The naira is the currency of Nigeria, and it is denoted by the letters NGN. Nigeria divides the naira into 100 kobos (k), which are smaller currency denominations, much as the U.S. dollar and cents. The Central Bank of Nigeria (CBN) is based in Abuja and issues coins and banknotes. Nigeria uses the 50 kobo, 1 naira, and 2 naira coinage. It prints notes with denominations of 5, 10, 20, 50, 100, 500, and 1000 naira. The brilliant hues of Nigerian currency, which is available in yellow, orange, green, and blue, are well-known. The naira has a lengthy and distinctive history, despite being a relatively recent form of money in Nigeria. The Nigerian naira is interesting for the following five reasons. It’s An Abbreviation Of The Country’s Name The name "naira" was initially created by Chief Obafemi Awolowo, who was Nigeria's Federal Commissioner of Finance. Awolowo shortened Nigeria's name to become the name of its new currency in celebration of the nation's independe...