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Nigeria Currency:
The
Nigerian Naira (NGN) is the title of the Nigerian currency. The
currency was introduced in 1973 to replace the pound which had
been in use here since the colonial period. One Naira is equivalent
to 100 Kobo.
Coins currently used are; ½ , 1, 5, 10, 26,
50 kobos and 1 naira. Banknotes currently in circulation are
for 5, 10, 20, 50, 100, 200, 500, 1000 nairas. In 2005, the average
exchange rate for one US$ against the naira was at 132.59.
Most major foreign currencies are readily exchanged at banks
and foreign exchange bureaus in major towns and cities, and also
at the Lagos and Abuja airports.
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