|Code||NGN (numeric: 566)|
|Banknotes||₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, ₦1000|
|Coins||50 kobo, ₦1, ₦2|
|Central bank||Central Bank of Nigeria|
|Printer||Nigerian Security Printing and Minting Company Limited|
|Mint||Nigerian Security Printing and Minting Company Limited|
The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. 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.
The naira was introduced on 1 January 1973, replacing the Nigerian pound at a rate of £1 = ₦2 naira. The coins of the new currency were the first coins issued by an independent Nigeria, as all circulating coins of the Nigerian pound were all struck by the colonial government of the Federation of Nigeria in 1959, with the name of Queen Elizabeth II on the obverse. This also made Nigeria the last country in the world to abandon the £sd currency system in favour of a decimal currency system. There was a government plan to redenominate the naira at 100:1 in 2008, but the plan was suspended. The currency sign is U+20A6 ₦ NAIRA SIGN.
The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10%. In 2011, the CBN increased key interest rate six times, rising from 6.25% to 12%. On 31 January 2012, the CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to reduction in fuel subsidies.
As of 20 June 2016, the naira was allowed to float, after being pegged at ₦197 to US$1 for several months. Trades speculated the natural range of the naira would be between ₦280 and ₦350 to the dollar.
In October 2021, the eNaira, the digital version of the state currency, is officially launched in Nigeria.
In 1973, coins were introduced in denominations of 1⁄2, 1, 5, 10 and 25 kobo, with the 1⁄2 and 1 kobo in bronze and the higher denominations in cupro-nickel. The 1⁄2 kobo coins were minted only 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. On 28 February 2007, new coins were issued in denominations of 50 kobo, ₦1 and ₦2, with the ₦1 and ₦2 bimetallic. Some Nigerians expressed concerns over the usability of the ₦2 coin. The deadline for exchanging the old currency was set at 31 May 2007. The central bank stated that the 1⁄2 to 25 kobo coins were withdrawn from circulation with effect from 28 February 2007.
On 1 January 1973, the Central Bank of Nigeria introduced notes for 50 kobo, ₦1, ₦5, ₦10 and ₦20: in April 1984, the colors of all naira banknotes were changed in an attempt to control money laundering. In 1991, ₦50 notes were issued, while the 50 kobo and ₦1 notes were replaced by coins in 1991. This was followed by ₦100 in 1999, ₦200 in 2000, ₦500 in 2001 and ₦1,000 on October 12, 2005.
On 28 February 2007, new versions of the ₦5 to ₦50 banknotes were introduced. Originally the ₦10, ₦20 and ₦50 were to be polymer banknotes, 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 × 72 mm) and redesigned from the preceding issues. In mid-2009 when Sanusi Lamido Sanusi took over as CBN Governor, The Central Bank of Nigeria changed the ₦5, ₦10 and ₦50 to polymer notes.
On the ₦1,000 notes, there is a subtle shiny strip running down the back of the note to prevent counterfeiting. The strip is a shimmery gold color showing ₦1,000, and has a triangular shape in the middle of the front of the note which changes its color 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, both of which are former governors of the Central Bank of Nigeria.
On the first prints of the ₦100 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.
In 2012 the Central Bank of Nigeria was contemplating the introduction of new currency denominations of ₦5,000. The bank also made plans to convert ₦5, ₦10, ₦20 and ₦50 into coins which are all presently notes.
On 12 November 2014, the Central Bank of Nigeria issued a ₦100 commemorative note to celebrate the centennial of Nigeria's existence. The notes are similar to its regular issue with the portrait of Chief Obafemi Awolowo on the front, but are redesigned to include a new color scheme, revised security features, and the text "One Nigeria, Great Promise" in microprinting. On the back is a quick response code (QRC) which when scanned leads users to a website about Nigeria's history.
