The currency used in Nigeria is the Nigerian Naira (NGN). The Naira was introduced in 1973, replacing the Nigerian Pound at a rate of 2 Naira for every 1 Pound. It is subdivided into 100 kobo, although kobo coins are less commonly used due to inflation. The currency features various banknotes in denominations including 5, 10, 20, 50, 100, 200, 500, and 1000 Naira, each showcasing prominent figures from Nigeria’s history, cultural symbols, and significant landmarks. The Central Bank of Nigeria is responsible for issuing and regulating the currency, which plays a crucial role in the country's economy.