The currency of Nigeria is the Naira, abbreviated as NGN. Introduced in 1973, the Naira replaced the Nigerian Pound at a rate of 2 Naira to 1 Pound. The Central Bank of Nigeria is responsible for issuing the currency and regulating monetary policy in the country. The Naira is subdivided into 100 kobo and is available in various denominations, both in coins and banknotes. The value of the Naira has fluctuated over the years due to various economic factors, including oil prices, inflation, and government policies. Understanding the Naira is essential for anyone engaging in trade or travel in Nigeria.