{{short description|Currency of Nigeria}} {{redirect|Naira|other uses}} {{Use Nigerian English|date = October 2021}} {{Infobox currency | image_1 = Azikiwe 500 Naira note.jpg | image_title_1 = 500 naira banknote | iso_code = NGN | date_of_introduction = 1 January 1973 | using_countries = {{NGA}} | inflation_rate = 28.9%<ref>{{cite web |title=Central Bank of Nigeria: Money and Credit Statistics |url=https://www.cbn.gov.ng/rates/inflrates.asp |access-date=2024-01-24 |website=www.cbn.gov.ng}}</ref> | inflation_source_date = January 2024 | replaced_currency = Nigerian pound | subunit_ratio_1 = <sup>1</sup>⁄<sub>100</sub> | subunit_name_1 = kobo | symbol = ₦ | plural = naira | plural_subunit_1 = kobo | used_coins = 50 kobo, ₦1, ₦2 | used_banknotes = ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, ₦1000 | issuing_authority = Central Bank of Nigeria | issuing_authority_website = {{URL|www.cenbank.org}} | printer = Nigerian Security Printing and Minting Company Limited | printer_website = {{URL|www.mintnigeria.com}} | mint = Nigerian Security Printing and Minting Company Limited | mint_website = {{URL|www.mintnigeria.com}} }}

The '''naira''' (sign: '''₦'''; code: '''NGN'''; {{langx|yo|náírà}}, {{langx|ha|نَيْرَ|translit=naira}}, {{langx|ig|naịra}}, {{langx|kcg|nera}}) is the currency of Nigeria. One naira is divided into 100 ''kobo''.<ref>{{Cite web |last=Aanu |first=Damilare |date=2018-06-19 |title=History Of Nigerian Naira, Symbol And Sign You Need To Know About |url=https://www.withinnigeria.com/2018/06/19/history-of-nigerian-naira-symbol-and-sign-you-need-to-know-about/ |access-date=2022-12-20 |website=WITHIN NIGERIA |language=en-US}}</ref>

The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria.<ref>{{Cite web |title=Legal Tender |url=https://www.cbn.gov.ng/Currency/legaltender.asp |access-date=2022-11-11 |website=www.cbn.gov.ng}}</ref><ref>{{Cite web |title=Legal Tender |url=https://www.cbn.gov.ng/Currency/legaltender.asp |access-date=2022-12-20 |website=www.cbn.gov.ng}}</ref> It controls the volume of money supplied in the economy 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, and reissue and disposal or disintegration of bank notes and coins.<ref>{{Cite web |title=Frequently Asked Questions (FAQs) {{!}} On the Category, Currency Management |url=https://www.cbn.gov.ng/FAQS/FAQ.asp?Category=Currency+Management |access-date=2022-12-20 |website=www.cbn.gov.ng}}</ref>

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.<ref name=africanews20230216/><ref name=ktrend20230216/><ref name=dpost20230216/>

==History== The naira was introduced on 1 January 1973,<ref name="auto">{{cite web |title=Central Bank of Nigeria:: History of The Currency |url=https://www.cbn.gov.ng/Currency/historycur.asp#:~:text=The%20major%20unit%20of%20currency,(%E2%82%A620)%20was%20issued. |access-date=2022-12-20 |website=www.cbn.gov.ng}}</ref> replacing the Nigerian pound at a rate of £1 = ₦2.<ref name="auto1">{{cite web|url=https://www.cbn.gov.ng/|title=Central Bank of Nigeria &#124; Home|website=www.cbn.gov.ng|access-date=July 26, 2023}}</ref> The coins of the new currency were the first coins issued by an independent Nigeria, as all circulating coins of the Nigerian pound were all struck by the colonial government of the Federation of Nigeria in 1959, with the name of Queen Elizabeth II on the obverse.<ref>{{cite news |date=2022-09-10 |title=Queen Elizabeth is featured on several currencies. Now what? |url=https://www.sunnewsonline.com/queen-elizabeth-is-featured-on-several-currencies-now-what/ |location=Lagos, Nigeria|access-date=2022-12-20 |newspaper=The Sun|language=en-us}}</ref> This also made Nigeria the last country in the world to abandon the £sd currency system in favour of a decimal currency system. The government planned to redenominate the naira at 100:1 in 2008, but the plan was suspended. The currency sign is {{unichar|20a6|naira sign}}.

The name "naira" was coined from the word "Nigeria" by Obafemi Awolowo.<ref name="cnd-history">{{cite news|date=2018-03-02|title=10 interesting facts you should know about Nigerian currency|url=https://www.pulse.ng/lifestyle/money/naira-10-interesting-facts-you-should-know-about-nigerian-currency/sh47nbf|access-date=2021-04-17|newspaper=Pulse Nigeria}}</ref><ref>{{cite web|title=Central Bank of Nigeria:: History of The Currency|url=https://www.cbn.gov.ng/Currency/historycur.asp|access-date=2021-04-17|website=www.cbn.gov.ng}}</ref> However, naira as a currency was launched by Shehu Shagari as minister of finance in 1973.

