The naira (sign: ₦; code: NGN) is the currency of Nigeria. One naira is divided into 100 kobo.
The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the volume of money supplied in the economy in order to ensure monetary and price stability. The Currency Operations Department of the CBN is in charge of currency management, through the designs, procurement, distribution and supply, processing, reissue and disposal or disintegration of bank notes and coins.
The naira was introduced on 1 January 1973, replacing the Nigerian pound at a rate of 2 naira = 1 pound. The coins of the new currency were the first coins issued by an independent Nigeria.