In 2019, the naira attained a landmark when for the first time, it featured the signature of a woman. Priscilla Ekwere Eleje, the Director of Currency operations of the Central Bank of Nigeria at the time, had the honour.
|Currently circulating banknotes|
|Image||Value||Dimensions||Main colour||Description||Date of|
|||₦100||151 × 78 mm||Purple and multicolour||Chief Obafemi Awolowo||Zuma Rock||As portrait(s), "CBN", value||1999||1 December 1999|
|||₦200||Cyan and multicolour||Sir Ahmadu Bello||Pyramid of agricultural commodity and livestock farming||2000||1 November 2000|
|||₦500||Blue and multicolour||Dr. Nnamdi Azikiwe||Off-shore oil rig||2001||4 April 2001|
|||₦1000||Brown||Alhaji Aliyu Mai-Bornu, Dr. Clement Isong||CBN's corporate headquarters in Abuja||2005||12 October 2005|
|2006 series (paper and polymer banknotes)|
|||₦5||130 × 72 mm||Purple||Alhaji Abubakar Tafawa Balewa||Nkpokiti dancers||Central Bank of Nigeria logo, "CBN"||2006||28 February 2007|
|||₦10||Red||Alvan Ikoku||Fulani milk maids|
|||₦20||Green||General Murtala Mohammed||Ladi Kwali|
|||₦50||Blue||Hausa, Igbo and Yoruba men and a woman||Local fishermen|
|For table standards, see the banknote specification table.|
The naira was scheduled for redenomination in August 2008, although this was cancelled by then-President Umaru Musa Yar'Adua, 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".
Coins were to be issued in denominations of: - 1 kobo (₦0.01) - 2 kobo (₦0.02) - 5 kobo (₦0.05) - 10 kobo (₦0.10) - 20 kobo (₦0.20) - 50 Kobo (₦0.50) - 1 Naira (₦1) Due to inflation, Nigerian coins are all essentially worthless now. Each coin has an extremely low value.
Banknotes were to be printed in denominations of:
- 5 naira (₦5)
- 10 naira (₦10)
- 20 naira (₦20)
- 50 naira (₦50)
- 100 naira (₦100)
- 200 naira (₦200)
- 500 naira (₦500)
- 1000 naira (₦1000)
- 50 kobo & 1 naira — no longer in use
- 5 naira - had lesser value in 2018, and as of November 2022 has a much weakened purchasing power.
CBN Redesigns Naira in 2022Edit
In 2022, the Central Bank of Nigeria under President Muhammadu Buhari led administration expressed the decision to redesign the naira as a statutory responsibility and a way to curb the increased circulation of counterfeit notes in the country. The CBN governor, Mr Godwin Emefiele expressed that the approval for the redesign was granted by the president of the country in fighting corruption, terrorism, kidnapping and other unlawful practices. He said the higher naira denominations have been the denomination mostly used by the perpetrators of the acts which includes N100, N200, N500 and N1,000 notes.  CBN, Nigeria’s apex bank informed the citizens of the need to return the old naira notes before the 15th November 2022 when the new notes will be in circulation. President Muhammadu Buhari officially unveiled the new notes at the state house after 19 years since the naira was redesigned.  The newly redesigned naira notes will be printed by The Nigerian Security Printing and Minting Company Limited which will make the country one out of the four Africa countries who print their currencies locally and not import from foreign countries. 
The official exchange rate set by the Central Bank of Nigeria: naira to U.S. dollar is approximately ₦441.33 per 1 US dollar. This rate is almost two times different from the real exchange rate on the black market. The real exchange rate of the naira to U.S. dollar is approximately ₦752.50 per 1 US dollar on black market.
