Nigerian naira

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 ₦. In October 2021, the eNaira, the digital version of the state currency, is officially launched in Nigeria.

Coins

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 The central bank also stated that the ½ to 25 kobo coins withdrew withdrawn from circulation with from 28 February 2007.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

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 designs 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 x 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 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 due to higher costs and environmental issues.

On November 12, 2014, the Central Bank of Nigeria issued a special 100 naira note to celebrate the 100 years of Nigeria's existence. The notes are similar to its regular ones with the portrait of Chief Obafemi Awolowo on front, but is redesigned to include a new color style. It has the text "One Nigeria, Great Promise" in microprinting and  a quickresponse code (QRC) which when scanned leads users to a website about Nigeria's history on the back.

References

Other websites
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

Currency of Africa
Establishments in Nigeria
1973 establishments in Africa