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5 Facts You Probably Didn’t Know about the Nigerian Naira

Nigeria, dubbed the "Giant of Africa," is a major economic and cultural power on the African continent. Nigeria not only boasts the greatest economy in Africa

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5 Facts You Probably Didn’t Know about the Nigerian Naira

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  1. 5 Facts You Probably Didn’t Know about the Nigerian Naira Send Naira Digitally

  2. Nigeria, dubbed the "Giant of Africa," is a major economic and cultural power on the African continent. Nigeria not only boasts the greatest economy in Africa, but it also gave home to Nollywood and well-known authors such as Chimamanda Ngozi Adichie. With Nigeria's rising financial strength and worldwide standing, there is no better moment to introduce you to the country's currency, the naira. To Send Naira digitally use a money transfer application. What Is the Nigerian Naira? The Nigerian naira (NGN, symbol) is divided into 100 kobo (k), which are smaller coin denominations. Today's coins include 50k, 1 naira, and 2 naira, while banknotes range from 5 to 1000 naira. The banknotes and coins are issued by the Central Bank of Nigeria (CBN), which is headquartered in Abuja. The naira banknotes, like the US dollar, depict several notable individuals from Nigeria's history. Among these notable individuals are: On the 5-naira banknote appears the first Prime Minister of Nigeria. On the 500-naira note is Nigeria's first president.

  3. Brief History of Nigerian Currency Nigeria's first significant currency was shillings and pence, which were established into British West Africa in the colonial ordinance of 1880. The first banknotes were issued in 1912. It wasn't until 1973 that the Nigerian government changed the currency metric to decimals (from pounds), renamed the new Nigerian currency "naira," and replaced the inherited British currency. Since then, the naira has been the primary monetary unit, while the kobo has been the minor unit. Due to economic development and inflation, additional naira banknotes were created in the years that followed, and several smaller kobo coins were withdrawn from circulation.

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