| 1 $ = | Start | 06/03/2026 | Change | |
| Last 24 hours | 1,370.6 ₦ | ⇨ | 1366 ₦ | -0.34% |
| Last week | 1,373.9 ₦ | ⇨ | 1366 ₦ | -0.58% |
| Last month | 1,375.5 ₦ | ⇨ | 1366 ₦ | -0.7% |
| Last year | 1,580.8 ₦ | ⇨ | 1366 ₦ | -13.6% |
| Currency | 05/27/2026 | 06/03/2026 | Change | |
| Seychellois Rupee (SCR) | 13.53 SR | ⇨ | 14.818 SR | +9.52% |
| Venezuelan Bolívar (VES) | 534.72 Bs. | ⇨ | 558.05 Bs. | +4.36% |
| Russian Ruble (RUB) | 71.027 руб | ⇨ | 73.554 руб | +3.56% |
| Sri Lankan Rupee (LKR) | 325.37 Rs | ⇨ | 332.46 Rs | +2.18% |
| Congolese Franc (CDF) | 2,232 FC | ⇨ | 2,280 FC | +2.15% |
| Ethiopian Birr (ETB) | 161.28 Br | ⇨ | 159.45 Br | -1.13% |
| Paraguayan Guaraní (PYG) | 6,136.8 ₲ | ⇨ | 6,048.9 ₲ | -1.43% |
| Dominican Peso (DOP) | 58.85 RD$ | ⇨ | 57.95 RD$ | -1.53% |
| Colombian Peso (COP) | 3,675.7 $ | ⇨ | 3,588.7 $ | -2.37% |
| Zambian Kwacha (ZMW) | 18.731 ZK | ⇨ | 18.073 ZK | -3.51% |
| See also: 24h, monthly and yearly currency moves | ||||
| Currency name | Nigerian Naira |
| Symbol | ₦ |
| Also known as | NGN, Nigerian Naira, ₦1 = 100 kobo |
| ISO code | NGN |
| Banknotes | ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, ₦1000 |
| Coins | 50 kobo; ₦1, ₦2 |
| Central bank | Central Bank of Nigeria (CBN) - Website: www.cbn.gov.ng |
| Countries | 1 country: Nigeria (capital: Abuja, major cities: Lagos, Kano, Ibadan, Abuja) |
| Population | 200 mil. |
History
The history of the Nigerian naira, Nigeria's official currency, is a compelling story of a young nation forged from colonial administration seeking to build an independent economic identity. Before independence in 1960, Nigeria used the British West African pound, a currency shared across several British territories in West Africa and managed by the West African Currency Board from 1912.
Nigeria introduced the naira on 1 January 1973, replacing the Nigerian pound at a rate of 2 naira per pound. The name "naira" is a shortened form of "Nigeria." The launch of the naira coincided with Nigeria's oil boom: oil revenues, supercharged by the 1973 OPEC embargo, transformed Nigeria into sub-Saharan Africa's largest economy.
The oil boom also planted the seeds of future trouble. Rapid government spending, declining oil prices in the 1980s, and massive foreign debt accumulation created economic crisis. Military governments responded with currency controls, multiple exchange rates, and import restrictions that distorted the economy for decades. The parallel (black market) exchange rate diverged dramatically from the official rate.
Despite decades of reform efforts, including a significant liberalisation in 2023 when the Central Bank of Nigeria unified multiple exchange rate windows and allowed the naira to float more freely, Nigeria has struggled to achieve sustained monetary stability. The naira has depreciated sharply in real terms since the oil boom. Managing inflation, oil dependency, and foreign exchange scarcity remain the core challenges for the Central Bank of Nigeria.
Sources:
"Nigerian naira", Wikipedia, https://en.wikipedia.org/wiki/Nigerian_naira
"Central Bank of Nigeria", Wikipedia, https://en.wikipedia.org/wiki/Central_Bank_of_Nigeria