The currency of Nicaragua is the Nicaraguan córdoba (NIO). It was officially introduced in 1991, replacing the previous currency, the Nicaraguan peso, at a rate of 1 córdoba for every 10 pesos. The córdoba is subdivided into 100 centavos and is named after Francisco José de Córdoba, a notable figure in Nicaraguan history. The currency has faced various challenges, including inflation and economic adjustments, but it remains an essential part of Nicaragua's economic framework. Banknotes and coins come in various denominations, with colorful designs representing Nicaraguan culture and heritage.