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 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.
Obverse: Dr. Alvan Ikoku (1900-1971)
Reverse: Fulani milk maids
Thanks to Olga from Serbia.
