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Our Currency Converter is organised with the Nigerian Naira in mind, it contains the world currencies sorted by country name – listing the ten most popular currencies first. Special units and precious metals are also listed both alphabetically and separately, at the end of this list. you can now convert Nigerian Naira to currency of any country in the world, you can equally convert any countries currency to Nigerian naira, convert currencies of any country to the equivalent of another country’s currency (dollar to pounds, dollar to Euro, pounds to Euro, Pounds to Dollar to yen, etc). It lets you to perform currency and foreign exchange rate calculations, using live, up-to-the-minute mid-market currency rates.These rates are official FOREX rates and not Black market rates
Type the amount of source currency in the input box. You may include commas and a decimal point. Then Scroll down to select the source and destination currencies and press “Go!”. The results of your conversion will be displayed. Note: An asterisk (*) indicates if currencies are obsolete or being phased out.
The Nigerian Naira is the currency in Nigeria (NG, NGA). The symbol or ISO code is NGN and can be written as N. The Nigerian Naira is divided into 100 kobo.
The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federation. It controls the volume of money supply in the economy in order to ensure monetary and price stability. The Currency & Branch Operations Department of the CBN is in charge of currency management, through the procurement, distribution/supply, processing, reissue and disposal/disintegration of bank notes and coins.
The naira was scheduled for redenomination in August 2008, although this has now been cancelled by President Alhaji Umaru Musa Yar’Adua, with 100 old naira to become 1 new naira. The Nigerian Central Bank has stated that it will make the naira fully convertible against foreign currencies by 2009. Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate. The naira appreciated against the dollar through 2007 due to high oil revenues. The then Central Bank Governor,Professor Chukwuma Soludo noted the weekly central bank auctions of foreign currency will gradually be phased out, and that the bank would “only intervene in the market as may be required to achieve defined policy objectives”.