Nigerian naira
The naira (sign: ₦; code: NGN; Yoruba: náírà, Hausa: naira or نَيْرَ, Igbo: naịra, Tyap: nera) is the currency of Nigeria. One naira is divided into 100 kobo.
The naira sign | |
| ISO 4217 | |
|---|---|
| Code | NGN (numeric: 566) |
| Subunit | 0.01 |
| Unit | |
| Plural | naira |
| Symbol | ₦ |
| Denominations | |
| Subunit | |
| 1⁄100 | kobo |
| Plural | |
| kobo | kobo |
| Banknotes | ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, ₦1000 |
| Coins | 50 kobo, ₦1, ₦2 |
| Demographics | |
| User(s) | Nigeria |
| Issuance | |
| Central bank | Central Bank of Nigeria |
| Website | www |
| Printer | Nigerian Security Printing and Minting Company Limited |
| Website | www |
| Mint | Nigerian Security Printing and Minting Company Limited |
| Website | www |
| Valuation | |
| Inflation | 28. 9% |
| Source | January 2024 |
The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the volume of money supplied in the economy in order to ensure monetary and price stability. The Currency Operations Department of the CBN is in charge of currency management, through the designs, procurement, distribution and supply, processing, reissue and disposal or disintegration of bank notes and coins.
A major cash crunch occurred in February 2023 when the Nigerian government used a currency note changeover—delivering too few of the new notes into circulation—to attempt to force citizens to use a newly-created government-sponsored central bank digital currency. This led to extensive street protests.