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Nigerian Currency Symbol and Name

Nigerian Currency Symbol and Name

{ Nigerian currency symbol : ₦ and Nigeria currency name : Naira } – The name of the official currency of Nigeria is the Naira, its decimal denomination is the Kobo. Naira is symbolised by a capital ‘N’ and two dash lines across the ‘N’ ( ₦). The short code for the Naira is ‘NGN’.

nigerian currency symbol nigerian currency name naira notes

Naira Notes

  • Central Bank of Nigeria : Notes & Coins

In the year 1959 the Central Bank of Nigeria officially issued the Nigerian currency notes and coins. The previously circulated West African Currency Board notes and coins were withdrawn from circulation though it was not until the 1st July year 196 that the legal tender status was officially withdrawn from West African Currency Board.

  • The Republic

In the year 1963 when Nigeria became a Republic, the process to eventually change the banknotes to reflect the country’s new status began which was actualized in the year 1965.

The notes were again changed in the year 1968 following the misuse of the country’s currency notes, during the Nigerian civil war.

  • Nigerian Currency Symbol and Nigerian Currency Name

In the year 1973 , the Central Bank of Nigeria adopted a truly national currency in decimal form instead of the previously used pounds. This was in a bid to replace the imperial system which Nigeria had inherited from the British colonial administration. The pounds and shillings were changed to Naira ( ₦ ) and kobo (k) respectively.

At the initial realese of the naira there were only four denominations of notes issued. The four are: 50 kobo, One Naira (₦1) which is currently out of circulation, Five Naira (₦5) and Ten Naira (₦10).

  • Economic Growth

In the year 1997 the Central Bank of Nigeria in response to rapid economic growth of the Nigerian made possible by the oil boom added more notes into circulation. The newly added denominations where: Twenty Naira (₦20), and Fifty Naira (₦50).

The Central Bank of Nigeria which is the sole issuer of legal tender money throughout the Nigerian Federation controls the volume of money supply and foreign exchange in the economy in order to ensure monetary and price stability of the state economy. Putting cost effectiveness and expansion of economic activities in Nigeria into consideration the Central Bank of Nigeria began to issue higher denomination notes. The process of introducing higher notes have been carried out by the Central Bank of Nigeria and today the highest denomination of the Naira is the One Thousand Naira Note (₦1000).

These are the denominations that have been added to the Nigerian currency notes: One Hundred Naira( ₦100 ), Two Hundred Naira (₦200), Five Hundred Naira (₦500), and the One Thousand Naira (₦1000).

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