This table shows the historical value of one U.S. dollar in Nigerian naira. PM = parallel market.
|Date||₦ per US$||Date||₦ per US$||Date||₦ per US$|
|1972||0.658||1993||17.30 (21.90 PM)||2014||170–199|
|1973||0.658||1994||22.33 (56.80 PM)||2015||199–300|
|1974||0.63||1995||21.89 (71.70 PM)||2016||390–489|
|1975||0.616||1996||21.89 (84.58 PM)||2017||?|
|1976||0.62||1997||21.89 (84.58 PM)||2018||360|
|1977||0.647||1998||21.89 (84.70 PM)||2019||305|
|1978||0.606||1999||21.89 (88–90 PM)||2020||361|
|1979||0.596||2000||85.98 (105.00 PM)||2021||413 (June 2021)|
|1980||0.550 (0.900 PM)||2001||99–106 (104–122 PM)||2022||436 (Oct 2022)|
|1981||0.61||2002||109–113 (122–140 PM)|
|1982||0.673||2003||114–127 (135–137 PM)|
|1983||0.724||2004||127–130 (137–144 PM)|
|1985||0.894 (1.70 PM)||2006||128.50–131.80|
|1986||2.02 (3.90 PM)||2007||120–125|
|1987||4.02 (5.90 PM)||2008||115.50–120|
|1988||4.54 (6.70 PM)||2009||145–171|
|1989||7.39 (10.70 PM)||2010||148.21–154.8|
|1990||7.39 (10.70 PM)||2011||151.05–165.1|
|1991||8.04 (9.30 PM)||2012||155.09–161.5|
|Current NGN exchange rates|
|From Google Finance:||AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD|
|From Yahoo! Finance:||AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD|
|From XE.com:||AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD|
|From OANDA:||AUD CAD CHF CNY EUR GBP HKD JPY USD EUR JPY USD|
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- "Big banknote too much for Nigeria". 29 December 1999 – via bbc.co.uk.
- CBN To Introduce N5000, N2000 Notes; N50, N20, N10 Coins Archived May 16, 2012, at the Wayback Machine
- Nigeria to abandon polymer banknotes Archived March 4, 2016, at the Wayback Machine BanknoteNews.com. September 13, 2012. Retrieved on 2012-11-09.
- CBN Clarifies Decision to Abandon Polymer Banknotes AllAfrica (allafrica.com) September 12, 2012. Retrieved on 2012-11-09.
- Plan to Phase-out Polymer Banknotes Stirs New Controversy Archived April 27, 2013, at the Wayback Machine This Day Live (www.thisdaylive.com). April 24, 2013. Retrieved on 2013-04-25.
- "New ₦100 Commemorative Centenary Celebration". Archived from the original on 2015-09-08. Retrieved 2018-12-26.
- Nigeria new 100-naira commemorative confirmed Archived October 14, 2016, at the Wayback Machine BanknoteNews.com February 9, 2015. Retrieved on 2015-02-13.
- "10 Quick Facts About Priscilla Ekwere Eleje". 16 April 2019.
- "Central Bank of Nigeria | Home".
- "Central Bank of Nigeria | Home" (PDF). Archived (PDF) from the original on 2007-09-26. Retrieved 2007-08-27.
- "Nigeria set to free its currency" Archived March 5, 2016, at the Wayback Machine, BBC News, 14 August 2007
- "The Inevitable Choice Between N10,000 Note and Redenomination".
- Okon, Desmond (2022-10-26). "CBN Redesigns Naira Notes". The Cable Nigeria. Retrieved 2022-12-01.
- "CBN Plan Naira Redesign". Punch.com. 2022-10-27. Retrieved 2022-12-01.
- "CBN to Launch New Naira Notes in December". Premium Times. 2022-10-26. Retrieved 2022-12-01.
- Ume-Ezeoke, Gloria (2022-11-23). "Buhari Unveils Redesigned Naira Notes". channelstv.com. Retrieved 2022-12-01.
- Anichukwueze, Donatus (2022-11-23). "Nigeria is One of Four African Countries Printing Currency".
- Ailemen, Anthony (2022-11-23). "Quick Facts to Know About the New Naira Notes". Retrieved 2022-12-03.
- The real exchange rate of the naira to U.S. dollar on black market https://usd.currencyrate.today/ngn
- "Dollar to Naira Black Market Exchange Rate Today | USD to Naira (NGN) | NPC Rates". 2022-10-22. Retrieved 2022-10-23.
- Interview with Sanusi Lamido Sanusi, Governor of the Central 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