamdi Azikiwe while the new N20 banknote has an image of Dr. Hadiza Ladi Kwali, a famous African potter.

The new naira notes design was decided by the Central Bank of Nigeria in order to promote a new and improved currency for the nation. This new set of notes will be printed by the Nigerian Security Printing and Minting Company (NSPMC) which is owned by the Federal Government of Nigeria.

The new naira series is sure to make commerce within Nigeria easier and safer than ever before. By introducing new designs with enhanced security features, the Central Bank of Nigeria has taken a major step in protecting the nation's currency from counterfeiting and other fraudulent activities. The new notes will also help promote patriotism and national identity among the citizens by featuring important figures and symbols from Nigerian history.

Like many other currencies, the Naira is important to Nigeria and its citizens and it has some unique features that make it distinct. Here are some facts that illustrate the uniqueness and importance of Nigerian currency:

The currency of Nigeria is the Nigerian Naira and it is managed by the Central Bank of Nigeria. It comes in both physical denominations such as coins and banknotes, as well as being available for trading on various money markets. The naira is divided into 100 kobo. It comes in denominations of N5, N10, N20, N50, N100, N200, N500 and N1000 banknotes. One Nigerian Naira is equal to 0.0022 US Dollars as of January 2023.

The naira has been devalued several times since its introduction in 1973 and experienced periods of hyperinflation during the 70s, 80s, and 90s. This made it difficult for the currency to keep up with inflation, making it difficult to hold any value over time. In recent years, however, the naira has seen more stability, and the exchange rate has remained relatively stable. The exchange rate fluctuations over time illustrate that the currency has had to work hard to remain viable in Nigeria's ever-evolving financial landscape.

In December 2019, the FBI began investigating a criminal organization based in Nigeria that operated several online fraud schemes, including romance scams, targeting elderly women in the United States. Over the course of this investigation, the FBI identified a Nigeria-based black market currency exchange network that offered U.S. dollar deposits into U.S.-based bank accounts in exchange for Nigerian currency provided in Nigeria. The U.S. dollars transmitted by the network were the proceeds of financial fraud schemes perpetrated against at least two dozen victims in the United States.

While conducting outbound enforcement on a Frankfurt, Germany-bound flight, CBP officers inspected a Nigerian-born U.S. citizen destined to Port Harcourt, Nigeria. Officers explained U.S. currency reporting laws and the traveler reported verbally and in writing that he possessed $11,000.

There is no limit to how much currency or other monetary instruments travelers may bring to or take out of the United States. However, federal law [31 USC 5316] requires travelers to report all currency of $10,000 or greater to a CBP officer and complete U.S. Treasury Department Report of International Transportation of Currency or Monetary Instruments [FINCEN 105]. Read more about currency reporting requirements.

CBP offers advice to travelers who may consider violating federal currency reporting laws. Travelers can get an early start on reporting their currency by completing the fillable FINCEN 105 form prior to a CBP arrivals or departure inspection.

On 26 October 2022, the Governor of the Central Bank of Nigeria (CBN) Mr Godwin Emefiele announced that the highest denominations of the Naira, the Nigerian currency, (N200, N500 and N1000 notes) would be redesigned, giving a deadline of 31 January 2023 for all old notes to be deposited in banks in exchange for new ones. According to the CBN, the new notes would help curb corruption and currency fraud, tackle the growing menace of kidnapping for ransom, lower inflation and address the problem of having too much money in circulation. 2351a5e196