Editing Nigerian naira

{{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]], [[Nigerian fifty-naira note|₦50]], [[Nigerian one-hundred-naira note|₦100]], [[Nigerian two-hundred-naira note|₦200]], [[Nigerian five-hundred-naira note|₦500]], [[Nigerian one-thousand-naira note|₦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''' ([[currency sign|sign]]: '''₦'''; [[ISO 4217|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 in order 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, 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 [[2023 Nigerian currency crisis|cash crunch occurred]] in February 2023 when the [[Government of Nigeria|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|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 }}

==Second naira==

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 [[Central Bank of Nigeria|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 [[Charles Chukwuma Soludo|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 web | url=https://www.independent.ng/the-inevitable-choice-between-n10000-note-and-redenomination/ | title=The Inevitable Choice Between N10,000 Note and Redenomination | date=27 May 2019 }}</ref>

===Banknotes===

Banknotes were to be printed in denominations of:
* [[Nigerian five-naira note|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>
* [[Nigerian ten-naira note|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>
* [[Nigerian twenty-naira note|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>
* [[Nigerian fifty-naira note|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>
* [[Nigerian one-hundred-naira note|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>
* [[Nigerian two-hundred-naira note|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>
* [[Five hundred naira Nigerian note|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>
* [[Nigerian one-thousand-naira note|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, the Central Bank of Nigeria (CBN) under President [[Muhammadu Buhari]] led administration expressed the decision to redesign the naira as a statutory responsibility and a way to curb the increased circulation of counterfeit notes in the country.<ref>{{Cite web|last=Okon|first=Desmond|date=2022-10-26|title=CBN Redesigns Naira Notes|url=https://www.thecable.ng/breakingcbn-redesigns-new-naira-notes|access-date=2022-12-01|website=The Cable Nigeria|language=en}}</ref> The CBN Governor, Mr. [[Godwin Emefiele]] expressed that the approval for the redesign was granted by the president of the country in fighting corruption, terrorism, kidnapping and other unlawful practices. He said the higher naira denominations have been the denomination mostly used by the perpetrators of the acts which includes ₦200, ₦500 and ₦1,000 notes.<ref>{{Cite web|date=2022-10-27|title=CBN Plan Naira Redesign|url=https://punchng.com/cbn-plans-naira-redesign-to-counter-counterfeiting-kidnapping/|access-date=2022-12-01|website=Punch.com|language=en}}</ref><ref>{{Cite web|date=2022-10-26|title=CBN to Launch New Naira Notes in December|url=https://www.premiumtimesng.com/business/business-news/561816-cbn-to-launch-new-naira-designs-december-suspends-deposit-charges.html|access-date=2022-12-01|website=Premium Times|language=en}}</ref>
President Muhammadu Buhari officially unveiled the new notes at the state house after 19 years since the naira was redesigned.<ref>{{Cite web|last=Ume-Ezeoke|first=Gloria|date=2022-11-23|title=Buhari Unveils Redesigned Naira Notes|url=https://www.channelstv.com/2022/11/23/buhari-unveils-re-designed-naira-notes/|access-date=2022-12-01|website=channelstv.com|language=en}}</ref>
The newly redesigned naira notes were planned to be printed by The [[Nigerian Security Printing and Minting Company Limited]] which will make the country one out of the four Africa countries who print their currencies locally and not import from foreign countries.<ref>{{Cite web|last=Anichukwueze|first=Donatus|date=2022-11-23|title=Nigeria is One of Four African Countries Printing Currency|url=https://www.channelstv.com/2022/11/23/nigeria-is-one-of-four-african-countries-printing-currencies-buhari/access-date=2022-12-03|language=en}}{{Dead link|date=December 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref><ref>{{Cite web|last=Ailemen|first=Anthony|date=2022-11-23|title=Quick Facts to Know About the New Naira Notes|url=https://businessday.ng/news/article/quick-facts-about-the-news-naira-notes-you-should-know/|access-date=2022-12-03|language=en}}</ref>{{update after|2023|2|17}}<!-- so that was the plan in Nov 2022; did it occur?  Did they print their own?  Did the government print enough?  Did they distribute them well, and efficiently? -->

