The naira (sign: ₦; code: NGN) is the currency of Nigeria. It is subdivided into 100 kobo.
The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Nigerian Federation. It controls the volume of money supplied 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.The naira was introduced on 1 January 1973, replacing the pound at a rate of 2 naira = 1 pound. This made Nigeria the last former British colony to abandon the £sd currency system in favour of the decimal currency system. There was a government plan to redenominate the naira at 1 new naira = 100 old naira in 2008, but the plan was suspended. The currency sign is U+20A6 ₦ NAIRA SIGN. The name naira is simply a contraction of "Nigeria", while the subdivision, kobo, is named by a derivation of the English "copper."