The naira was pegged to the US$ between 1993 and 1998.<ref>https://monierate.com/blog/how-nigeria-presidents-destroy-the-naira-rates-1973-2024</ref>

The Central Bank of Nigeria claimed that it attempted to control the annual inflation rate below 10%. In 2011, the CBN increased key interest rate six times, rising from 6.25% to 12%. On 31 January 2012, the CBN decided to maintain the key interest rate at 12% to reduce the impact of inflation due to a reduction in fuel subsidies.<ref>[https://web.archive.org/web/20201003003537/https://news.yahoo.com/nigeria-leaves-interest-rate-12-pct-expected-141239503.html;_ylt=Ah.XtPTj_lCVEsPKqpO6waemWot4;_ylu=X3oDMTRsamplNTNuBGNjb2RlA2dtcHRvcDEwMDBwb29sY2ZuZXd1cARtaXQDTmV3cyBmb3IgeW91BHBrZwM0MmVjYjE2Yi05ZDkxLTNmZDQtOTgzZC1lNzBjMWNkOWM1NTUEcG9zAzEEc2VjA25ld3NfZm9yX3lvdQR2ZXIDYWU5YjllZjYtNGMyOS0xMWUxLTlmZmYtMzM2NzRjZjgyZWE2;_ylg=X3oDMTNoMTVzbDF2BGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDZDRkY2YwY2QtYWI1OS0zN2Y4LWEwYjctZTY1NjA3MjNhN2Q2BHBzdGNhdANwb2xpdGljc3xkZXN0aW5hdGlvbjIwMTIEcHQDc3RvcnlwYWdlBHRlc3QD;_ylv=3 "Nigeria leaves key rate at 12 pct as expected"], Reuters, 31 January 2012</ref>

From 20 June 2016, the naira was allowed to float, after being pegged at ₦197 to US$1 for more than a year (since March 2015).<ref>{{Cite news |date=2016-06-15 |title=Nigeria allows naira to float against US dollar |language=en-GB |work=BBC News |url=https://www.bbc.com/news/business-36538379 |access-date=2023-07-11}}</ref> Trade{{according to whom|date=February 2023}} speculated the natural range of the naira would be between ₦280 and ₦350 to the dollar.<ref>{{cite news|title=Nigeria Floats its Currency|publisher=The Economist|date=18 June 2016}}</ref>{{update after|2017}}<!-- so how did it go? -->

In October 2021, the eNaira, the digital version of the state currency, was officially launched by President Muhammadu Buhari.<ref>{{Cite news |last=Erezi |first=Dennis |date=2021-10-25 |title=Nigeria launches eNaira digital currency |url=https://guardian.ng/news/nigeria-launches-enaira-digital-currency/ |location=Lagos, Nigeria|access-date=2023-07-11 |newspaper=The Guardian|language=en-US}}</ref>

The 2023 Nigerian currency crisis was precipitated in January 2023 by a shortage of naira cash amid an attempt by the Nigerian government to force citizens to use newly designed notes, which the government said would help stem the tide of vote-buying in the lead-up to the 2023 general elections. This led to extensive street protests throughout January and February 2023.<ref name=africanews20230216>{{Cite web |title=Currency crisis in Nigeria: citizens take to the streets in protest over cash shortage |date=16 February 2023 |url=https://www.africanews.com/2023/02/16/currency-crisis-in-nigeria-citizens-take-to-the-streets-in-protest-over-cash-shortage/ |url-status=live |archive-url=https://web.archive.org/web/20230216191849/https://www.africanews.com/2023/02/16/currency-crisis-in-nigeria-citizens-take-to-the-streets-in-protest-over-cash-shortage/ |archive-date=2023-02-16 |access-date=2023-02-16}}</ref><ref name=ktrend20230216>{{cite web |title=Nigerian Currency Crisis: CBN Old Naira Notes Guidelines, President Buhari's Deadline Extension and All You Need to know |url=https://www.knowledgetrend.com/2023/02/nigerian-currency-crisis-cbn-old-naira-notes-guidelines-president-buhari-deadline.html |url-status=live |archive-url=https://web.archive.org/web/20230216191807/https://www.knowledgetrend.com/2023/02/nigerian-currency-crisis-cbn-old-naira-notes-guidelines-president-buhari-deadline.html |archive-date=2023-02-16 |access-date=2023-02-16}}</ref><ref name=dpost20230216>{{cite news |title=Naira redesign: Buhari's solution to currency crisis insufficient – Expert warns |date=16 February 2023 |url=https://dailypost.ng/2023/02/16/naira-redesign-buharis-solution-to-currency-crisis-insufficient-expert-warns/ |location=Lagos, Nigeria|url-status=live |archive-url=https://web.archive.org/web/20230216102648/https://dailypost.ng/2023/02/16/naira-redesign-buharis-solution-to-currency-crisis-insufficient-expert-warns/ |archive-date=2023-02-16 |access-date=2023-02-16|newspaper=Daily Post}}</ref> The country's Supreme Court later invalidated the government's pronouncement that the previous notes had ceased to become legal tender.<ref>{{cite web |date=2023-11-29 |title=Supreme Court Says Old and New Naira Notes To Coexist Till Further Notice |url=https://www.arise.tv/supreme-court-says-old-and-new-naira-notes-to-coexist-till-further-notice/ |access-date=2024-07-01 |website=Arise News |language=en-US}}</ref>

