NGN/XAF Currency Exchange Rate & News

The naira is the currency of Nigeria. One naira is divided into 100 kobo. The Central Bank of Nigeria is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the volume of money supplied in the economy to ensure monetary and price stability. The Currency Operations Department of the CBN is in charge of currency management, through the designs, procurement, distribution and supply, processing, and reissue and disposal or disintegration of bank notes and coins. A major cash crunch occurred in February 2023 when the Nigerian government used a currency note changeover—delivering too few of the new notes into circulation—to attempt to force citizens to use a newly created, government-sponsored central bank digital currency. This led to extensive street protests. Wikipedia

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