Editing Nigerian naira (section)

==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|accessdate=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 Nigeria|colonial government]] of the [[Federation of Nigeria]] in 1959, with the name of [[Elizabeth II|Queen Elizabeth II]] on the obverse.<ref>{{Cite web |last=David |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/ |access-date=2022-12-20 |website=The Sun Nigeria |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. There was a government plan 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 web|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|website=Pulse Nigeria|language=en}}</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 Central Bank of Nigeria claimed that they 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%, in order 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 several months.<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 what authority? --> in Nigeria by President Muhammadu Buhari.<ref>{{Cite web |last=Erezi |first=Dennis |date=2021-10-25 |title=Nigeria launches eNaira digital currency |url=https://guardian.ng/news/nigeria-launches-enaira-digital-currency/ |access-date=2023-07-11 |website=The Guardian Nigeria News - Nigeria and World News |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 [[Government of Nigeria|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 Nigerian elections|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 web |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/ |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}}</ref> The country's [[Supreme Court of Nigeria|Supreme Court]] later invalidated the government's pronouncement that the previous notes had ceased to become legal tender.<ref>{{Cite web |last=AriseNews |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 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/ |website=[[Reuters]] |access-date=20 July 2023}}</ref>

Between the 1st Feb 2024 and the 5th Feb 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>https://uk.finance.yahoo.com/quote/USDNGN%3DX/history/ {{Bare URL inline|date=August 2024}}</ref>

===Coins===
Nigerian central bank info 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 cupro-nickel. 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 | author-link=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 |language=en}}</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 ===
[[File:Old nigerian currencies.jpg|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 [[Nigerian one thousand-naira note|₦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 banknote]]s,<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 | publisher=[[Vanguard Nigeria]] | date=2006-11-06 | access-date=2007-02-26 }} {{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 web |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 |website=Premium Times Nigeria |language=en-GB}}</ref> The Central Bank of Nigeria changed the ₦5, ₦10 and [[Nigerian fifty-naira note|₦50]] to polymer notes.

On the [[Nigerian one thousand-naira note|₦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 (Nigeria)|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 [[Nigerian fifty-naira note|₦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 web|url=http://allure.vanguardngr.com/2019/04/10-quick-facts-about-priscilla-ekwere-eleje/|title = 10 Quick Facts About Priscilla Ekwere Eleje|date = 16 April 2019}}</ref> and now in Nigeria there are two #200 notes, two #500 notes and two #1000 notes 

{|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: [[File:One hundred naira.jpg|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 [[Agriculture in Nigeria|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 }}
| [[Five hundred naira Nigerian note|₦500]]
| Blue and multicolour
| [[Dr. Nnamdi Azikiwe]]
| [[Petroleum in Nigeria|Off-shore oil rig]]
| 2001
| 4 April 2001
|-
|align="center" bgcolor="#000000"|<!-- Deleted image removed: [[File:One thousand naira.jpg|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]]
| [[Central Bank of Nigeria|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
| [[Abubakar Tafawa Balewa|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]]
| [[Fula people|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 people|Hausa]], [[Igbo people|Igbo]] and [[Yoruba people|Yoruba]] men and a woman
| Local fishermen
|-
|colspan="10"|{{Standard banknote table notice|standard_scale=}}
|}
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 }}