Nigerian Naira

Overview

Economy

• Nigeria is a member of AU, ECOWAS, OIC, OPEC, Commonwealth.
• Main industries include: Crude oil, Coal, Tin, Columbite, Rubber products, Wood, Hides and skins, Textiles, Cement, Food products.
• Nigeria is part of the World Trade Organization.
• Imports are machinery, chemicals, transport equipment, manufactured goods, food, live animals.
• Major exports include petroleum, petroleum products, cocoa, rubber.
• GDP: $440.8 billion (2023 est.).
• GDP per capita: $2,016 (2023 est.).
• Unemployment rate: 5.0% (2020 est.).
• Inflation rate: 24.5% (2023 est.).
• Main trading partners: India, Spain, United States, France, China, Netherlands.
• Trade agreements: ECOWAS, African Continental Free Trade Area, Various bilateral agreements.

History

• Previous currencies used: Nigerian pound, British West African pound.
• The naira was introduced in 1973, replacing the Nigerian pound. It was named after the Niger River and has undergone several reforms and devaluations.
• 1973: NGN introduced, replacing Nigerian pound at 2:1
• 1986: Structural Adjustment Program and devaluation
• 1999: Return to democracy
• 2014-2016: Oil price collapse and multiple devaluations
• 2021: Central Bank Digital Currency (eNaira) launched
• 2023: Currency redesign and cash shortages
• Exchange rate peg: Managed float with multiple rates.

General Information

• ISO 4217 Code: NGN
• Symbols: NGN/₦
• Currency Subunits: 100 kobo
• Central Bank: Central Bank of Nigeria
• Monetary Policy: Managed floating exchange rate with multiple windows. Focus on controlling inflation and managing foreign exchange constraints.
• Bills: 5 NGN, 10 NGN, 20 NGN, 50 NGN, 100 NGN, 200 NGN, 500 NGN, 1000 NGN
• Coins: 50 kobo, 1 naira, 2 naira
• USD Exchange Rate: Variable (multiple rates, approximately 800-1500 NGN per USD)
• Pegged To: None (Floating)
• Capital: Abuja
• Population: 218,541,212 (2023 est.)
• Area: 923,768 km²
• Languages: English (official), Hausa, Yoruba, Igbo (Ibo), Fulani, over 500 indigenous languages
• Time Zones: UTC+1 (West Africa Time)
• Government Type: Federal presidential republic
• Head of Government: President (head of state and government)
• Independence: October 1, 1960 (from United Kingdom)
• Ethnic Groups: Hausa 30%, Yoruba 15.5%, Igbo (Ibo) 15.2%, Fulani 6%, Tiv 2.4%, Kanuri/Beriberi 2.4%, Ibibio 1.8%, Ijaw/Izon 1.8%, Other 24.9%
• Religions: Muslim 53.5%, Roman Catholic 10.6%, Other Christian 35.3%, Other 0.6%
• Literacy Rate: 62% (2018 est.)
• Transport: Murtala Muhammed International Airport, limited road and rail networks, Lagos and Port Harcourt ports
• Communications: Good telecommunications, 51% internet penetration, extensive mobile coverage
• Energy: Natural gas 85%, Oil 14%, Hydroelectric 1%, developing renewable projects
• Countries Using This Currency: Nigeria
• Data Sources: Central Bank: Central Bank of Nigeria (cbn.gov.ng), Economic Data: National Bureau of Statistics Nigeria, World Bank, IMF, Trade Data: Nigeria Customs Service, Demographic Data: National Bureau of Statistics Nigeria, Geographic Data: Nigerian Meteorological Agency, Historical Data: Central Bank of Nigeria archives
• Last Updated: 2025