Nigerian Naira (NGN)
₦ · Official currency of Nigeria
NGN at a glance
Every fact on this page is drawn from Central Bank of Nigeria or another primary source — see the 9 sources cited below.
| Currency | Nigerian Naira |
|---|---|
| ISO 4217 code | NGN · number 566 |
| Symbol | ₦ |
| Minor unit | 1 NGN = 100 kobo |
| Used in | 1 country or territory |
| Pegged to | Not pegged |
| Central bank | Central Bank of Nigeria |
| Official rates | Central Bank of Nigeria → |
| Introduced | 1973 |
Where the Nigerian Naira is used
- Nigeria
Exchange rate regime Managed float
Nigeria's naira trades in the Nigerian Foreign Exchange Market (NFEM), where the Central Bank of Nigeria publishes a daily official USD/NGN rate calculated as the volume-weighted average of that day's NFEM transactions, a single market-determined rate that replaced Nigeria's earlier layered system of the Dutch Auction System/Wholesale DAS (from August 2005), the Inter-bank Foreign Exchange Market and the Bureau de Change segment. The CBN continues to revise NFEM operating guidelines — most recently in November 2024 — and to intervene directly, including disclosed foreign-exchange spot sales to authorised dealers.
About the Nigerian Naira
The Nigerian Naira (NGN) is the official currency of Nigeria, issued by the Central Bank of Nigeria (CBN) and written with the symbol ₦. One naira divides into 100 kobo, and the currency carries ISO 4217 numeric code 566. The CBN, established under a 1958 Act of Parliament and today governed by the CBN Act 2007, holds the sole legal mandate under that Act to issue Nigeria's banknotes and coins.
The most recent operational changes came within days of each other in November 2024, when the CBN issued revised NFEM operating guidelines (29 November), separate guidelines for a new Electronic Foreign Exchange Matching System, or EFEMS (25 November), and implementation of the Bloomberg BMATCH system for foreign-exchange trading (25 November) — three circulars restructuring how NFEM trades are guided and executed, distinct from the volume-weighted-average method used to calculate the published daily rate.
Nigerian currency history runs from pre-colonial cowries, manilas, beads and salt through an 1880 colonial ordinance that made shillings and pence legal tender, and the West African Currency Board, which issued a shared currency for four territories from 1912. The CBN itself began issuing Nigeria's own banknotes on 1 July 1959, withdrawing the WACB currency. In January 1973 Nigeria decimalised: the naira, worth ten shillings, replaced the pound and divided into 100 kobo.
The naira's banknote series has grown since 1973: the ₦20 note introduced in 1977 was the first Nigerian note to carry a named individual's portrait, that of General Murtala Ramat Muhammed, and higher denominations from ₦100 to ₦1000 followed between 1999 and 2005. The CBN began issuing notes on polymer substrate with the ₦20 note in 2007, and in November 2022 changed the colours of the ₦1000, ₦500 and ₦200 notes to curb counterfeiting and currency hoarding.
Legal tender today comprises coins of 1, 10 and 50 kobo and ₦1 and ₦2, and banknotes from ₦5 to ₦1000, all produced by Nigeria Security Printing and Minting Plc and issued through CBN branches under the Bank's Clean Notes Policy, which sorts deposited currency into fit notes for reissue and unfit notes for disposal. The CBN also issues the eNaira, a central bank digital currency it describes as legal tender backed by Nigeria's full sovereignty.
NGN coins & banknotes
- 1 kobo
- 10 kobo
- 50 kobo
- ₦1
- ₦2
- ₦5
- ₦10
- ₦20
- ₦50
- ₦100
- ₦200
- ₦500
- ₦1000
NGN quick facts
- Introduced in January 1973, the naira replaced the Nigerian pound at one naira to ten shillings (two naira to the pound).
- Nigeria's ₦20 note, issued in 1977, was its first banknote to bear a named individual's portrait: General Murtala Ramat Muhammed.
