24/03/2020: COVID-19 Economic Impact
The COVID-19 pandemic had a significant impact on the Papua New Guinean economy and the value of the Kina, leading to economic challenges and policy interventions.
20/03/2020: Impact of COVID-19 Pandemic
The outbreak of the COVID-19 pandemic resulted in a significant decline in oil prices, affecting Nigeria's economy and putting pressure on the Naira's exchange rate.
19/11/2018: Launch of New Kina Notes and Coins
The Bank of Papua New Guinea launched a new series of Kina banknotes and coins, featuring enhanced security features and improved design.
20/06/2016: Adoption of Flexible Exchange Rate Policy
The Central Bank of Nigeria adopted a flexible exchange rate policy, allowing the Naira to float freely against other currencies based on market forces.
29/05/1999: Transition to Democratic Governance
Nigeria transitioned to democratic governance, leading to economic reforms and stability, positively affecting the value and management of the Naira currency.
08/05/1995: Introduction of Polymer Banknotes
Polymer banknotes were introduced in Papua New Guinea, replacing the traditional paper banknotes and providing increased durability.
12/06/1993: Introduction of the Third Nigerian Naira
The third Nigerian Naira (NGN) was introduced after the country's return to civilian rule following years of military regimes.
28/07/1989: Kina Floats in Foreign Exchange Market
The Papua New Guinean Kina was allowed to float freely in the foreign exchange market, leading to fluctuations in its value.
31/12/1984: Implementation of the Structural Adjustment Program
The Nigerian government implemented the Structural Adjustment Program, leading to a significant devaluation of the Naira and the adoption of a floating exchange rate.
01/07/1979: Adoption of the Second Nigerian Naira
The second Nigerian Naira (NGN) was introduced following the adoption of a new constitution and the country's transition to civilian rule.
03/02/1976: First Kina Banknotes Issued
The Bank of Papua New Guinea issued the first series of Kina banknotes, featuring unique designs and local elements.
19/12/1975: Independence from Australia
Papua New Guinea gained independence, leading to the introduction of the Papua New Guinean Kina as its currency.
19/12/1975: Introduction of the Kina
The Papua New Guinean Kina was officially introduced as the national currency, replacing the Australian Dollar at a rate of 2 Kina to 1 Australian Dollar.
01/07/1973: Introduction of decimal currency
The Nigerian Naira was introduced as the official currency of Nigeria, replacing the pound sterling with a decimal currency system.