![]() ![]() The notes are slightly smaller (130 × 72 mm) and redesigned from the preceding issues. Originally the ₦10, ₦20 and ₦50 were to be polymer banknotes, but the ₦5, ₦10 and ₦50 were delayed to late 2009 and only the ₦20 was released in polymer. On 28 February 2007, new versions of the ₦5 to ₦50 banknotes were introduced. In 1991, ₦50 notes were issued, while the 50 kobo and ₦1 notes were replaced by coins in 1991. 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. The central bank stated that the 1⁄ 2 to 25 kobo coins were withdrawn from circulation with effect from 28 February 2007. The deadline for exchanging the old currency was set at. Some Nigerians expressed concerns over the usability of the ₦2 coin. On 28 February 2007, new coins were issued in denominations of 50 kobo, ₦1 and ₦2, with the ₦1 and ₦2 bimetallic. In 1991, smaller 1, 10 and 25 kobo coins were issued in copper-plated-steel, along with nickel-plated-steel 50 kobo and ₦1. ![]() The 1⁄ 2 kobo coins were minted only that year. In 1973, coins were introduced in denominations of 1⁄ 2, 1, 5, 10 and 25 kobo, with the 1⁄ 2 and 1 kobo in bronze and the higher denominations in cupro-nickel. Nigerian central bank info as of 2022 is in this source: 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 and allowed the naira to trade freely. This led to extensive street protests in mid-February 2023. The 2023 Nigerian currency crisis was precipitated in February 2023 by a shortage of naira cash currency and an attempt by the Nigerian government to force citizens to use a newly-created government-sponsored central bank digital currency. In October 2021, the eNaira, the digital version of the state currency, was officially launched in Nigeria. Trade speculated the natural range of the naira would be between ₦280 and ₦350 to the dollar. Īs of 20 June 2016, the naira was allowed to float, after being pegged at ₦197 to US$1 for several months. On 31 January 2012, the CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to a reduction in fuel subsidies. In 2011, the CBN increased key interest rate six times, rising from 6.25% to 12%. The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10%. However, Naira as a currency was launched by Shehu Shagari as minister of finance in 1973. The name "Naira" was coined from the word "Nigeria" by Obafemi Awolowo. The currency sign is U+20A6 ₦ NAIRA SIGN. There was a government plan to redenominate the naira at 100:1 in 2008, but the plan was suspended. This also made Nigeria the last country in the world to abandon the £sd currency system in favour of a decimal currency system. 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. The naira was introduced on 1 January 1973, replacing the Nigerian pound at a rate of £1 = ₦2. The history of the currency according to the government. ![]() Ī 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. The Currency Operations Department of the CBN is in charge of currency management, through the designs, procurement, distribution and supply, processing, reissue and disposal or disintegration of bank notes and coins. It controls the volume of money supplied in the economy in order to ensure monetary and price stability. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. The naira ( sign: ₦ code: NGN Yoruba: náírà, Tyap: nera) is the currency of Nigeria. Nigerian Security Printing and Minting Company Limited For the digital currency eNaira, see eNaira. For the village in India, see Naira, Srikakulam. ![]()
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