On 14 June 2023, the naira fell 23% in a day, to a rate of ₦600 to US$1, as the central bank abandoned its currency peg (that started in 2017)<ref>https://rpublc.com/june-july-2024-2/what-is-happening-to-the-naira/</ref> and allowed the naira to trade freely.<ref>{{cite web |title=End to Nigeria currency peg causes biggest fall in naira's history |url=https://www.ft.com/content/2f93e1a0-3057-4daa-84a2-b7a15b8d9322 |website=Financial Times |date=14 June 2023 |access-date=20 June 2023 |last1=Pilling |first1=David |last2=Wheatley |first2=Jonathan |last3=Adeoye |first3=Aanu}}</ref> On 19 July 2023, the Naira fell to a new record low of ₦853 to US$1.<ref>{{cite web |title=Nigeria's naira hits record low on black market ahead of central bank meeting |url=https://www.reuters.com/markets/currencies/nigerias-naira-hits-record-low-black-market-ahead-central-bank-meeting-2023-07-20/ |publisher=Reuters |access-date=20 July 2023}}</ref>

Between 1 February 2024 and 5 February 2024, the currency fell again, more than 50%, from NGN 898 to NGN 1,400, before drifting down to NGN 1,600 as of 30 July 2024.<ref>{{cite web |title=USD/NGN (USDNGN=X) live rate, chart & news – Yahoo Finance |url=https://uk.finance.yahoo.com/quote/USDNGN%3DX/history/ |archive-url=https://web.archive.org/web/20240730195141/https://uk.finance.yahoo.com/quote/USDNGN=X/history/ |access-date=2025-05-25 | archive-date=2024-07-30}}</ref>

===Coins=== Nigerian central bank information as of 2022 is in this source:<ref>{{cite web |title=Central Bank of Nigeria:: History of The Currency |url=https://www.cbn.gov.ng/Currency/FeaturesCoins.asp |access-date=2022-12-20 |website=www.cbn.gov.ng}}</ref>

In 1973, coins were introduced in denominations of {{frac|1|2}}, 1, 5, 10 and 25 kobo, with the {{frac|1|2}} and 1 kobo in bronze and the higher denominations in cupronickel. The {{frac|1|2}} kobo coins were minted only 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. On 28 February 2007, new coins were issued in denominations of 50 kobo, ₦1 and ₦2, with the ₦1 and ₦2 bimetallic. Some Nigerians expressed concerns over the usability of the ₦2 coin.<ref>{{cite news | title=Nigeria: Nigeria's New Notes And Coins | url=http://allafrica.com/stories/200702220103.html | publisher=This Day | date=2007-02-21 | access-date=2007-02-26 }}</ref> The deadline for exchanging the old currency was set at 31 May 2007.<ref>{{cite news | title=Nigeria: New Currency - Two Per Cent of Withdrawals to Be in Coins - CBN | url=http://allafrica.com/stories/200702210778.html | publisher=Vanguard |date=2007-02-21 |access-date=2007-02-26}}</ref> The central bank stated that the {{frac|1|2}} to 25 kobo coins were withdrawn from circulation with effect from 28 February 2007.<ref>{{cite web |title=Central Bank of Nigeria:: Currency Gallery |url=https://www.cbn.gov.ng/Currency/gallery.asp |access-date=2022-12-20 |website=www.cbn.gov.ng}}</ref> * {{frac|1|2}} kobo<ref>{{cite web |author=Central Bank of Nigeria |url=http://www.cenbank.org/currencymgt/Coins73.htm |title=Old Coins – 1973 Coins |access-date=2007-02-26 |archive-url=https://web.archive.org/web/20060117003040/http://www.cenbank.org/currencymgt/Coins73.htm |archive-date=2006-01-17}}</ref> * 1 kobo<ref name="auto1"/> * 5 kobo<ref>{{cite web |title=5 Kobo, Nigeria |url=https://en.numista.com/catalogue/pieces2697.html |access-date=2022-12-20 |website=en.numista.com}}</ref> * 10 kobo<ref>{{cite web|url=http://www.cenbank.org/Currency/gallery/10k.asp|title=Welcome to the New Central Bank of Nigeria Website.|publisher=cenbank.org}}</ref> * 25 kobo<ref>{{cite web|url=http://www.cenbank.org/Currency/gallery/25k.asp|title=Central Bank of Nigeria Website - Currency - 25 Kobo|publisher=cenbank.org}}</ref> * 50 kobo<ref>{{cite web|url=http://www.cenbank.org/Currency/gallery/50k.asp|title=Welcome to the New Central Bank of Nigeria Website.|publisher=cenbank.org}}</ref> * 1 naira<ref>{{cite web|url=http://www.cenbank.org/Currency/gallery/N1.asp|title=Welcome to the New Central Bank of Nigeria Website.|publisher=cenbank.org}}</ref> * 2 naira<ref>{{cite web|url=http://www.cenbank.org/Currency/gallery/N2.asp|title=Central Bank of Nigeria - Did You Find|publisher=cenbank.org}}</ref>

