Nigerian naira

For the village in India, see Naira, Srikakulam.

Nigerian naira
Naira banknotes
ISO 4217 code	NGN
User(s)	Nigeria
Inflation	6.5%
Source	The World Factbook, 2007 est.
Subunit
1/100	kobo
Symbol	₦
Plural	naira
kobo	kobo
Coins	½, 1, 5, 10, 25, 50 kobo, 1 & 2 naira
Banknotes	5, 10, 20, 50, 100, 200, 500 & 1000 naira
Central bank	Central Bank of Nigeria
Website	www.cenbank.org
Printer	Nigerian Security Printing and Minting Company Limited
Website	www.mintnigeria.com
Mint	Nigerian Security Printing and Minting Company Limited
Website	www.mintnigeria.com

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 Federation. It controls the volume of money supply 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.

History

The naira was introduced in 1973, replacing the pound at a rate of 2 naira = 1 pound. This made Nigeria the last country to abandon the £sd currency system. There was a plan to redenominate the naira at 1 new naira = 100 old naira in 2008, but the plan has been suspended. The currency sign is U+20A6 ₦ naira sign.

Coins

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 denomnations in cupro-nickel. The ½ kobo coins were only minted 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 N2 coin.^[1] The deadline for exchanging the old currency was set at 31 May 2007.^[2] The central bank stated that the ½ to 25 kobo coins were withdrawn from circulation with effect from 28 February 2007.

• ½ kobo ^[3]
• 1 kobo
• 5 kobo
• 10 kobo
• 25 kobo
• 50 kobo
• 1 naira
• 2 naira

Banknotes

In 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 and 20 naira. The 50 kobo notes were last issued in 1989. In 1991, 50 naira notes were issued, followed by 100 naira in 1999, 200 naira in 2000, 500 naira in 2001 and 1000 naira on October 12, 2005.

On February 28, 2007, new versions of the 5 to 50 naira banknotes were introduced. Originally the 10, 20 and 50 naira were to be polymer banknotes,^[4] but the 5,10 and 50 were delayed to late 2009 and only the 20 was released in polymer. The notes are slightly smaller (130 x 23 mm) and redesigned from the preceding issues. In mid 2009 when Sanusi Lamido Sanusi took over as CBN Governor he eventually changed the 5, 10 and 50 naira to polymer notes.

On the 1000 naira notes, there is a subtle shiny strip running down the back of the note. It is a shimmery gold colour showing 1000 naira. The triangular shape in the middle of the front of the note changes its colour from green to blue when tilted. The main feature on the front is the engraved portraits of Alhaji Aliyu Mai-Bornu and Dr Clement Isong, former governors of the Central Bank of Nigeria.

On the first prints of the 100 naira notes issued starting December 1, 1999, Zuma Rock was captioned as located in Federal Capital Territory, while actually it is situated in Niger State. Later prints removed the reference to FCT, ABUJA.^[5]

Second naira

The naira was scheduled for redenomination in August 2008, although this was cancelled by then-President Umaru Musa Yar'Adua^[6]), with 100 old naira to become 1 new naira. The Nigerian Central Bank stated that it will 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".^[7]

Coins

Coins were to be issued in denominations of:

• 1 Kobo (N 0.01)
• 2 Kobo (N 0.02)
• 5 Kobo (N 0.05)
• 10 Kobo (N 0.10)
• 20 Kobo (N0.20)

Banknotes

Banknotes were to be printed in denominations of:

• 50 Kobo (N 0.50)
• 1 Naira (N1.00)
• 5 Naira (N5.00)
• 10 Naira (N10.00)
• 20 Naira (N20.00)

Exchange rate history

This table shows the historical value of one U.S. Dollar in Nigerian naira - PM = Parallel Market.^{[citation needed]}

