Currency profile
Nigerian Naira (NGN)
The Nigerian naira (NGN) is the official currency of Nigeria, divided into 100 kobo (a subunit now nominal). Nigeria unified its exchange-rate windows and floated the naira in June 2023.
The Nigerian Naira today
Mid-market · as of 6:12 PM GST
The naira has moved with the market since Nigeria unified its exchange rates and floated the currency in 2023, so its rate against the dollar and the dirham is market-set.
Exchange-rate regime
Managed float. In June 2023 the Central Bank of Nigeria unified the country’s multiple exchange-rate windows and floated the naira on a “willing buyer, willing seller” basis, letting the market set the rate with the Central Bank retaining the ability to intervene.
The issuing central bank
The Central Bank of Nigeria, established in 1958, issues the naira and sets foreign-exchange policy.
History
- 1958The Central Bank of Nigeria was established as the issuing authority.
- 1973The naira was introduced in 1973, replacing the Nigerian pound.
- 2023In June 2023 Nigeria unified its exchange-rate windows and floated the naira, ending a managed multiple-rate system.
Coins and banknotes
One naira is divided into 100 kobo. Coins: Kobo and low-value naira coins are little used in practice. Banknotes: 5, 10, 20, 50, 100, 200, 500 and 1,000 naira, issued by the Central Bank of Nigeria.
Popular Nigerian Naira pairs
What moves it
- The naira now floats on a managed basis, so its rate reflects supply and demand with Central Bank intervention.
- Oil exports and foreign-currency reserves are major influences on the currency.
- Nigeria is a large remittance-receiving country (World Bank).
Structural facts reviewed 8 August 2026 · reviewed quarterly. Sources: Central Bank of Nigeria · World Bank. Live rates are mid-market — see our Methodology and Editorial Policy.