Nigerian Naira

The Nigerian Naira (NGN) is the official currency of Nigeria, introduced in 1973 to replace the pound. It is used for everyday transactions within the country and is subdivided into 100 kobo. The Naira is managed by the Central Bank of Nigeria, which regulates its value and circulation. The currency has experienced fluctuations in value due to factors like inflation, economic policies, and global oil prices, as Nigeria is a major oil producer. Like other currencies, the Naira can be exchanged for various international currencies, though exchange rates vary based on economic conditions.