Nigerian naira
From Wikipedia, the free encyclopedia
| Nigerian naira | |||
|
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| ISO 4217 Code | NGN | ||
|---|---|---|---|
| User(s) | Nigeria | ||
| Inflation | 10.5% | ||
| Source | The World Factbook, 2006 est. | ||
| Subunit | |||
| 1/100 | kobo | ||
| Symbol | ₦ | ||
| Plural | naira | ||
| kobo | kobo | ||
| Coins | 50 kobo, 1, 2 naira | ||
| Banknotes | 5, 10, 20, 50, 100, 200, 500, 1000 naira | ||
| Central bank | Central Bank of Nigeria | ||
| Website | www.cenbank.org | ||
The naira is the currency of Nigeria. The ISO currency code is NGN. It is subdivided into 100 kobo. The symbol for the naira is ₦, which is included in Unicode at code point U+20A6.
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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[edit] History
The naira was introduced in 1973, replacing the pound at a rate of 2 naira = 1 pound. This made Nigeria the last state to abandon the £sd currency system.
[edit] Coins
In 1973, coins were introduced in denominations of ½, 1, 5, 10 and 25 kobo, with the ½ and 1 kobo in bronze and the higher denomnations in cupro-nickel. The ½ kobo coins were only minted that year. In 1991, smaller 1, 10 and 25 kobo coins were issued in copper-plated-steel, along with nickel-plated-steel 50 kobo and 1 naira. On 28 February 2007, new, bimetallic coins were issued in denominations of 50 kobo, 1 and 2 naira. Some Nigerians expressed concerns over the usability of the N2 coin.[1] The deadline for exchanging the old currency is 31 May 2007.[2] The central bank states that the ½ to 25 kobo coins were withdrawn from curculation on 28 February 2007.
[edit] Banknotes
In 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 and 20 naira. The 50 kobo notes were last issued in 1989. In 1991, 50 naira notes were issued, followed by 100 naira in 1999, 200 naira in 2000, 500 naira in 2001 and 1000 naira on October 12, 2005.
In 2007, new versions of the 5 to 50 naira banknotes were announced. The 10, 20 and 50 naira will be polymer banknotes, [4] although currently only the 20 naira is made of polymer. The notes will be slightly smaller and redesigned.
On the 1000 naira notes, there is a subtle shiny strip running down the back of the note. It is a shimmery gold colour showing 1000 naira. The triangular shape in the middle of the front of the note changes its colour from green to blue when tilted. The main feature on the front is the engraved portraits of Alhaji Aliyu Mai-Bornu and Dr Clement Isong, former governors of the Central Bank of Nigeria. The back illustrates Central Bank Head Office Building, Abuja.
[edit] Exchange rate history
This table shows the historical value of one U.S. Dollar in Nigerian naira:
| Date | Naira per US $ | Date | Naira per US $ |
|---|---|---|---|
| 1972 | 0.658 | 1973 | 0.658 |
| 1974 | 0.630 | 1975 | 0.616 |
| 1976 | 0.627 | 1977 | 0.647 |
| 1978 | 0.606 | 1979 | 0.596 |
| 1980 | 0.550 (0.900 PM) | 1981 | 0.610 |
| 1982 | 0.673 | 1983 | 0.724 |
| 1984 | 0.765 | 1985 | 0.894 (1.70 PM) |
| 1986 | 2.02 (3.90 PM) | 1987 | 4.02 (5.90 PM) |
| 1988 | 4.54 (6.70 PM) | 1989 | 7.39 (10.70 PM) |
| 1990 | 8.04 (9.30 PM) | 1991 | 9.91 |
| 1992 | 17.30 (21.90 PM) | 1993 | 22.33 (56.80 PM) |
| 1994 | 21.89 (71.70 PM) | 1995 | 21.89 (84.58 PM) |
| 1996 | 21.89 (84.58 PM) | 1997 | 21.89 (84.70 PM) |
| 1998 | 21.89 (88-90 PM) | 1999 | 85.98 (105.00 PM) |
| 2000 | 99-106 (104-122 PM) | 2001 | 109-113 (122-140 PM) |
| 2002 | 114-127 (135-137 PM) | 2003 | 127-130 (137-144 PM) |
| 2004 | 132-136 | 2005 | 128.50-131.80 |
PM = Parallel Market
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[edit] See also
[edit] References
- ^ "Nigeria: Nigeria's New Notes And Coins", This Day, 2007-02-21. Retrieved on 2007-02-26.
- ^ "Nigeria: New Currency - Two Per Cent of Withdrawals to Be in Coins - CBN", Vanguard, 2007-02-21. Retrieved on 2007-02-26.
- ^ Central Bank of Nigeria. Old Coins - 1973 Coins. Archived from the original on 2006-01-17. Retrieved on 2007-02-26.
- ^ "CBN warns against fixing prices in foreign currency *To launch new notes Feb 2007", Vanguard Nigeria, 2006-11-06. Retrieved on 2007-02-26.
[edit] External links
- Don's World Coin Gallery - Nigeria
- Ron Wise's World Paper Money - Nigeria Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Nigeria Mirror site
- The Global History of Currencies - Nigeria
- Global Financial Data currency histories table
- New coin issue pictures
