The naira is the currency of Nigeria. The ISO currency code is NGN. It is subdivided into 100 kobo.
The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federation. It controls the volume of money supply in the economy in order to ensure monetary and price stability. The Currency & Branch Operations Department of the CBN is in charge of currency management, through the procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins.
In 1973, the Central Bank of Nigeria introduced notes for 50 kobo, 1, 5, 10 and 20 naira. The 50 kobo notes were last issued in 1989. In 1991, 50 naira notes were issued, followed by 100 naira in 1999, 200 naira in 2000, 500 naira in 2001 and 1000 naira on October 12, 2005.
In 2007, new versions of the 5 to 50 naira banknotes were announced. The 10, 20 and 50 naira will be polymer banknotes, although currently only the 20 naira is made of polymer. The notes are slightly smaller and redesigned.
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