In November 2022, CBN, Nigeria's central bank, informed the citizens that the new notes will be issued from 15 December 2022 onward, and that old naira notes need to be returned to the banking system before 31 January 2023 when they will cease to be legal tender.<ref>{{Cite web |date=2022-11-23 |title=Buhari unveils redesigned naira notes |url=https://www.thecable.ng/breaking-buhari-unveils-redesigned-naira-notes |access-date=2022-12-20 |website=TheCable |language=en-US}}</ref><ref>{{Cite web |last=Itsibor |first=Mark |date=2022-11-11 |title=Gains Of Redesigning Naira Notes |url=https://leadership.ng/gains-of-redesigning-naira-notes/ |access-date=2022-12-20 |language=en-US}}</ref> The deadline to exchange banknotes was extended{{when|date=February 2023}}<!-- on what date was in extended?  why, or what was the reason given by the government? --> to February 2023.<ref name=":0">{{Cite news |date=2023-02-14 |title=Nigeria's naira shortage: Anger and chaos outside banks |language=en-GB |work=BBC News |url=https://www.bbc.com/news/world-africa-64626127 |access-date=2023-02-14}}</ref>

The redesign is controversial. There have been shortages of the new bank notes at ATMs, necessitating some Nigerians to wait in long lines or sleep on the sidewalk waiting for ATMs to be reloaded.<ref name=":0" />

{|class="wikitable collapsible autocollapse" style="font-size: 90%; width: 100%"
!colspan="10"|Currently circulating banknotes<ref name="cenbank.org"/>
|-
!colspan="10"| 2022 Redesign
|-
!colspan="2"| Image !!rowspan="2"| Value !!rowspan="2"| Dimensions !!rowspan="2"| Main colour !!colspan="3"| Description !!colspan="2"| Date of
|-
! Obverse !! Reverse !! Obverse !! Reverse !! Watermark !! First printing !! Issue
|-
|align="center" bgcolor="#000000"|<!-- Deleted image removed: [[File:One hundred naira.jpg|106px]]  -->
|align="center"| 
| ₦200
|rowspan="3"| 151 × 78&nbsp;mm
| Pink 
| Sir [[Ahmadu Bello]]
| Pyramid of [[Agriculture in Nigeria|agricultural commodity and livestock farming]]
|rowspan="3"| As portrait(s), "CBN", value
| 2022
| 2022
|-
|align="center" bgcolor="#000000"| 
|align="center"| 
| ₦500
| Green 
| [[Dr. Nnamdi Azikiwe]]
| [[Petroleum in Nigeria|Off-shore oil rig]]
| 2022
| 2022
|-
|align="center" bgcolor="#000000"| [[File:Front view of New 1000 naira note.jpg|frameless|246x246px]]
|align="center"| 
| ₦1000
| Blue 
| Alhaji [[Aliyu Mai-Bornu]], Dr. [[Clement Isong]]
| [[Central Bank of Nigeria|CBN]]'s corporate headquarters in [[Abuja]]
| 2022
| 2022
|-
!colspan="10"| 
|}

==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 web|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/|access-date=2022-12-03|language=en}}</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.

The official exchange rate set by the Central Bank of Nigeria: naira to U.S. dollar is approximately ₦767.54 per 1 US dollar. This rate is almost two times different{{clarify|date=December 2024}} from the illegal black market exchange rate.
The Black-Market exchange rate of the naira to the U.S. dollar is approximately ₦752.50 per 1 US dollar.{{when|date=December 2024}}<ref>{{Cite web|url=https://www.curvert.com/en/usd-ngn/|title=US Dollar to Naira - Exchange Rate Today |website=www.curvert.com|accessdate=August 8, 2023}}</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 [[United States Dollar|US$]]1 (1994–2005)]]
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]]