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Nigerian naira facts for kids

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Nigerian naira
ISO 4217 Code NGN
User(s)  Nigeria
Inflation 8.2%
Source 2014
Subunit
1/100 Kobo
Symbol
Plural Naira
Kobo Kobo
Coins 50 Kobo, 1 & 2 Naira
Banknotes 5, 10, 20, 50, 100, 200, 500 & 1000 Naira
Printer Nigerian Security Printing and Minting Company Limited

The naira (sign: ) is the official currency of Nigeria. 100 Kobo makes one naira.

The Central Bank of Nigeria (CBN) issues money throughout the Nigerian Federation. It controls the amount of money supply in the economy in order to ensure the economy and prices are stable. The Currency & Branch Operations Department of the CBN is in charge of currency management. They get the naira notes and coins from its special printers. Then they distribute/supply, process, and reissue it. They also receive and destroy old and unusable bank notes and coins.

History

Nigeria started using the naira on 1 January 1973, replacing the pound at a rate of 2 naira = 1 pound.. The currency sign is .

Coins

Nigeria's kobo
Nigeria's coin from colonial era till date, popularly known as "kobo"

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 denominations in cupro-nickel. The ½ 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 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 complained that the weight of the ₦2 coin especially how heavy it is when there is a lot of it . The CBN announced that the old coins are to be replaced with the new ones on or before 31 May 2007. The central bank also stated that the ½ to 25 kobo coins withdrew withdrawn from circulation with from 28 February 2007.

  • ½ kobo
  • 1 kobo
  • 5 kobo
  • 10 kobo
  • 25 kobo
  • 50 kobo
  • 1 naira
  • 2 naira

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