5 Facts You Probably Didn’t Know about the Nigerian Naira

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5 Facts You Probably Didnt Know about the
Nigerian Naira

• Send Naira Digitally

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Nigeria, dubbed the "Giant of Africa," is a major
economic and cultural power on the African
continent. Nigeria not only boasts the greatest
economy in Africa, but it also gave home to
Nollywood and well-known authors such as
Chimamanda Ngozi Adichie. With Nigeria's rising
financial strength and worldwide standing, there
is no better moment to introduce you to the
country's currency, the naira. To Send Naira
digitally use a money transfer application.
What Is the Nigerian Naira? The Nigerian naira
(NGN, symbol) is divided into 100 kobo (k), which
are smaller coin denominations. Today's coins
include 50k, 1 naira, and 2 naira, while
banknotes range from 5 to 1000 naira. The
banknotes and coins are issued by the Central
Bank of Nigeria (CBN), which is headquartered in
Abuja.   The naira banknotes, like the US dollar,
depict several notable individuals from Nigeria's
history. Among these notable individuals
are   On the 5-naira banknote appears the first
Prime Minister of Nigeria. On the 500-naira note
is Nigeria's first president.
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Brief History of Nigerian Currency Nigeria's
first significant currency was shillings and
pence, which were established into British West
Africa in the colonial ordinance of 1880. The
first banknotes were issued in 1912.   It wasn't
until 1973 that the Nigerian government changed
the currency metric to decimals (from pounds),
renamed the new Nigerian currency "naira," and
replaced the inherited British currency. Since
then, the naira has been the primary monetary
unit, while the kobo has been the minor
unit.   Due to economic development and
inflation, additional naira banknotes were
created in the years that followed, and several
smaller kobo coins were withdrawn from
circulation.