- The CBN runs its own quality-control office, the Mint Inspectorate, inside Nigeria Security Printing and Minting Plc's Abuja and Lagos premises, to check finished banknotes and coins before they enter circulation.
- A CBN Financial Markets Department circular disclosed FX spot sales of US$543.5 million to authorised dealers in the three weeks from 6 to 30 September 2024 alone — a rare public figure for the scale of its direct market support.
- The CBN's daily NFEM data table publishes more than one rate: alongside the official volume-weighted average, it separately reports the day's highest, lowest, closing and simple-average rates, plus interbank and total market turnover in US dollars and the number of deals.
NGN frequently asked questions
Is the Nigerian naira pegged to the US dollar?
No. The naira trades in the Nigerian Foreign Exchange Market (NFEM), where the Central Bank of Nigeria publishes a daily official USD/NGN rate set as the volume-weighted average of that day's NFEM transactions rather than an administered peg. This unified market rate replaced Nigeria's earlier Dutch Auction System/Wholesale DAS, Inter-bank Foreign Exchange Market and Bureau de Change windows; the CBN still revises NFEM guidelines periodically and discloses direct FX interventions to authorised dealers.
What is the symbol for the Nigerian naira?
The symbol is ₦, and the ISO 4217 alphabetic code is NGN, with numeric code 566. One naira divides into 100 kobo, the currency's minor unit. Under Central Bank of Nigeria rules, coins of 1, 10 and 50 kobo and ₦1 and ₦2 remain legal tender, alongside banknotes running from ₦5 to ₦1000, all issued under the CBN's sole currency-issuing mandate.
Who issues the Nigerian naira?
The Central Bank of Nigeria (CBN), established under a 1958 Act of Parliament and now governed by the CBN Act 2007, is Nigeria's sole legal issuer of currency under Section 2(b) of that Act. Notes and coins are manufactured by Nigeria Security Printing and Minting Plc and issued to the public through CBN branches and deposit money banks.
What banknotes and coins are used in Nigeria?
Nigeria's legal-tender coins are 1, 10 and 50 kobo and ₦1 and ₦2; banknotes run ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500 and ₦1000, produced by Nigeria Security Printing and Minting Plc. The CBN has issued notes on polymer substrate since 2007, and in November 2022 it changed the colours of the ₦1000, ₦500 and ₦200 notes to curb counterfeiting; the CBN separately issues the eNaira digital currency.
Explore NGN
Facts on this page are sourced from Central Bank of Nigeria and other primary references (9 sources). Rates are mid-market and for information only.
Sources for this NGN profile
9 primary sources behind the facts above, each listed with the sections of this page it is cited for. Links open on the publisher's own site.
- Central Bank of Nigeria www.cbn.gov.ng/rates/ExchRateByCurrency.html Cited for: Exchange rate regime · Quick facts · About · FAQ
- Central Bank of Nigeria www.cbn.gov.ng/rates/exrate.html Cited for: Exchange rate regime · FAQ
- Central Bank of Nigeria www.cbn.gov.ng/Documents/FmdCirculars.html Cited for: Exchange rate regime · Quick facts · About · FAQ
- Central Bank of Nigeria www.cbn.gov.ng/currency/legaltender.html Cited for: Coins & banknotes · Minor unit · About · FAQ
- SIX Group (ISO 4217 Maintenance Agency) www.six-group.com/dam/download/financial-information/data-center/iso-currrency/lists/list-one.xml Cited for: Minor unit · FAQ
- Central Bank of Nigeria www.cbn.gov.ng/currency/historycur.html Cited for: Introduced · Quick facts · About · FAQ
- Central Bank of Nigeria www.cbn.gov.ng/currency/ Cited for: Where it is used · Quick facts · About · FAQ
- Central Bank of Nigeria www.cbn.gov.ng/aboutcbn/ Cited for: About · FAQ
- Central Bank of Nigeria www.cbn.gov.ng/currency/eNaira.html Cited for: About · FAQ