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Encyclopedia > Naira

The Naira is the currency of Nigeria.


The Central Bank of Nigeria

Contents


Introduction

Nigeria's domestic currency is the Naira, which is circulated in banknotes and coins. The Naira bank notes and coins are legal tender that enjoy general acceptability backed by the coercive power of the state. The widespread confidence in Naira purchasing power makes it popular in the region and enhances the operation of the payment system.


The Naira was introduced in 1974, replacing the pound at a rate of 2 naira = 1 pound. This made Nigeria the last state to abandon the £sd currency system. The pound is the name of a number of units of mass or weight, all in the range of 300 to 600 grams. ... The term £sd (pron. ...


Central Bank of Nigeria

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.


Legal Tender


Circulating Currency

One thousand Naira N1000 note is the highest denomination in circulation. It was released into circulation on October 12 2005.


The security thread is the metallic strip on the back of the note. 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 color from green to blue when tilted


The main feature on the front is the engraved portrait of Alhaji Aliyu Mai - Bornu and Dr Clement Isong. Former Governors of the Central Bank of Nigeria The back illustrates Central Bank Head Office Building Abuja.


N1000 | N500 | N200 | N100 | N50 | N20 | N10 | N5 | N1 | Coins


Currently, the exchange rate of Naira is 137.00 Naira = 1 U.S. Dollar


External links

  • Central Bank of Nigeria
  • The 1000 Naira Note
  • 1000 Naira Note: will there be inflation?

  Results from FactBites:
 
mail138 (3823 words)
Naira exchange rate at the AFEM depreciated from 86 to 95 naira for one US dollar, while at the parallel market it moved from about 88 to 105 naira for one US dollar.
A total of 170 billion naira is proposed for funding the capital development programme of Government during the year, as against 118.7 billion naira in 1999, an increase of 51.3 billion or 43.2 percent.
If the proposal for 30 billion naira in the Supplementary Appropriation Bill for 1999 is approved by the National Assembly for the same item, the vote for year 2000 would bring to 50 billion naira the amount which will be used to reduce the accumulated debts on these Projects.
  More results at FactBites »


 

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