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It's Nigeria's currency, and it's been in use since 1973. You probably know that the Naira is divided into 100 kobo, but here are five more interesting things about it:
1. The Naira is named after a bird.
2. It's been in use since 1973.
3. It's been pegged to the US dollar since 1986.
4. The paper bills come in denominations of 5, 10, 20, 50, 100, 200, 500 and 1000 naira.
5. The Central Bank of Nigeria (CBN) is the only issuer of banknotes in Nigeria.
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The Naira Is the Official Currency of Nigeria.
The Naira is the official currency of Nigeria. It is subdivided into 100 kobo. The name was derived from the Yoruba word "naira", which means "cowries".
Cowries were shells that were used as a form of currency in West Africa before European colonization. The introduction of coins and banknotes replaced cowries as the main form of currency. However, the name "naira" was retained for the new currency.
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The Naira Is Subdivided Into 100 Kobo.
When you're dealing with Nigerian currency, it's important to know the subdivisions. The currency is officially called the Naira, and it's subdivided into 100 Kobo.
This can be helpful when you're traveling in Nigeria or trying to make a purchase. For example, if you want to buy something that costs 400 Naira, you'll need to hand over four 100-Kobo coins. It can also be helpful when you're trying to withdraw money from an ATM—just keep in mind that the machines might not give you change in 100-Kobo coins, so you may need to round up your purchase.
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The Naira Was Introduced in 1973, Replacing the Nigerian Pound.
The naira was introduced in 1973 as the new official currency of Nigeria, replacing the Nigerian pound. At that time, one naira was equivalent to two pounds.
The naira was initially pegged to the British pound sterling, but this was later changed to the U.S. dollar in 1982. In 2005, the naira was re-valued and its exchange rate was reduced to about 200 naira to the U.S. dollar.
One naira is currently divided into 100 kobo. Bank notes are issued in denominations of 5, 10, 20, 50 and 100 naira, while coins are issued in denominations of 1 kobo, 5 kobo, 10 kobo, 25 kobo and 50 kobo.
The Naira Is Issued by the Central Bank of Nigeria.
You might know this already, but it's still okay to add this that the naira is actually issued by the Central Bank of Nigeria. The Central Bank of Nigeria is the country's central bank and is responsible for formulating and implementing monetary policy.
The Central Bank of Nigeria was established in 1958 and is headquartered in Abuja, the capital city of Nigeria. The bank has a total of 10 branches located in different parts of the country.
The Naira Is Named After the Niger River.
You might not know this, but the Naira is named after the Niger River. The Niger River is the longest river in West Africa, and it runs through nine different countries.
So how did the Naira end up being named after the Niger River? Well, when Nigeria became a British colony in 1914, the currency was pegged to the British Pound. But after Nigeria gained independence in 1960, the currency was revalued and renamed the Naira.
The Naira is divided into 100 kobo, and it's currently pegged to the US dollar.
Additional Take
The naira is an interesting currency with a storied history. Though its value has fluctuated over the years, it remains an important part of Nigerian culture.
Whether you're looking to exchange some naira or simply wanting to know more about the currency, these facts provide a glimpse into its past and present.