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Nigerian Naira Exchange Rate
The Naira, denoted by NGN, is
the official currency used in Nigeria. The symbol for
the naira is ₦. It is made up of 100 Kobo. Naira notes
come in denominations of ₦1000, ₦500, ₦200, ₦100, ₦50,
₦20, ₦10 and ₦5. Coins are in denominations of 1 naira
kobo, 50 kobo, 25 kobo, 10 kobo and 1 kobo.
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The Naira was adopted as the
legal tender for the federal republic of Nigeria in
1973,when it replaced the pound. The Central Bank of
Nigeria is the only issuer of the currency throughout
the Federation. Most of the banknotes contain images of
previous Nigerian leaders.
Initially, 2 naira exchanged
for 1 pound, but this rate only lasted a few short
years. The Naira has consistently declined in
value over the years. The current exchange rates (against other major currencies) are listed below. |
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