===Banknotes of Nigeria === thumb|Old Nigerian currency

On 1 January 1973, the Central Bank of Nigeria introduced notes for 50 kobo, ₦1, ₦5, ₦10 and ₦20: in April 1984, the colors of all naira banknotes were changed in an attempt to control money laundering.<ref name="cnd-history"/> In 1991, ₦50 notes were issued, while the 50 kobo and ₦1 notes were replaced by coins in 1991. This was followed by ₦100 in 1999, ₦200 in 2000, ₦500 in 2001 and ₦1,000 on 12 October 2005.<ref>{{Cite web |title=Central Bank of Nigeria:: History of The Currency |url=https://www.cbn.gov.ng/Currency/historycur.asp |access-date=2022-12-20 |website=www.cbn.gov.ng}}</ref>

On 28 February 2007, new versions of the ₦5 to ₦50 banknotes were introduced. Originally the ₦10, ₦20 and ₦50 were to be polymer banknotes,<ref name=Vanguard>{{cite news | title=CBN warns against fixing prices in foreign currency *To launch new notes Feb 2007 | url=http://www.vanguardngr.com/articles/2002/business/november06/06112006/b206112006.html |location=Lagos, Nigeria| date=2006-11-06 | access-date=2007-02-26 |newspaper=Vanguard}} {{Dead link|date=October 2010|bot=H3llBot}}</ref> but the ₦5, ₦10 and ₦50 were delayed to late 2009 and only the ₦20 was released in polymer. The notes are slightly smaller (130&nbsp;×&nbsp;72&nbsp;mm) and redesigned from the preceding issues. In mid-2009 when Sanusi Lamido Sanusi took over as CBN Governor,<ref>{{Cite news |last=Udo |first=Bassey |date=2013-10-13 |title=Lamido Sanusi emerges best Central Bank gov again |url=https://www.premiumtimesng.com/business/146574-lamido-sanusi-emerges-best-central-bank-gov.html |access-date=2022-12-20 |newspaper=Premium Times|language=en-GB}}</ref> The Central Bank of Nigeria changed the ₦5, ₦10 and ₦50 to polymer notes.

On the ₦1,000 notes, there is a subtle shiny strip running down the back of the note to prevent counterfeiting. The strip is a shimmery gold color showing ₦1,000 and has a triangular shape in the middle of the front of the note which changes its color 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, both of which are former governors of the Central Bank of Nigeria.<ref>{{Cite web |title=1000 Nigerian Naira banknote (M Bornu & Isong) - Exchange yours today |url=https://www.leftovercurrency.com/exchange/nigerian-naira/current-nigerian-naira-banknotes/1000-nigerian-naira-banknote-mai-bornu-and-isong/ |access-date=2022-12-20 |website=Leftover Currency |language=en-GB}}</ref>

On the first prints of the ₦100 notes issued starting 1 December 1999, Zuma Rock was captioned as located in Federal Capital Territory, while actually it is situated in Niger State. Later prints removed the reference to FCT, ABUJA.<ref>{{cite web|url=http://news.bbc.co.uk/1/hi/world/africa/582502.stm|title=Big banknote too much for Nigeria|date=29 December 1999|via=bbc.co.uk}}</ref>

In 2012, the Central Bank of Nigeria was considering the introduction of new currency denominations of ₦5,000. The bank also made plans to convert ₦5, ₦10, ₦20 and ₦50 into coins which are all presently notes.<ref>[http://leadership.ng/nga/articles/24507/2012/05/13/cbn_introduce_n5000_n2000_notes_n50_n20_n10_coins.html CBN To Introduce N5000, N2000 Notes; N50, N20, N10 Coins] {{webarchive |url=https://web.archive.org/web/20120516002114/http://leadership.ng/nga/articles/24507/2012/05/13/cbn_introduce_n5000_n2000_notes_n50_n20_n10_coins.html |date=May 16, 2012 }}</ref>

The Central Bank of Nigeria announced{{when|date=February 2023}} that it would no longer issue banknotes on polymer citing higher costs and environmental issues.<ref>[http://banknotenews.com/files/da6bd6e5ed7a238ade752e14c7f6d7e3-2276.php Nigeria to abandon polymer banknotes] {{webarchive |url=https://web.archive.org/web/20160304213902/http://banknotenews.com/files/da6bd6e5ed7a238ade752e14c7f6d7e3-2276.php |date=4 March 2016 }} BanknoteNews.com. 13 September 2012. Retrieved on 2012-11-09.</ref><ref>[https://archive.today/20130101195401/http://allafrica.com/stories/201209120215.html CBN Clarifies Decision to Abandon Polymer Banknotes] AllAfrica (allafrica.com) 12 September 2012. Retrieved on 2012-11-09.</ref><ref>[http://www.thisdaylive.com/articles/plan-to-phase-out-polymer-banknotes-stirs-new-controversy/145776/ Plan to Phase-out Polymer Banknotes Stirs New Controversy] {{webarchive |url=https://web.archive.org/web/20130427000132/http://www.thisdaylive.com/articles/plan-to-phase-out-polymer-banknotes-stirs-new-controversy/145776/ |date=27 April 2013 }} This Day Live (www.thisdaylive.com). 24 April 2013. Retrieved on 2013-04-25.</ref>

