# naira

> currency of the Federal Republic of Nigeria

**Wikidata**: [Q203567](https://www.wikidata.org/wiki/Q203567)  
**Wikipedia**: [English](https://en.wikipedia.org/wiki/Nigerian_naira)  
**Source**: https://4ort.xyz/entity/naira

## Summary
The naira is the currency of the Federal Republic of Nigeria, introduced in 1973 to replace the Nigerian pound. It is issued by the Central Bank of Nigeria and printed by the Nigerian Security Printing and Minting Company Limited. The naira is widely used as a medium of exchange for goods and services across Nigeria.

## Key Facts
- The naira replaced the Nigerian pound in 1973.
- It is the official currency of Nigeria, a sovereign state in West Africa.
- The naira is issued by the Central Bank of Nigeria, established in 1958.
- The Nigerian Security Printing and Minting Company Limited is responsible for printing Nigerian banknotes.
- The naira is abbreviated as ₦ and its ISO code is NGN.
- The naira is a generally accepted medium of exchange for goods and services in Nigeria.

## FAQs
**What is the naira?**
The naira is the official currency of Nigeria, introduced in 1973 to replace the Nigerian pound. It is issued by the Central Bank of Nigeria and is widely used for transactions within the country.

**Who issues the naira?**
The naira is issued by the Central Bank of Nigeria, which was established in 1958. The Nigerian Security Printing and Minting Company Limited is responsible for printing the banknotes.

**What replaced the naira?**
The naira replaced the Nigerian pound, which was the currency of Nigeria between 1907 and 1973.

**How is the naira abbreviated?**
The naira is abbreviated as ₦ and its ISO code is NGN.

**What is the significance of the naira?**
The naira is significant as it serves as the primary medium of exchange for goods and services in Nigeria. Its introduction in 1973 marked a change in Nigeria's monetary system.

## Why It Matters
The naira plays a crucial role in Nigeria's economy by facilitating trade and financial transactions. Its introduction in 1973 was a significant monetary reform that replaced the Nigerian pound. The Central Bank of Nigeria, which issues the naira, is responsible for maintaining monetary stability and regulating the currency. The Nigerian Security Printing and Minting Company Limited ensures the production of high-quality banknotes. The naira's widespread use reflects its importance as a medium of exchange in Nigeria.

## Notable For
- Being the official currency of Nigeria since 1973.
- Being issued by the Central Bank of Nigeria, established in 1958.
- Being printed by the Nigerian Security Printing and Minting Company Limited.
- Replacing the Nigerian pound, which was in use from 1907 to 1973.
- Being abbreviated as ₦ and having the ISO code NGN.

## Body
### Overview
The naira is the official currency of the Federal Republic of Nigeria. It was introduced on January 1, 1973, to replace the Nigerian pound, which had been in use since 1907. The naira is issued by the Central Bank of Nigeria, which was established in 1958. The Nigerian Security Printing and Minting Company Limited is responsible for printing the banknotes.

### History
The naira replaced the Nigerian pound in 1973. The Nigerian pound had been the currency of Nigeria since 1907. The introduction of the naira marked a significant change in Nigeria's monetary system. The Central Bank of Nigeria, established in 1958, is responsible for issuing the naira and maintaining monetary stability.

### Issuance and Production
The Central Bank of Nigeria issues the naira. The Nigerian Security Printing and Minting Company Limited is responsible for printing the banknotes. The naira is abbreviated as ₦ and its ISO code is NGN. The naira is widely used as a medium of exchange for goods and services in Nigeria.

### Related Entities
- **Currency**: The naira is a generally accepted medium of exchange for goods and services in Nigeria.
- **Nigerian Security Printing and Minting Company Limited**: This organization is responsible for printing the Nigerian banknotes.
- **Central Bank of Nigeria**: This bank issues the naira and is responsible for maintaining monetary stability in Nigeria.
- **Nigeria**: The naira is the currency of Nigeria, a sovereign state in West Africa. Nigeria became independent on October 1, 1963.

### Significance
The naira is significant as it serves as the primary medium of exchange for goods and services in Nigeria. Its introduction in 1973 marked a change in Nigeria's monetary system. The Central Bank of Nigeria, which issues the naira, is responsible for maintaining monetary stability and regulating the currency. The Nigerian Security Printing and Minting Company Limited ensures the production of high-quality banknotes. The naira's widespread use reflects its importance as a medium of exchange in Nigeria.

## References

1. Freebase Data Dumps. 2013
2. GF WordNet