The Nigerian Naira (NGN) is the official currency of Nigeria and is issued and managed by the Central Bank of Nigeria (CBN), the country's central bank and monetary authority. The Nigerian Naira is represented by the symbol "₦" and is abbreviated as "NGN."
The Naira is subdivided into 100 smaller units called kobo. Banknotes are available in denominations of 5, 10, 20, 50, 100, 200, 500, and 1000 naira, while coins are available in denominations of 1 and 2 naira, as well as 50 kobo.
As Nigeria's monetary authority, the CBN is responsible for ensuring the stability of the Nigerian Naira and managing its supply. The CBN implements monetary policy, manages foreign exchange reserves, and supervises the banking system to maintain confidence in the currency and support economic growth in Nigeria.
The exchange rate of the Nigerian Naira is determined by market forces and is influenced by various factors, including inflation, interest rates, economic growth, trade balances, and global economic conditions. The CBN occasionally intervenes in the foreign exchange market to stabilize the Naira or address potential risks to the economy.
When engaging in transactions or investments involving the Nigerian Naira, it is important to be aware of the risks associated with currency fluctuations, as well as any regulatory differences that may exist between Nigeria and other countries. Thorough research and understanding of Nigeria's market can help investors and businesses make informed decisions when dealing with the Nigerian Naira.
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