On 12 November 2014, the Central Bank of Nigeria issued a ₦100 commemorative note to celebrate the centennial of Nigeria's existence. The notes are similar to its regular issue with the portrait of Chief Obafemi Awolowo on the front, but are redesigned to include a new color scheme, revised security features, and the text "One Nigeria, Great Promise" in microprinting. On the back is a QR code (Quick Response code) which when scanned leads users to a website about Nigeria's history.<ref>{{cite web|url=http://sites.visualead.me/ngp_new/|title=New ₦100 Commemorative Centenary Celebration|access-date=2018-12-26|archive-url=https://web.archive.org/web/20150908142629/http://sites.visualead.me/ngp_new/|archive-date=2015-09-08|url-status=dead}}</ref><ref>[http://banknotenews.com/files/b9ce754e5764a826dea5a72c96fe7767-3352.php Nigeria new 100-naira commemorative confirmed] {{webarchive |url=https://web.archive.org/web/20161014101230/http://banknotenews.com/files/b9ce754e5764a826dea5a72c96fe7767-3352.php |date=October 14, 2016 }} BanknoteNews.com February 9, 2015. Retrieved on 2015-02-13.</ref>

In 2019, the naira attained a landmark when it featured the signature of Priscilla Ekwere Eleje, the new Director of Currency operations of the Central Bank of Nigeria and the first woman to hold the post.<ref>{{Cite news|url=http://allure.vanguardngr.com/2019/04/10-quick-facts-about-priscilla-ekwere-eleje/|location=Lagos, Nigeria|title = 10 Quick Facts About Priscilla Ekwere Eleje|date = 16 April 2019|newspaper=Vanguard}}</ref> Currently, Nigeria has two ₦200 notes, two ₦500 notes, and two ₦1000 notes in circulation.

{|class="wikitable collapsible autocollapse" style="font-size: 90%; width: 100%" !colspan="10"|Currently circulating banknotes<ref name="cenbank.org">{{Cite web|url=http://www.cenbank.org/Currency/legaltender.asp|title = Central Bank of Nigeria &#124; Home}}</ref> |- !colspan="10"| 1999–2005 series |- !colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main colour !!colspan="3"| Description !!colspan="2"| Date of |- ! Obverse !! !! Obverse !! Reverse !! Watermark !! First printing !! Issue |- |align="center" bgcolor="#000000"|<!-- Deleted image removed: 106px --> |align="center"| | ₦100 |rowspan="4"| 151 × 78&nbsp;mm | Purple and multicolour | Chief Obafemi Awolowo | Zuma Rock |rowspan="4"| As portrait(s), "CBN", value | 1999 | 1 December 1999 |- |align="center" bgcolor="#000000"| |align="center"| | ₦200 | Cyan and multicolour | Sir Ahmadu Bello | Pyramid of agricultural commodity and livestock farming | 2000 | 1 November 2000 |- |align="center" bgcolor="#000000"| |align="center"| [http://banknoteworld.com/banknote/nigeria/500%20Naira/2904] {{Webarchive|url=https://web.archive.org/web/20161018234612/http://banknoteworld.com/banknote/nigeria/500%20Naira/2904 |date=2016-10-18 }} | ₦500 | Blue and multicolour | Dr. Nnamdi Azikiwe | Off-shore oil rig | 2001 | 4 April 2001 |- |align="center" bgcolor="#000000"|<!-- Deleted image removed: 106px --> |align="center"| [http://banknoteworld.com/banknote/nigeria/1,000%20Naira/2912] {{Webarchive|url=https://web.archive.org/web/20161018235703/http://banknoteworld.com/banknote/nigeria/1,000%20Naira/2912 |date=2016-10-18 }} | ₦1000 | Brown | Alhaji Aliyu Mai-Bornu, Dr. Clement Isong | CBN's corporate headquarters in Abuja | 2005 | 12 October 2005 |- !colspan="10"| 2006 series (paper and polymer banknotes) |- | | | ₦5 |rowspan="4"| 130 × 72&nbsp;mm | Brown | Alhaji Abubakar Tafawa Balewa | Nkpokiti dancers |rowspan="4"| Central Bank of Nigeria logo, "CBN" |rowspan="4"| 2006 |rowspan="4"| 28 February 2007 |- |align="center" bgcolor="#000000"| |align="center"| | ₦10 | Red | Alvan Ikoku | Fulani milk maids |- |align="center" bgcolor="#000000"| |align="center"| | ₦20 | Green | General Murtala Mohammed | Ladi Kwali |- |align="center" bgcolor="#000000"| |align="center"| | ₦50 | Blue | Hausa, Igbo and Yoruba men and a woman | Local fishermen |- |colspan="10"|{{Standard banknote table notice|standard_scale=}} |}

==Proposed redenomination== The naira was scheduled for redenomination in August 2008, although this was cancelled by then-President Umaru Musa Yar'Adua,<ref>{{cite web|url=http://www.cenbank.org/out/publications/pressrelease/gov/2007/pr27-8-07.pdf |title=Central Bank of Nigeria &#124; Home |access-date=2007-08-27 |url-status=deviated |archive-url=https://web.archive.org/web/20070926072513/http://www.cenbank.org/out/publications/pressrelease/gov/2007/pr27-8-07.pdf |archive-date=2007-09-26 }}</ref> with 100 old naira to become 1 new naira. The Nigerian Central Bank stated that it would make the naira fully convertible against foreign currencies by 2009. Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. The naira appreciated against the dollar through 2007 due to high oil revenues. Also, the then-Bank Governor, Professor Chukwuma Soludo noted the weekly central bank auctions of foreign currency will gradually be phased out, and that the bank would "only intervene in the market as may be required to achieve defined policy objectives".<ref>{{Cite news |date=2007-08-14 |title=Nigeria set to free its currency |language=en-GB |url=http://news.bbc.co.uk/2/hi/business/6946604.stm |access-date=2023-08-22}}</ref>

