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What are some interesting facts about the Nigerian naira?

Here are five interesting facts about the Nigerian naira. 1. It’s an abbreviation of the country’s name. Chief Obafemi Awolowo, who served as Nigeria’s Federal Commissioner of Finance, first coined the term “naira.” In honor of Nigeria’s freedom, Awolowo condensed the country’s name into the term for its new currency.

What is Nigerian naira (NGN)?

The Nigerian naira (NGN) is the official currency of the Federal Republic of Nigeria. The Central Bank of Nigeria manages and distributes the Nigerian naira and attempts to maintain price stability with it. The naira has been continually devalued since its inception in 1973, and inflation remains above 10% as of 2019.

When did Naira become a currency?

There was a government plan to redenominate the naira at 100:1 in 2008, but the plan was suspended. The currency sign is U+20A6 ₦ NAIRA SIGN. The name "Naira" was coined from the word "Nigeria" by Obafemi Awolowo. However, Naira as a currency was launched by Shehu Shagari as minister of finance in 1973.

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