Question:

What currency does Nigeria use?

Answer:

The Naira, denoted by NGN, is the official currency used in Nigeria. The Naira is divided into 100 Kobo. Notes are in denominations of N500, 200, 100, 50, 20, 10 and 5; coins are in denominations of N1 kobo 50, 25, 10 and 1.

More Info:

Nigeria Currency

The Nigerian Security Printing and Minting Company Limited Plc is the Nigerian banknote printer and mint. It is located in both Abuja and Lagos and is majority-owned by the government of Nigeria.

In addition to printing the banknotes and the postal orders of Nigeria, it has struck some of the coins of Nigeria. It also prints stamps.

The pound was the currency of Nigeria between 1907 and 1973. Until 1958, Nigeria used the British West African pound, after which it issued its own currency. The pound was subdivided into 20 shillings, each of 12 pence. The Nigerian pound (which was at parity with the British pound with easy convertibility) was replaced with the introduction in 1973 of the decimal naira at a rate of 1 pound = 2 naira. This made Nigeria the last country to abandon the £sd currency system.

Coins were issued in 1959 in denominations of ½, 1, 3 and 6 pence, 1 and 2 shillings. The ½ and 1 penny coins were bronze and holed. The 3 pence coin, minted in nickel-brass, was a smaller version of the distinctive twelve sided threepenny bits that were used in the UK, Fiji, and Jersey. The higher denominations were struck in cupro-nickel.

Main data source: CIA World Fact Book

Nigeria is a middle income, mixed economy and emerging market, with expanding financial, service, communications, and entertainment sectors. It is ranked 30th (40th in 2005, 52nd in 2000), in the world in terms of GDP (PPP) as of 2012, and 3rd largest within Africa (behind South Africa and Egypt), on track to becoming one of the 20 largest economies in the world by 2020. Its re-emergent, though currently underperforming, manufacturing sector is the third-largest on the continent, and produces a large proportion of goods and services for the West African region.

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 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.

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