Nigerian naira - wikipedia Nigerian naira For the village in India, see Naira, Srikakulam. Nigerian naira ISO 4217 Code NGN Denominations Subunit 1 / 100 Kobo Plural Naira Kobo Kobo Symbol ₦ Banknotes 5, 10, 20, 50, 100, 200, 500 & 1000 Naira Coins 50 Kobo, 1 & 2 Naira Demographics User ( s ) Nigeria Issuance 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 Valuation Inflation 8.2 % Source 2014 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 Nigerian 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. Contents 1 History 1.1 Coins 1.2 Banknotes 2 Second naira 2.1 Coins 2.2 Banknotes 3 Exchange rates 4 See also 5 References 6 External links History The naira was introduced on 1 January 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 was suspended. The currency sign is U + 20A6 ₦ Naira sign. Rampant inflation has occurred in Nigeria over the existence of naira. 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 for 6 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 the US dollar for several months. Trades speculated the natural range of the naira would be between 280 and 350 to the dollar. Coins Nigeria 's coin from colonial era till date, popularly known as `` kobo '' 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 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 ₦ 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. 1⁄2 kobo 1 kobo 5 kobo 10 kobo 25 kobo 50 kobo 1 naira 2 naira Banknotes On January 1, 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, 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 × 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. In 2012 the Central Bank of Nigeria may be contemplating the introduction of new currency denominations of N5, 000. The bank has also made plans to convert ₦ 5, ₦ 10, ₦ 20 and ₦ 50 into coins which are all presently notes. The Central Bank of Nigeria has announced that it will no longer issue banknotes on polymer citing higher costs and environmental issues. On November 12, 2014, the Central Bank of Nigeria issued a 100 naira 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 front, but is redesigned to include a new color scheme, revised security features, the text `` One Nigeria, Great Promise '' in microprinting and on the back is a quickresponse code ( QRC ) which when scanned leads users to a website about Nigeria 's history. Currently Circulating Banknotes ( 1 ) 1999 -- 2005 Series Image Value 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 ( Paper and Polymer banknotes ) ( 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 For table standards, see the banknote specification table. Second naira 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 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 ''. Coins 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 ) Banknotes Banknotes were to be printed in denominations of : 50 Kobo ( ₦ 0.50 ) 1 Naira ( ₦ 1 ) 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 -- are no longer in use. Exchange rates Rate of the Nigerian naira for 1 USD ( 1994 - 2005 ) This table shows the historical value of one U.S. Dollar in Nigerian naira - PM = Parallel Market. Date Naira per US $ Date Naira per US $ Date Naira per US $ 1972 0.658 17.30 ( 21.90 PM ) 2014 170 - 199 1973 0.658 22.33 ( 56.80 PM ) 2015 199 - 300 0.63 1995 21.89 ( 71.70 PM ) 2016 300 - 489 0.616 21.89 ( 84.58 PM ) 1976 0.62 21.89 ( 84.58 PM ) 1977 0.647 1998 21.89 ( 84.70 PM ) 1978 0.606 1999 21.89 ( 88 - 90 PM ) 1979 0.596 2000 85.98 ( 105.00 PM ) 1980 0.550 ( 0.900 PM ) 2001 99 - 106 ( 104 - 122 PM ) 1981 0.61 2002 109 - 113 ( 122 - 140 PM ) 1982 0.673 2003 