Coins and banknotes, and their security features, are described on the website of the Central Bank of Nigeria.<ref>{{cite web|url=https://www.cbn.gov.ng/Currency/FeaturesCoins.asp|title=Features of Nigerian Currency Coins|access-date=2023-02-12}}</ref>

===Coins===

Coins were to be issued in denominations of: - 1 kobo (₦0.01) - 2 kobo (₦0.02) - 5 kobo (₦0.05) - 10 kobo (₦0.10) - 20 kobo (₦0.20) - 50 Kobo (₦0.50) - 1 Naira (₦1) Due to inflation, Nigerian coins are all essentially worthless now.<ref>{{Cite news | url=https://www.independent.ng/the-inevitable-choice-between-n10000-note-and-redenomination/ |location=Lagos, Nigeria| title=The Inevitable Choice Between N10,000 Note and Redenomination | date=27 May 2019 |newspaper=Independent}}</ref>

===Banknotes===

Banknotes were to be printed in denominations of: * 5 naira (₦5)<ref>{{Cite web |title=5 Nigerian Naira Banknote |url=https://www.foreigncurrencyandcoin.com/product/nigeria-5-nigerian-naira-banknote/ |access-date=2022-12-20 |website=Foreign Currency |language=en-US}}</ref> * 10 naira (₦10)<ref>{{Cite web |title=10 Nigerian Naira Banknote |url=https://www.foreigncurrencyandcoin.com/product/nigeria-10-nigerian-naira-banknote/ |access-date=2022-12-20 |website=Foreign Currency |language=en-US}}</ref> * 20 naira (₦20)<ref>{{Cite web |title=20 Nigerian Naira Banknote |url=https://www.foreigncurrencyandcoin.com/product/nigeria-20-nigerian-naira-banknote/ |access-date=2022-12-20 |website=Foreign Currency |language=en-US}}</ref> * 50 naira (₦50)<ref>{{Cite web |title=50 Nigerian Naira Banknote |url=https://www.foreigncurrencyandcoin.com/product/nigeria-50-nigerian-naira-banknote/ |access-date=2022-12-20 |website=Foreign Currency |language=en-US}}</ref> * 100 naira (₦100)<ref>{{Cite web |title=100 Nigerian Naira Banknote |url=https://www.foreigncurrencyandcoin.com/product/nigeria-100-nigerian-naira-banknote/ |access-date=2022-12-20 |website=Foreign Currency |language=en-US}}</ref> * 200 naira (₦200)<ref>{{Cite web |title=200 Nigerian Naira Banknote |url=https://www.foreigncurrencyandcoin.com/product/nigeria-200-nigerian-naira-banknote/ |access-date=2022-12-20 |website=Foreign Currency |language=en-US}}</ref> * 500 naira (₦500)<ref>{{Cite web |title=500 Nigerian Naira Banknote |url=https://www.foreigncurrencyandcoin.com/product/nigeria-500-nigerian-naira-banknote/ |access-date=2022-12-20 |website=Foreign Currency |language=en-US}}</ref> * 1000 naira (₦1000)<ref>{{Cite web |title=1000 Nigerian Naira Banknote |url=https://www.foreigncurrencyandcoin.com/product/nigeria-1000-nigerian-naira-banknote/ |access-date=2022-12-20 |website=Foreign Currency |language=en-US}}</ref>

==2022 redesign== {{See also|2023 Nigerian currency crisis}}In 2022, a policy was implemented by the Central Bank of Nigeria (CBN) to redesign and replace the highest denomination banknotes: the ₦200, ₦500, and ₦1,000 notes. Announced in October 2022 by the then-Governor of the CBN, Godwin Emefiele, the policy also included a strict deadline for the demonetization of the old notes, which led to a severe currency crisis in the country in late 2022 and early 2023.

=== Background and rationale === The Central Bank of Nigeria cited several reasons for the currency redesign and the associated demonetization policy, noting that, by global best practice, currency should be redesigned every 5 to 8 years, and the Naira was long overdue. The key stated objectives were:

* The Central Bank of Nigeria (CBN) aimed to disrupt the activities of individuals engaged in currency fraud and to compel the return of large volumes of illegally acquired cash hoarded outside the banking system. * A primary objective was to undermine the financing of criminal activities, such as kidnapping-for-ransom and banditry, which rely heavily on cash transactions for illicit funding. * The redesign was intended to help ease inflationary pressures by reducing the excessive amount of money supply held outside the formal banking sector. * The policy sought to enhance the CBN's visibility and control over the money supply, thereby strengthening the effectiveness of its monetary policy decisions.<ref>{{Cite news |last=Osadebe |first=Ada |date=2022-11-23 |title=4 reasons CBN redesigned naira notes |url=https://www.vanguardngr.com/2022/11/4-reasons-cbn-redesigned-naira-notes/ |location=Lagos, Nigeria|access-date=2025-10-15 |newspaper=Vanguard|language=en-GB}}</ref>

