The Naira (NGN, ₦) is the currency of Nigeria that was introduced on 1 January 1973.
Nigeria became the last country to abandon the £sd currency system. In 2008, there was a plan to redenominate the naira at 1 new naira = 100 old naira, but the plan has been suspended.
The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Nigerian 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.