114 - 127 ( 135 - 137 PM ) 0.724 127 - 130 ( 137 - 144 PM ) 1984 0.765 2005 132 - 136 1985 0.894 ( 1.70 PM ) 2006 128.50 - 131.80 1986 2.02 ( 3.90 PM ) 2007 120 - 125 4.02 ( 5.90 PM ) 2008 115.50 - 120 4.54 ( 6.70 PM ) 2009 145 - 171 7.39 ( 10.70 PM ) 148.21 - 154.8 7.39 ( 10.70 PM ) 2011 151.05 - 165.1 1991 8.04 ( 9.30 PM ) 2012 155.09 - 161.5 9.91 2013 153.21 - 162.9 Current NGN exchange rates From Google Finance : AUD CAD CHF EUR GBP HKD JPY USD INR CNY From Yahoo ! Finance : AUD CAD CHF EUR GBP HKD JPY USD INR CNY From XE : AUD CAD CHF EUR GBP HKD JPY USD INR CNY From OANDA : AUD CAD CHF EUR GBP HKD JPY USD INR CNY From fxtop.com : AUD CAD CHF EUR GBP HKD JPY USD INR CNY See also Economy of Nigeria References Jump up ^ `` Central Bank of Nigeria - Home ''. Central Bank of Nigeria. Central Bank of Nigeria. Retrieved 6 August 2014. Jump up ^ `` Central Bank of Nigeria : : History of The Currency ''. Jump up ^ `` Nigeria leaves key rate at 12 pct as expected '', Reuters, 31 January 2012 Jump up ^ `` Nigeria Floats its Currency ''. The Economist. 18 June 2016. access - date = requires url = ( help ) Jump up ^ `` Nigeria : Nigeria 's New Notes And Coins ''. This Day. 2007 - 02 - 21. Retrieved 2007 - 02 - 26. Jump up ^ `` Nigeria : New Currency - Two Per Cent of Withdrawals to Be in Coins - CBN ''. Vanguard. 2007 - 02 - 21. Retrieved 2007 - 02 - 26. Jump up ^ Central Bank of Nigeria. `` Old Coins - 1973 Coins ''. Archived from the original on 2006 - 01 - 17. Retrieved 2007 - 02 - 26. Jump up ^ `` Welcome to the New Central Bank of Nigeria Website. ''. Jump up ^ `` Welcome to the New Central Bank of Nigeria Website. ''. cenbank.org. Jump up ^ `` Central Bank of Nigeria Website - Currency - 25 Kobo ''. cenbank.org. Jump up ^ `` Welcome to the New Central Bank of Nigeria Website. ''. cenbank.org. Jump up ^ `` Welcome to the New Central Bank of Nigeria Website. ''. cenbank.org. Jump up ^ `` Central Bank of Nigeria - Did You Find ''. cenbank.org. Jump up ^ `` CBN warns against fixing prices in foreign currency * To launch new notes Feb 2007 ''. Vanguard Nigeria. 2006 - 11 - 06. Retrieved 2007 - 02 - 26. Jump up ^ `` Big banknote too much for Nigeria ''. 29 December 1999 -- via bbc.co.uk. Jump up ^ CBN To Introduce N5000, N2000 Notes ; N50, N20, N10 Coins Archived May 16, 2012, at the Wayback Machine. Jump up ^ Nigeria to abandon polymer banknotes Archived March 4, 2016, at the Wayback Machine. BanknoteNews.com. September 13, 2012. Retrieved on 2012 - 11 - 09. Jump up ^ CBN Clarifies Decision to Abandon Polymer Banknotes AllAfrica ( allafrica.com ) September 12, 2012. Retrieved on 2012 - 11 - 09. Jump up ^ 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. Jump up ^ `` New ₦ 100 Commemorative Centenary Celebration ''. Jump up ^ Nigeria new 100 - naira commemorative confirmed Archived October 14, 2016, at the Wayback Machine. BanknoteNews.com February 9, 2015. Retrieved on 2015 - 02 - 13. Jump up ^ `` Archived copy '' ( PDF ). Archived ( PDF ) from the original on 2007 - 09 - 26. Retrieved 2007 - 08 - 27. Jump up ^ `` Nigeria set to free its currency '' Archived March 5, 2016, at the Wayback Machine., BBC News, 14 August 2007 External links 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 Nigeria articles History Kingdoms Empires Aro Benin Fulani Kanem - Bornu Nri Oyo Timeline Northern Nigeria Southern Nigeria Civil War Islamist insurgency Communal conflicts in Nigeria Niger Delta conflict 2016 Biafra conflict Geography Adamawa Plateau Cities Ecoregions Environmental issues Islands Jos Plateau Mountains National parks Niger Delta Rivers Niger Benue Wildlife Politics