Naira
The Naira (₦), Nigeria’s official currency since 1973, replaced the pound and is managed by the Central Bank of Nigeria (CBN). As the backbone of Africa’s largest economy, it supports transactions for over 200 million people.
The 2023 float led to significant volatility, driven by inflation and dollar shortages, but CBN’s 2024 forex reforms, including unified rates and crude oil sales in Naira, have spurred stabilisation.
These reforms enhance transparency, boost investor confidence, and promote digital payments like mobile apps. Despite challenges, the Naira remains a symbol of Nigeria’s economic resilience.
History: Launched in 1973, named after River Niger.
Volatility: Lost 70% value post-2023 float.
Reforms: CBN’s 2024 unified rates aid stability.
Economic Role: Supports 200m+ Nigerians, drives fintech growth.
Future Focus: Aims for transparency, digital payment adoption.
