NGN · NGN
Nigerian Naira (NGN)
The Nigerian Naira (NGN) is the official currency of Nigeria, issued by the Central Bank of Nigeria. Learn about its history, denominations, and role in the economy.
Convert this currency
Converted amount
0.0007 USD
Exchange rate
1 NGN = 0.000734 USD
Updated
8/9/2026 12:00 AM
Source
ApiForex Managed Source 3
NGN · Nigerian Naira
Nigerian Naira (NGN): Overview and History
The Nigerian Naira (NGN) is the official currency of the Federal Republic of Nigeria. It is issued and regulated by the Central Bank of Nigeria (CBN), which is responsible for maintaining monetary stability and ensuring the integrity of the currency. The Naira is subdivided into 100 kobo, although coins are rarely used in everyday transactions due to inflation and the prevalence of digital payments.
The Naira was introduced on January 1, 1973, replacing the Nigerian pound at a rate of 2 Naira to 1 pound. The currency has undergone several redesigns and denominations over the years, with banknotes currently available in denominations of 5, 10, 20, 50, 100, 200, 500, and 1,000 Naira. The currency symbol is ₦, and its ISO code is NGN.
As the primary medium of exchange in Nigeria, the Naira plays a crucial role in the country's economy, which is one of the largest in Africa. The exchange rate of the Naira is determined by market forces, but the CBN occasionally intervenes to manage volatility. For historical and economic context, the Naira has experienced significant fluctuations over time, reflecting changes in global oil prices, domestic inflation, and fiscal policies. However, this page provides general information and does not offer current rates or investment advice.
- Code
- NGN
- Symbol
- NGN
- Current rate
- USD / NGN
Currency information
Last updated · 8/7/2026
Introduced on January 1, 1973, replacing the Nigerian pound.
- Official name
- Nigerian Naira
- Legal tender status
- Legal tender in Nigeria
- Decimal places
- 2
- Minor unit
- Kobo · 1 NGN = 100 Kobo
- Countries
- Nigeria
- Issuing authority
- Central Bank of Nigeria
- Central bank
- Central Bank of Nigeria · Official website
- Exchange-rate regime
- Managed float
Common banknotes
₦5 · ₦10 · ₦20 · ₦50 · ₦100 · ₦200 · ₦500 · ₦1000
Common coins
50 kobo · ₦1 · ₦2
Also known as
Naira · Nigerian Naira · NGN · ₦
Practical notes
- The naira is subdivided into 100 kobo.
- The symbol ₦ is used to denote the naira.
Priority currency pairs
The most useful conversions for this currency.
Nigerian Naira questions
What is the NGN exchange rate?
The displayed rate is the latest available reference rate for USD/NGN. It can change throughout the day.
How can I convert NGN online?
Use the converter above to calculate indicative amounts between NGN and the other supported currencies.