Administrative divisions Cabinet Constitution Elections Federal Executive Council Foreign relations Human rights Law enforcement LGBT history Military National Assembly House of Representatives Senate Political parties PDP APC President Vice-President Supreme Court Economy Agriculture Central Bank Economic history Energy Mining Naira ( currency ) Petroleum Stock Exchange Telecommunications Tourism Transport Society Capital punishment Corruption Demographics Diaspora Education Ethnic groups MASSOB MOSOP Oodua Peoples Congress Health Languages Organized crime Poverty Rankings Refugees Water supply and sanitation Culture Anthem Cinema Coat of arms Cuisine Demonyms Flag List of Nigerians Literature Media Newspapers Radio TV Music Public holidays Religion Smoking Sport Video gaming Outline Index Portal Currency symbols ( ¤ ) Circulating ؋ ฿ ₵ ₡ ¢ $ ₫ ֏ € ƒ ₲ ₴ ₾ ₭ ₺ ₼ ₦ ₱ £ 元 圆 圓 ریال ៛ ₽ ₹ ૱ ௹ ꠸ Rs ₪ ৳ ₸ ₮ ₩ ¥ 円 Historic ₳ ₢ ₰ ₯ ₠ ₣ ₤ ₶ RM M ₧ 𐆚 𐆖 𐆙 𐆗 𐆘 Uncirculated ₿ ₥ ₷ Currencies of Africa North Algerian dinar Egyptian pound Euro Plazas de soberanía Libyan dinar Mauritanian ouguiya Moroccan dirham Sahrawi peseta ( unrecognized ) Sudanese pound Tunisian dinar Central Angolan kwanza Burundian franc Central African CFA franc Cameroon Central African Republic Chad Republic of the Congo Equatorial Guinea Gabon Congolese franc Rwandan franc East Comorian franc Djiboutian franc Eritrean nakfa Ethiopian birr Kenyan shilling Seychellois rupee Somali shilling Somaliland shilling ( unrecognized ) South Sudanese pound Tanzanian shilling Ugandan shilling South Botswana pula British pound sterling Saint Helena, Ascension and Tristan da Cunha Zimbabwe Euro French Southern and Antarctic Lands Mayotte Réunion Zimbabwe Lesotho loti Malagasy ariary Malawian kwacha Mauritian rupee Mozambican metical Namibian dollar Saint Helena pound South African rand Lesotho Namibia Swaziland Zimbabwe Swazi lilangeni U.S. dollar Zimbabwe Zambian kwacha Zimbabwean dollar ( defunct due to hyperinflation since April 2009 ) Zimbabwean Bond Coins ( since 18 December 2014 - denominated in U.S. Cents ) Zimbabwean Bond Notes ( since 28 November 2016 - denominated in U.S. Dollars ) West Cape Verdean escudo Euro Canary Islands Madeira Gambian dalasi Ghanaian cedi Guinean franc Liberian dollar Nigerian naira São Tomé and Príncipe dobra Sierra Leonean leone West African CFA franc Benin Burkina Faso Guinea - Bissau Ivory Coast Mali Niger Senegal Togo Retrieved from `` https://en.wikipedia.org/w/index.php?title=Nigerian_naira&oldid=793248605 '' Categories : ISO 4217 Currency symbols Currencies of Africa Circulating currencies Currencies of the Commonwealth of Nations Currencies of Nigeria Hidden categories : All articles with dead external links Articles with dead external links from November 2016 Articles with permanently dead external links Pages using citations with accessdate and no URL Articles with dead external links from October 2010 Webarchive template wayback links All articles with unsourced statements Articles with unsourced statements from July 2011 Talk Contents About Wikipedia Languages Afrikaans Bân - lâm - gú Беларуская Беларуская ( тарашкевіца ) ‎ Català Čeština Deutsch Español Esperanto فارسی Français Galego 한국어 Hrvatski বিষ্ণুপ্রিয়া মণিপুরী Bahasa Indonesia Italiano עברית Lietuvių Magyar मराठी Nederlands 日本 語 Norsk Polski Português Русский Slovenčina Српски / srpski Suomi Svenska ไทย Тоҷикӣ Türkçe Türkmençe Українська Yorùbá 中文 Edit links This page was last edited on 31 July 2017, at 15 : 38. 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Question: when was 50 naira note introduced in nigeria
Answer: 1991