Nigerian naira


Nigerian naira
Nigerian naira
Naira banknotes
Naira banknotes
ISO 4217 code NGN
User(s)  Nigeria
Inflation 6.5%
Source The World Factbook, 2007 est.
Subunit
1/100 kobo
Symbol
Plural naira
kobo kobo
Coins ½, 1, 5, 10, 25, 50 kobo, 1 & 2 naira
Banknotes 5, 10, 20, 50, 100, 200, 500 & 1000 naira
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

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 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

History

The naira was introduced in 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 has been suspended. The currency sign is U+20A6 naira sign.

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 denomnations in cupro-nickel. The ½ kobo coins were only minted 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 N2 coin.[1] The deadline for exchanging the old currency was set at 31 May 2007.[2] The central bank stated that the ½ to 25 kobo coins were withdrawn from circulation with effect from 28 February 2007.

Banknotes

In 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,[4] 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 situated in Niger State. Later prints removed the reference to FCT, ABUJA.[5]

Second naira

The naira was scheduled for redenomination in August 2008, although this was cancelled by then-President Umaru Musa Yar'Adua[6]), 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".[7]

Coins

Coins were to be issued in denominations of:

  • 1 Kobo (N 0.01)
  • 2 Kobo (N 0.02)
  • 5 Kobo (N 0.05)
  • 10 Kobo (N 0.10)
  • 20 Kobo (N0.20)

Banknotes

Banknotes were to be printed in denominations of:

  • 50 Kobo (N 0.50)
  • 1 Naira (N1.00)
  • 5 Naira (N5.00)
  • 10 Naira (N10.00)
  • 20 Naira (N20.00)

Exchange rate history

This table shows the historical value of one U.S. Dollar in Nigerian naira - PM = Parallel Market.[citation needed]

Date Naira per US $ Date Naira per US $
1972 0.658 1991 8.04 (9.30 PM)
1973 0.658 1992 9.91
1974 0.63 1993 17.30 (21.90 PM)
1975 0.616 1994 22.33 (56.80 PM)
1976 0.62 1995 21.89 (71.70 PM)
1977 0.647 1996 21.89 (84.58 PM)
1978 0.606 1997 21.89 (84.58 PM)
1979 0.596 1998 21.89 (84.70 PM)
1980 0.550 (0.900 PM) 1999 21.89 (88-90 PM)
1981 0.61 2000 85.98 (105.00 PM)
1982 0.673 2001 99-106 (104-122 PM)
1983 0.724 2002 109-113 (122-140 PM)
1984 0.765 2003 114-127 (135-137 PM)
1985 0.894 (1.70 PM) 2004 127-130 (137-144 PM)
1986 2.02 (3.90 PM) 2005 132-136
1987 4.02 (5.90 PM) 2006 128.50-131.80
1988 4.54 (6.70 PM) 2007 120-125
1989 7.39 (10.70 PM) 2008 115.50-120
1990 7.39 (10.70 PM) 2009 145-171
Current NGN exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD CNY
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD CNY
From OzForex: AUD CAD CHF EUR GBP HKD JPY USD CNY
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD CNY
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD CNY
Currently Circulating Banknotes [1]
1999–2005 Series
Image Value Dimensions Main Colour Description Date of
Obverse Reverse Obverse Reverse Watermark first printing issue
One hundred naira.jpg [2] ₦100 151 × 78 mm Red and multicolour Chief Obafemi Awolowo Zuma Rock As portrait(s), "CBN", value 1999 1 December 1999
Two hundred naira.jpg [3] ₦200 Blue and multicolour Sir Ahmadu Bello Pyramid of agricultural commodity and livestock farming 2000 1 November 2000
Five hundred naira.jpg [4] ₦500 Purple and multicolour Dr. Nnamdi Azikiwe Off-shore oil-rig 2001 4 April 2001
One thousand naira.jpg [5] ₦1000 Purple Alhaji Aliyu Mai-Bornu, Dr. Clement Isong CBN's corporate headquarters in Abuja 2005 12 October 2005
2006 Series
Five naira.jpg [6] ₦5 130 × 72 mm Mauve Alhaji Abubakar Tafawa Balewa Nkpokiti dancers Central Bank of Nigeria logo, "CBN" 2006 28 February 2007
Ten naira.jpg [7] ₦10 Red Mr. Alvan Ikoku Fulani milk maids
Twenty naira.jpg [8] ₦20 Green General Murtala Mohammed Ladi Kwali
Fifty naira.jpg [9] ₦50 Blue Hausa, Igbo and Yoruba men and a woman Local fishermen
These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.

See also

References

External links



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