About the Nigerian Naira (NGN)
What Is the Nigerian Naira (NGN)?
The Nigerian Naira (NGN) is the official currency of Nigeria, symbolized by ₦. Issued by the Central Bank of Nigeria (CBN), it serves as the sole legal tender for all domestic transactions. One Naira equals 100 Kobo. As Africa’s largest economy, Nigeria’s currency plays a pivotal role in regional finance.
Key features:
- Currency Code: NGN
- Issuer: Central Bank of Nigeria (CBN)
- Subdivision: 100 Kobo = 1 Naira
History of the Nigerian Naira
Introduced on January 1, 1973, the Naira replaced the Nigerian pound at a 2:1 ratio, marking Nigeria’s transition to an independent decimal currency system. The name "Naira" reflects national sovereignty, with early coins being the last to feature Queen Elizabeth II.
NGN Banknotes and Coins
Coins: 50 Kobo, ₦1, ₦2
Banknotes: ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, ₦1000
eNaira: Nigeria’s Digital Currency
Launched in October 2021, eNaira is Africa’s first central bank digital currency (CBDC). It mirrors the value of physical Naira and operates on a blockchain managed by the CBN.
👉 Learn more about eNaira’s benefits
Key Advantages:
- Enhances financial inclusion
- Reduces transaction costs
- Supports cross-border payments
Is NGN Pegged to GBP?
No. The Naira operates on a floating exchange rate, determined by market forces. Nigeria discontinued its peg to the British Pound after independence.
Is NGN a Stable Currency?
The Naira faces volatility due to economic factors like oil price fluctuations and political instability. In 2023, it depreciated by 23% against the USD in a single day, highlighting ongoing challenges.
Pi Network DeFi (PINETWORKDEFI) to NGN Conversion
Bitget’s crypto-to-fiat data shows PINETWORKDEFI/NGN as the most traded pair for Pi Network DeFi. Use our calculator to estimate conversions seamlessly.
FAQ Section
Q: How does eNaira differ from Bitcoin?
A: Unlike decentralized Bitcoin, eNaira is a CBDC regulated by Nigeria’s central bank, offering stability and legal tender status.
Q: Can I use NGN for international transactions?
A: Yes, but exchange rates may vary. Consider using services like 👉 Bitget for competitive rates.
Q: What drives NGN’s value?
A: Oil exports, monetary policies, and foreign exchange reserves significantly influence the Naira’s stability.