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Naira
The naira (sign: ₦; code: NGN; , , , ) is the currency of Nigeria. One naira is divided into 100 ''kobo''. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the volume of money supplied in the economy in order 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, 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. History The naira was introduced on 1 January 1973, replacing the Nigerian pound at a rate of £1 = ₦2. The coins of the new cu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Nigeria
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959. The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country; promote monetary stability and a sound financial environment, and act as a banker of last resort and financial adviser to the federal government. The central bank's role as lender of last resort and adviser to the federal government has sometimes pushed it into murky political controversies. After the end of colonial rule, the desire of the government to become proactive in the development of the economy became visible, especially after the end of the Nigerian civil war, the bank followed the government's desire and took a determined effort to supplement any show shortfalls, credit allocations to the real sector. The bank became involved in lending directly to consumers, contravening its ori ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigerian Five-hundred-naira Note
The five hundred naira Nigerian note is a denomination of Nigerian currency. It was introduced in April 2001, and it was the highest currency in Nigeria when it was introduced until the 1000 naira was introduced. The obverse of the note features a portrait of Nnamdi Azikiwe. The reverse features an off-shore oil rig and the Coat of arms of Nigeria. The 2001 issue was withdrawn on the 10th February 2023 and replaced by a new green version. Security features include a Holographic security thread, tilt feature, colour changing ink, watermark and raised ink. References Banknotes of Nigeria 500 Naira The naira (sign: ₦; code: NGN; , , , ) is the currency of Nigeria. One naira is divided into 100 ''kobo''. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. It controls the ... Currencies introduced in 2001 2001 establishments in Nigeria {{banknote-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Obafemi Awolowo
Obafemi Jeremiah Oyeniyi Awolowo (6 March 1909 – 9 May 1987) was a Nigerian politician who served as the first Premier of the Western region of Nigeria. He was known as one of the key figure towards Nigeria's independence movement from 1957 to 1960. Awolowo founded the Yoruba nationalist group Egbe Omo Oduduwa as well as the Premier of the Western Region under Nigeria's parliamentary system from 1952 to 1959. He was the official opposition leader in the federal parliament to the Balewa government from 1959 to 1963. As a young man he was an active journalist, editing publications such as the Nigerian Worker and the African Sentinel, on top of others as well. He later became founder and publisher of ''Nigerian Tribune'' of African Newspapers of Nigeria Ltd. After receiving his bachelor of commerce degree in Nigeria, he traveled to London to pursue his degree in law. Obafemi Awolowo was the first premier of the Western Region and later federal commissioner for finance, an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Digital Currency
A central bank digital currency (CBDC; also called digital fiat currency or digital base money) is a digital currency issued by a central bank, rather than by a commercial bank. It is also a liability of the central bank, unless it is dividend-yielding, then it is an ownership stake in the central bank, and is a new form of legal tender, unlike cash like retail CBDC which is the digitization of sovereign currency, which applies to physical banknotes, coin, and existing wholesale CBDC reserves that are used in the reverse repo and repo market. The two primary categories of CBDCs are retail and wholesale. Retail CBDCs are designed for households and businesses to make payments for everyday transactions, whereas wholesale CBDCs are designed for financial institutions and operate similarly to central bank reserves. Retail CBDCs can be distributed through various models. In the intermediated model, the central bank issues the CBDC and manages core infrastructures, while financial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2023 Nigerian Currency Crisis
The 2023 Nigerian currency crisis was precipitated by a shortage of cash currency (the naira) and an attempt by the Nigerian government to force citizens to use a newly created government-sponsored central bank digital currency. This led to extensive street protests in mid-February 2023. Central Bank governor Godwin Emefiele initially cited Nigerians hoarding notes in their homes as the reason for the currency redesign. However, he later claimed that it would deter counterfeiters and those paying kidnappers' ransoms, and that it was a step towards a cashless society. He also argued that it would help reduce inflation. Some analysts and politicians have said that a motive of the CBDC introduction and deprecation of the old currency was to curb vote buying, by thwarting politicians who had amassed a stockpile of naira in preparation for election day. See also * 2023 Nigerian elections The 2023 Nigerian elections were held in large part on 25 February and 11 March 2023. The presi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigeria
Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of Guinea in the Atlantic Ocean to the south. It covers an area of . With Demographics of Nigeria, a population of more than 230 million, it is the List of African countries by population, most populous country in Africa, and the List of countries and dependencies by population, world's sixth-most populous country. Nigeria borders Niger in Niger–Nigeria border, the north, Chad in Chad–Nigeria border, the northeast, Cameroon in Cameroon–Nigeria border, the east, and Benin in Benin–Nigeria border, the west. Nigeria is a Federation, federal republic comprising 36 States of Nigeria, states and the Federal Capital Territory, Nigeria, Federal Capital Territory, where its capital, Abuja, is located. The List of Nigerian cities by population, largest city in Nigeria by population is Lagos, one of the largest List of largest cities, metr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigerian One-thousand-naira Note
Nigerian one thousand-naira note ( ₦ 1000 or NGN 1000) is a denomination of the Nigerian currency. The one thousand-naira note was introduced in October 2005. It is the highest Naira denomination. On 12 October 2005, Olusegun Obasanjo launched the ₦ 1000 note. References 1000 1000 or thousand may refer to: * 1000 (number), a natural number * AD 1000, a leap year in the Julian calendar * 1000 BC, a year of the Before Christ era * 1000 metres, a middle-distance running event * 1000°, a German electronic dance music maga ... Currencies introduced in 2005 Banknotes of Nigeria One-thousand-base-unit banknotes 2005 establishments in Nigeria {{banknote-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigerian Two-hundred-naira Note
The Nigerian two hundred-naira bill (₦200) is a denomination of Nigerian currency. The first Nigerian note with this value was issued in November 2000. Sardauna of Sokoto Ahmadu Bello has been featured on the obverse of the bill since 2000. On the reverse of the banknote is a pyramid of agricultural commodity, livestock farming, the National Coat of Arms, yellow trumpet flowers, and the denomination. The bills are also commonly referred to as ''20 faiba'', indicating that it is ₦10 in 20 places. Redesign On the 23rd of October 2022, the governor of the Central Bank of Nigeria, Godwin Emefiele announced that the ₦200, ₦500, and ₦1000 notes would be redesigned to reduce counterfeiting and corruption. The new notes were unveiled on the 23rd of November 2022. No changes were made on the existing features, only the overall colour of the note was changed. President Muhammad Buhari said that the old 200 notes could be used till 10 April 2023. The notes are still in use. R ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigerian One-hundred-naira Note
The Nigerian one hundred-naira bill (₦100) is a denomination of Nigerian currency. The first Nigerian note with this value was issued in December 1999 and the Centenary version was launched in 2014. Obafemi Awolowo, a nationalist and statesman who played a key role in Nigeria's independence movement, has been featured on the obverse of the bill since 1999. An image of Zuma Rock in Niger State once appeared on the reverse of the banknote, but was replaced by a group of traditionally dressed people in the Centenary note issued on the 19th December 2014. The bills are also commonly referred to as "10 faiba," "Awo," in reference to the use of Awolowo's portrait on the denomination. References {{Authority control One-hundred-base-unit banknotes 100 100 or one hundred (Roman numeral: C) is the natural number following 99 and preceding 101. In mathematics 100 is the square of 10 (in scientific notation it is written as 102). The standard SI prefix for a hundred is " hect ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nigerian Security Printing And Minting Company Limited
The Nigerian Security Printing and Minting Company Plc is the Nigerian banknote printer and mint. It is located in both Abuja and Lagos and is majority-owned by the government of Nigeria. In addition to printing the banknotes and the postal orders of Nigeria, it has struck some of the coins of Nigeria. It also prints stamps. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federation. It controls the volume of money supply 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 privatization of the Mint by President Olusegun Obasanjo in February 2002 was controversial, and Managing Director Sambo Dasuki resigned in protest. In 2006, the Governor of the Central Bank of Nigeria, Charles Chukwuma Soludo, ''regretted that N ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