=== Implementation and timeline === The policy was rolled out with a tight deadline for the withdrawal of the old notes, which was subsequently subject to several extensions and legal challenges.<ref>{{Cite web |title=Why Nigeria's Controversial Naira Redesign Policy Hasn't Met Its Objectives |url=https://carnegieendowment.org/research/2024/01/why-nigerias-controversial-naira-redesign-policy-hasnt-met-its-objectives?lang=en |access-date=2025-10-15 |website=Carnegie Endowment for International Peace |language=en}}</ref> {| class="wikitable" |+ !Date !Event |- |October 26, 2022 |The CBN announces its naira redesign policy. Sets January 31, 2023, as the swap deadline for the public. |- |November 17, 2022 |The CBN instructs commercial banks to extend working hours to Saturdays. |- |November 23, 2022 |New notes unveiled by President Muhammadu Buhari. |- |December 15, 2022 |Commercial banks start dispensing new notes. |- |January 7, 2023 |The CBN suspends over-the-counter (OTC) withdrawal of new notes to aid fairness in distribution. |- |January 29, 2023 |Swap deadline extended to February 10, 2023, and the CBN says 1.9 trillion naira has been recovered. |- |February 2, 2023 |The CBN orders commercial banks to resume payment of new notes OTC. |- |February 8, 2023 |The Supreme Court restrains the CBN from enforcing February 10 deadline. |- |February 15, 2023 |The CBN launches the old naira collection portal. |- |February 16, 2023 |Buhari extends the validity of the old 200 naira to April 10. |- |March 3, 2023 |The Supreme Court rules that the old naira denominations of 200, 500, and 1,000 shall remain the legal tender until December 31, 2023. |- |March 7, 2023 |Commercial banks resume dispensing old notes. |- |March 13, 2023 |The CBN confirms the Supreme Court ruling that old notes shall remain legal tender until December 31, 2023. |- |November 14, 2023 |The Supreme Court rules that the old 200, 500, and 1,000 naira notes will remain legal tender and coexist with the new notes until further notice. |}

=== Design changes === The redesign primarily focused on changing the colour palette and enhancing the security features of the affected denominations. Unlike some previous currency changes, the core images (portraits of national figures and other symbols) on the front and back of the notes remained largely the same, though the aesthetic details were modernised. The redesigned denominations featured significant colour changes: the ₦1,000 banknote adopted a blue colour, the ₦500 note was issued in green, and the ₦200 note changed to a reddish hue (similar to the previous ₦500 note).<ref>{{Cite news |last=Ailemen |first=Anthony |date=2022-11-23 |title=Quick facts about the new naira notes you should know |url=https://businessday.ng/news/article/quick-facts-about-the-news-naira-notes-you-should-know/ |location=Lagos, Nigeria|access-date=2025-10-15 |newspaper=BusinessDay|language=en-US}}</ref>

=== Consequences and impact === Despite the CBN's stated objectives, the implementation of the policy generated significant and widely criticised consequences, primarily due to a severe shortage of the new banknotes in circulation, coupled with the tight demonetization deadlines.

* Cash scarcity and economic disruption: The scarcity of both old and new notes led to a prolonged cash crunch across Nigeria, severely impacting the economy. Businesses, particularly those in the informal sector which relies heavily on cash, suffered significant losses. Many citizens endured long queues at banks and automated teller machines (ATMs). * Rise of a black market for cash: The scarcity led to the emergence of a black market where point of sale (PoS) agents charged exorbitant fees to dispense cash to desperate citizens. * Digital infrastructure strain: The sudden shift to digital payments overwhelmed the capacity of electronic banking channels, leading to a high rate of failed transactions and system downtime across commercial banks. * Controversy and legal challenges: The policy was highly controversial, with critics arguing the timing (just before the 2023 general elections) and implementation were flawed. Several state governments took the federal government to the Supreme Court to challenge the CBN's imposed deadlines. * Inflation and GDP impact: The disruptive nature of the policy contributed to a slowdown in economic activities; Nigeria's GDP growth rate decreased from 3.5% in the fourth quarter of 2022 to 2.3% in the first quarter of 2023.

Ultimately, while the policy led to a significant amount of cash being deposited into the banking system, it also triggered an unprecedented cash crisis, leading to widespread hardship before the Supreme Court and presidential directives restored the legal tender status of the old notes for an extended period.<ref>{{Cite news |date=2023-02-14 |title=Nigeria's naira shortage: Anger and chaos outside banks |url=https://www.bbc.com/news/world-africa-64626127 |access-date=2025-10-15 |language=en-GB}}</ref><ref>{{Cite web |title=Why Nigeria's Controversial Naira Redesign Policy Hasn't Met Its Objectives |url=https://carnegieendowment.org/research/2024/01/why-nigerias-controversial-naira-redesign-policy-hasnt-met-its-objectives?lang=en |access-date=2025-10-15 |website=Carnegie Endowment for International Peace |language=en}}</ref>

==Hidden naira notes== In 2022, Nigeria's central bank expressed the scarcity of the currency due to high volume of the naira kept outside the banking system and attributed to be hoarded by politicians.<ref>{{Cite news|editor=Oomodele Adigun|title=Heaps of Rotten Naira Found|date=28 November 2022 |url=https://www.sunnewsonline.com/heaps-of-rotten-naira-found-in-refuse-dump/|location=Lagos, Nigeria|access-date=2022-12-03|language=en|newspaper=The Sun}}</ref>

==Exchange rates== When the naira was introduced, it had an official exchange rate of US$1.52 for ₦1, though a currency black market existed in which the naira traded at a discount relative to the official exchange rate.