Date	Naira per US $	Date	Naira per US $
1972	0.658	1991	8.04 (9.30 PM)
1973	0.658	1992	9.91
1974	0.63	1993	17.30 (21.90 PM)
1975	0.616	1994	22.33 (56.80 PM)
1976	0.62	1995	21.89 (71.70 PM)
1977	0.647	1996	21.89 (84.58 PM)
1978	0.606	1997	21.89 (84.58 PM)
1979	0.596	1998	21.89 (84.70 PM)
1980	0.550 (0.900 PM)	1999	21.89 (88-90 PM)
1981	0.61	2000	85.98 (105.00 PM)
1982	0.673	2001	99-106 (104-122 PM)
1983	0.724	2002	109-113 (122-140 PM)
1984	0.765	2003	114-127 (135-137 PM)
1985	0.894 (1.70 PM)	2004	127-130 (137-144 PM)
1986	2.02 (3.90 PM)	2005	132-136
1987	4.02 (5.90 PM)	2006	128.50-131.80
1988	4.54 (6.70 PM)	2007	120-125
1989	7.39 (10.70 PM)	2008	115.50-120
1990	7.39 (10.70 PM)	2009	145-171

Current NGN exchange rates
From Google Finance:	AUD CAD CHF EUR GBP HKD JPY USD CNY
From Yahoo! Finance:	AUD CAD CHF EUR GBP HKD JPY USD CNY
From OzForex:	AUD CAD CHF EUR GBP HKD JPY USD CNY
From XE.com:	AUD CAD CHF EUR GBP HKD JPY USD CNY
From OANDA.com:	AUD CAD CHF EUR GBP HKD JPY USD CNY

Currently Circulating Banknotes [1]
1999–2005 Series
Image		Value	Dimensions	Main Colour	Description			Date of
Obverse	Reverse				Obverse	Reverse	Watermark	first printing	issue
	[2]	₦100	151 × 78 mm	Red and multicolour	Chief Obafemi Awolowo	Zuma Rock	As portrait(s), "CBN", value	1999	1 December 1999
	[3]	₦200		Blue and multicolour	Sir Ahmadu Bello	Pyramid of agricultural commodity and livestock farming		2000	1 November 2000
	[4]	₦500		Purple and multicolour	Dr. Nnamdi Azikiwe	Off-shore oil-rig		2001	4 April 2001
	[5]	₦1000		Purple	Alhaji Aliyu Mai-Bornu, Dr. Clement Isong	CBN's corporate headquarters in Abuja		2005	12 October 2005
2006 Series
	[6]	₦5	130 × 72 mm	Mauve	Alhaji Abubakar Tafawa Balewa	Nkpokiti dancers	Central Bank of Nigeria logo, "CBN"	2006	28 February 2007
	[7]	₦10		Red	Mr. Alvan Ikoku	Fulani milk maids
	[8]	₦20		Green	General Murtala Mohammed	Ladi Kwali
	[9]	₦50		Blue	Hausa, Igbo and Yoruba men and a woman	Local fishermen
These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.

See also

• Economy of Nigeria

References

1. ^ "Nigeria: Nigeria's New Notes And Coins". This Day. 2007-02-21. http://allafrica.com/stories/200702220103.html. Retrieved 2007-02-26. 
2. ^ "Nigeria: New Currency - Two Per Cent of Withdrawals to Be in Coins - CBN". Vanguard. 2007-02-21. http://allafrica.com/stories/200702210778.html. Retrieved 2007-02-26. 
3. ^ Central Bank of Nigeria. "Old Coins - 1973 Coins". Archived from the original on 2006-01-17. http://web.archive.org/web/20060117003040/http://www.cenbank.org/currencymgt/Coins73.htm. Retrieved 2007-02-26. 
4. ^ "CBN warns against fixing prices in foreign currency *To launch new notes Feb 2007". Vanguard Nigeria. 2006-11-06. http://www.vanguardngr.com/articles/2002/business/november06/06112006/b206112006.html. Retrieved 2007-02-26. ^{[dead link]}
5. ^ BBC - Glaring error (on 100 Naira note)
6. ^ http://www.cenbank.org/out/publications/pressrelease/gov/2007/pr27-8-07.pdf
7. ^ "Nigeria set to free its currency", BBC News, 14 August 2007

External links

• Interview with Sanusi Lamido Sanusi, Governor of the federal Bank of Nigeria, on the Australian Broadcasting Corporation's Four Corners television program on the scandal involving the transfer from paper to polymer currency in Nigeria