Nigerian Naira (NGN)
The naira has been Nigeria's currency since January 1, 1973, when it replaced the Nigerian pound as the country moved to a decimal system. The name is a contraction of "Nigeria," reportedly coined by the economist and statesman Chief Obafemi Awolowo. One naira is divided into 100 kobo, though kobo coins have largely fallen out of everyday circulation due to inflation.
NGN ⇄ USD Converter
History
Before the naira, Nigeria used the Nigerian pound, itself tied to the British West African pound. The Central Bank of Nigeria, established in 1958, took over currency issuance and introduced the naira in 1973 as part of a broader decimalization effort across former British colonies. The currency has been redesigned several times since, most notably in late 2022, when the Central Bank redesigned the ₦200, ₦500, and ₦1,000 notes partly to combat counterfeiting and discourage large-scale cash hoarding.
Denominations
Naira banknotes currently circulate in the following denominations:
- ₦5, ₦10, ₦20, ₦50 — lower-value notes, increasingly rare in daily use
- ₦100, ₦200 — common notes for everyday transactions
- ₦500, ₦1,000 — higher-value notes, redesigned in 2022
Coins exist in kobo denominations but are rarely seen in circulation today due to their low real value after years of inflation.
Frequently Asked Questions
What is the currency symbol for the naira?
The naira's symbol is ₦. Its ISO 4217 currency code is NGN.
Why is it called the "naira"?
The name is derived from "Nigeria" itself — it replaced the Nigerian pound in 1973 as part of the country's shift to a decimal currency system.
Is the naira pegged to the US dollar?
No. The naira floats and has seen significant volatility in recent years, particularly after Nigeria moved toward a more market-determined exchange rate.
Where can I see rates for other African currencies?
Check the full currency directory on the African Currencies homepage, which covers all 54 African countries.