naira (N)

Nigeria’s basic currency unit. It is subdivided into 100 kobo (k). The naira was introduced on January 1, 1973, replacing the Nigerian pound (q.v.) at the rate of two naira for one pound. At that time N1 equaled US$1.52. The naira subsequently lost value against the dollar; average exchange rate in 1990: N8.04 per US$1.00.