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5 Nigeria Naira

The Naira (sign: ₦; code: NGN) is the currency of Nigeria. One naira is divided into 100 kobo. The name “naira” was coined from the word “Nigeria” by Obafemi Awolowo.

The Naira was introduced on 1 January 1973, replacing the Nigerian pound at a rate of 2 naira = 1 pound. 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 former British colony to abandon the £sd currency system in favour of the decimal currency system. There was a government 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.

The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10%. In 2011, the CBN increased the 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 a reduction in fuel subsidies. As of 20 June 2016, the naira was allowed to float, after being pegged at 197 to one US dollar for several months. Traders 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.

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