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When the naira was introduced, it had an official exchange rate of US$1.52 for ₦1, though a currency black market existed in which the naira traded at a discount relative to the official exchange rate. The official exchange rate set by the Central Bank of Nigeria: naira to U.S. dollar is approximately ₦767.54 per 1 US dollar.
Nigerian one thousand-naira note ( ₦ 1000 or NGN 1000) is a denomination of the Nigerian currency. The one thousand-naira note was introduced in October 2005. [1] On 12 October 2005, Olusegun Obasanjo launched the ₦ 1000 note. [2]
Also, in many African currencies there have been episodes of rampant inflation, resulting in the need for currency revaluation (e.g. the Zimbabwe dollar). In some places there is a thriving street trade by unlicensed street traders in US dollars or other stable currencies, which are seen as a hedge against local inflation. The exchange rate is ...
The history of Nigerian naira notes dates back to the introduction of the currency on 1 January 1973. The Central Bank of Nigeria (CBN) is responsible for issuing and regulating the circulation of Naira notes. The initial series of notes featured iconic Nigerian symbols and leaders. [1] [2] [3]
Coins were issued in 1959 in denominations of 1 ⁄ 2, 1, 3 and 6 pence, 1 and 2 shillings.The 1 ⁄ 2 d and 1d coins were holed and struck in bronze. The 3d coin, minted in nickel-brass, was a smaller version of the distinctive twelve-sided threepenny bits that were used in the UK, Fiji and Jersey.
The first notes, in denominations of 5/– and £1, were introduced on January 29, 1968. [2] A series of coins was issued in 1969; 3d, 6d, 1/–, and 2s 6d coins were minted, all struck in aluminium. In February 1969, a second family of notes was issued in denominations of 5/– and 10/–, £1, £5 and £10.
DETROIT (Reuters) -U.S. automakers Ford Motor and General Motors will donate $1 million each, along with vehicles, to U.S. President-elect Donald Trump's January inauguration, company ...
The currency was pegged to the French franc at F.CFA 1 = F 2, from 1948, becoming 1 F.CFA = NF 0.02 after introduction of the new franc at 1 new franc = 100 old francs. In 1994 the currency was devalued by half to F.CFA 1 = F 0.01. From 1999 it has since been pegged to the euro at €1 = F 6.55957 = F.CFA 655.957