As of August 27, 2025, the official CBN NAFEM rate stood at approximately ₦1,537.07 per $1, while [https://abokidollar.com/ aboki dollar] parallel market rate averaged ₦1,545 - ₦1,550 per $1, reflecting a modest spread of ₦8 - ₦13 between both markets.<ref>{{Cite web |date=August 27, 2025 |title=Dollar vs. Naira: Official Rate vs. Black Market Today, and What It Means for You |url=https://abokidollar.com/bureau-de-change-news/dollar-vs-naira-official-rate-vs-black-mar |access-date=Feb 26, 2026 |website=abokidollar.com}}</ref>

The official exchange rate set by the Central Bank of Nigeria: naira to U.S. dollar is approximately ₦1480.15 per 1 US dollar as of September 2025.<ref>{{Cite web |title=Exchange Rates {{!}} Central Bank of Nigeria |url=https://www.cbn.gov.ng/rates/ExchRateByCurrency.html |access-date=2025-09-29 |website=www.cbn.gov.ng}}</ref>

According to a recent (June 2024) report by Naija News, the parallel market exchange rate of the naira to the U.S. dollar is around ₦1483 per 1 USD, significantly higher than the official Central Bank of Nigeria rate. This disparity highlights underlying economic challenges and market pressures.<ref>{{Cite web |date=2024-06-21 |title=Official and Parallel Market Naira to Dollar Exchange Rate Today (June 21, 2024) |url=https://naijaecho.com.ng/parallel-market-naira-to-dollar-exchange-rate/ |access-date=2024-07-08 |language=en-US}}</ref>

[[File:USD vs NGN.png|upright=1.35|thumb|Rate of the Nigerian naira for US$1 (1994–2005)]]

[[File:Rate history usd to Ngn 2000 to June 2025.svg|upright=1.35|thumb|Rate of the Nigerian naira for US$1 (2000–June 2025)]]

This table shows the historical value of one U.S. dollar in Nigerian naira. PM = parallel market.

{| class="wikitable mw-collapsible" ! Date !! ₦ per US$ ! !! Date !! ₦ per US$ ! !! Date !! ₦ per US$ |- | 1972 || 0.658 | || 1993 || 17.30 (21.90 PM) | || 2014 || 170–199 |- | 1973 || 0.658 | || 1994 || 22.33 (56.80 PM) | || 2015 || 199–300 |- | 1974 || 0.63 | || 1995 || 21.89 (71.70 PM) | || 2016 || 390–489 |- | 1975 || 0.616 | || 1996 || 21.89 (84.58 PM) | || 2017 || 333 |- | 1976 || 0.62 | || 1997 || 21.89 (84.58 PM) | || 2018 || 360 |- | 1977 || 0.647 | || 1998 || 21.89 (84.70 PM) | || 2019 || 305 |- | 1978 || 0.606 | || 1999 || 21.89 (88–90 PM) | || 2020 || 361 |- | 1979 || 0.596 | || 2000 || 85.98 (105.00 PM) | || 2021 || 399 |- | 1980 || 0.550 (0.900 PM) | || 2001 || 99–106 (104–122 PM) | |2022 |423 |- | 1981 || 0.61 | || 2002 || 109–113 (122–140 PM) | |2024 |1483 |- | 1982 || 0.673 | || 2003 || 114–127 (135–137 PM) | |Jan 2025 |1555 |- | 1983 || 0.724 | || 2004 || 127–130 (137–144 PM) |- | 1984 || 0.765 | || 2005 || 132–136 |- | 1985 || 0.894 (1.70 PM) | || 2006 || 128.50–131.80 |- | 1986 || 2.02 (3.90 PM) | || 2007 || 120–125 |- | 1987 || 4.02 (5.90 PM) | || 2008 || 115.50–120 |- | 1988 || 4.54 (6.70 PM) | || 2009 || 145–171 |- | 1989 || 7.39 (10.70 PM) | || 2010 || 148.21–154.8 |- | 1990 || 7.39 (10.70 PM) | || 2011 || 151.05–165.1 |- | 1991 || 8.04 (9.30 PM) | || 2012 || 155.09–161.5 |- | 1992 || 9.91 | || 2013 || 153.21–162.9 |}

{{Exchange rate|NGN|EUR|JPY|USD}}

==See also== *Economy of Nigeria

==References== {{Reflist|30em}}

==External links== {{Commons category-inline}} *[http://www.abc.net.au/4corners/special_eds/20100524/money/ Interview with Sanusi Lamido Sanusi, Governor of the Central Bank of Nigeria], on the Australian Broadcasting Corporation's ''Four Corners'' television program on the scandal involving the transfer from paper to polymer currency in Nigeria

{{Nigeria topics}} {{Nigerian currency and coinage}} {{currency signs}} {{Currencies of Africa}} {{Portal bar|Africa|Money|Nigeria|Numismatics}} {{Authority control}}

{{DEFAULTSORT:Nigerian Naira}} Category:Circulating currencies Category:Currency symbols Category:Currencies of Nigeria Category:Currencies introduced in 1973 Category:Currencies of Africa