NGNNigerian NairaNigerian Naira (NGN)
The Nigerian naira is Nigeria's national currency and one of the most economically significant monetary units in sub-Saharan Africa.
- ISO code
- NGN
- Symbol
- ₦
- Region
- Africa
- Currency type
- Fiat currency
- Exchange system
- NGN is determined within Nigeria's regulated foreign-exchange market framework, where the Central Bank of Nigeria sets rules and may intervene. It is not maintained at a permanent one-to-one USD parity.
- Last reviewed
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Quick facts
NGN at a glance
Currency profile
How NGN works
The Nigerian naira is Nigeria's national currency and one of the most economically significant monetary units in sub-Saharan Africa.
The Central Bank of Nigeria issues naira banknotes, supports coin circulation and oversees monetary and foreign-exchange policy for the federal economy.
- NGN is divided into 100 kobo and replaced the Nigerian pound when the country adopted decimal currency in 1973.
- Nigeria's foreign-exchange framework has changed over time and should not be summarized as a permanent fixed USD parity.
Context
Why this currency matters
NGN matters because Nigerian demand, production and financial activity shape commerce well beyond the country's borders. The naira links energy exports, regional wholesale markets, remittances and a large digital economy, while its evolving market framework makes dated sources and conversion direction essential context.
Monetary framework
Exchange arrangement
NGN is determined within Nigeria's regulated foreign-exchange market framework, where the Central Bank of Nigeria sets rules and may intervene. It is not maintained at a permanent one-to-one USD parity.
CurrencyHub shows daily reference rates. Banks, card networks, ATMs and transfer providers may apply different exchange rates, fees or spreads.
History timeline
Key dates for NGN
Central Bank currency issue began
The Central Bank of Nigeria issued national notes as the country moved toward an independent monetary system.
Central Bank of Nigeria - currency historyNaira replaced the Nigerian pound
Nigeria introduced the decimal naira at two naira for one former Nigerian pound.
Central Bank of Nigeria - currency historyModern note system expanded
Currency reforms introduced new denominations and wider use of polymer notes in the national cash series.
Central Bank of Nigeria - currency history
Usage and economy
How NGN is used
- Prices, wages, taxes and settlement throughout Nigeria.
- West and Central African comparisons involving GHS, XOF, XAF and KES.
Country currency guides
Banknotes and coins
NGN currency units
The Central Bank of Nigeria publishes the naira banknote denominations and currency history.
The Central Bank of Nigeria documents naira and kobo coins within the national currency system.
One Nigerian Naira unit is recorded with 2 decimal places and uses Kobo as its minor unit.
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Currency relationships
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Currency topics
FAQ
NGN questions
Why is the Nigerian naira important in Africa?
NGN supports commerce in Africa's most populous country and affects regional trade, energy, remittance and digital-payment activity.
What did the naira replace in 1973?
The naira replaced the Nigerian pound at a conversion of two naira for one pound when Nigeria decimalized its currency.
Is NGN officially fixed to USD?
No permanent one-to-one USD parity applies; Nigeria uses a regulated foreign-exchange market overseen by the Central Bank of Nigeria.
Sources
Data and editorial review
Rate source: Frankfurter
Last reviewed:
Currency identity and cash information is checked against central-bank, government, ISO and official international sources.