Nigeria’s currency is the Naira (₦), divided into 100 kobo (k). The Central Bank of Nigeria (CBN) introduced it on 1 January 1973, replacing the Nigerian pound. Banknotes in circulation are ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, and ₦1,000. Coins still legal tender (rarely used) are 50 kobo, ₦1, and ₦2. The 2022 redesign refreshed the ₦200, ₦500, and ₦1,000 notes with new colours and added security features. The naira’s ISO code is NGN.
The Nigerian kobo
100 kobo make 1 naira. The CBN issued kobo coins in 1973 in five denominations: ½k, 1k, 5k, 10k, and 25k. Those original coins are no longer in circulation — the ½ to 25 kobo coins were withdrawn on 28 February 2007.
In daily life, kobo has effectively disappeared because no item costs less than ₦1 anymore. The kobo lives on only as the second decimal in bank statements (e.g. ₦1,250.50 = one thousand two hundred and fifty naira, fifty kobo).
Current Nigerian coins
The CBN issued the present coin family on 28 February 2007:
| Coin | Diameter | Material | Reverse design |
|---|---|---|---|
| 50 kobo | 24.5 mm (12-sided) | Nickel | Corn cobs |
| ₦1 | 27.5 mm (round) | Brass-plated steel | Herbert Macaulay (1864–1946) |
| ₦2 | 24.5 mm (bimetallic) | Copper-plated steel | National Assembly Complex, Abuja |
The Nigerian Coat of Arms appears on the obverse of every coin, with “Federal Republic of Nigeria” and the year of mintage.
Nigerian banknotes
The CBN released the first naira notes on 1 January 1973 in three denominations (₦1, ₦5, ₦10). Today, eight denominations are in circulation:
| Note | Front portrait | Reverse design | Year first issued |
|---|---|---|---|
| ₦5 | Sir Tafawa Balewa (1st PM) | Nigerian dancers | 1973 |
| ₦10 | Alvan Ikoku | Two Fulani milkmaids | 1979 |
| ₦20 | Murtala Mohammed | Ladi Kwali pottery | 1977 |
| ₦50 | Four Nigerians (Hausa, Igbo, Yoruba, Tiv) | Local fishermen | 1991 |
| ₦100 | Obafemi Awolowo | Zuma Rock | 1999 |
| ₦200 | Ahmadu Bello | Pyramid of agricultural produce | 2000 (redesigned 2022) |
| ₦500 | Nnamdi Azikiwe | Offshore oil-rig | 2001 (redesigned 2022) |
| ₦1,000 | Aliyu Mai-Bornu & Clement Isong (1st CBN governors) | CBN headquarters, Abuja | 2005 (redesigned 2022) |
The 2022 redesign
In October 2022, then-CBN Governor Godwin Emefiele announced the redesign of the ₦200, ₦500, and ₦1,000 notes. The redesigned notes:
- Kept the same portraits and reverse imagery as the originals.
- Switched colour palettes — ₦1,000 to blue, ₦500 to green, ₦200 to a reddish hue.
- Added stronger anti-counterfeit features (enhanced thread, shifting ink, sharper microprinting).
The Supreme Court extended legal tender for the old notes through 2024, and CBN now treats both old and redesigned ₦200/₦500/₦1,000 notes as valid.
Naira security features
The CBN built five layers of protection into modern naira notes:
- Raised print. Run your fingertip across the portrait, value, and “Central Bank of Nigeria” — they feel embossed.
- Security thread. A vertical strip embedded in the paper. It looks dashed under normal light but solid when you hold the note up to a bulb. The strip carries tiny “CBN” microprint.
- Watermark. Hold the note up to light — a faint Nigerian Coat of Arms appears.
- UV-reactive serial numbers. Black serial numbers turn green under ultraviolet light.
- Colour-shifting ink on the higher denominations (₦200, ₦500, ₦1,000) — the value shifts hue when tilted.
If a note doesn’t feel raised, the thread is missing, or the watermark is absent, suspect a counterfeit.
Naira history milestones
| Year | Event |
|---|---|
| 1 Jan 1973 | Naira and kobo introduced; replaced Nigerian pound (1 pound = 2 naira) |
| 1979 | ₦20 note introduced (first portrait note in Africa, of Murtala Mohammed) |
| 1991 | ₦50 note issued; 50 kobo and ₦1 notes replaced by coins |
| 1999 | ₦100 note issued (Obafemi Awolowo) |
| 2000 | ₦200 note issued |
| 2001 | ₦500 note issued |
| 12 Oct 2005 | ₦1,000 note issued |
| 28 Feb 2007 | New 50k, ₦1, ₦2 coins released; smaller kobo coins withdrawn |
| 2014 | Polymer ₦5, ₦10, ₦20, ₦50 notes (later partly returned to paper) |
| 2022 | ₦200, ₦500, ₦1,000 redesigned |
FAQs
What is the symbol for naira?
₦. ISO currency code: NGN.
How many kobo make a naira?
100 kobo = 1 naira.
What is the highest denomination of naira?
₦1,000 — released on 12 October 2005 (redesigned 2022).
Are kobo coins still in use?
50 kobo, ₦1, and ₦2 are technically legal tender. In practice, no shop accepts them — items are priced in whole naira.
Who designs and prints the naira?
The Central Bank of Nigeria designs each note. Printing is done by the Nigerian Security Printing & Minting Company (NSPMC), with imported security paper.
Are the old ₦200, ₦500, and ₦1,000 notes still valid?
Yes. Both old and redesigned versions remain legal tender after the 2024 Supreme Court ruling.
What was Nigeria’s currency before the naira?
The Nigerian pound (1959–1972), and before that, the British West African pound. Pre-colonial trade used cowries, manillas, and barter.
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