Question
Here is the question : WHAT IS NIGERIA’S CURRENCY?
Option
Here is the option for the question :
- Dinar
- Dollar
- Naira
- Rand
The Answer:
And, the answer for the the question is :
Explanation:
The naira is the official currency of Nigeria. It has been in use since January 1973, when the government moved to a decimalized system, with one basic currency and sub-units of that currency. In the case of Nigeria, the naira is considered to be the “major unit,” while the kobo is considered to be the “minor unit,” with 100 kobos being equivalent to one naira. Before 1973, the nation’s currency was the Nigerian pound, which was a holdover from its days when it was a colony of the United Kingdom. There are now banknotes in circulation for the naira that come in a variety of denominations, including 1, 5, 10, 20, and 100. On the reverse of each banknote is the picture of a notable Nigerian citizen. The Nigerian prime minister, Sir Abubarkar Tafawa Balewa, is shown on the five naira bill, for instance.
Nigeria is a country located in West Africa, and is known for its rich culture, diverse landscapes, and vibrant economy. The official currency of Nigeria is the naira, which has been in circulation since 1973 and is widely used throughout the country.
The naira is denoted by the symbol “₦” and is divided into 100 kobo. It is issued and regulated by the Central Bank of Nigeria, which is responsible for maintaining the stability of the country’s monetary system and ensuring that the naira remains a reliable and trustworthy currency for both domestic and international transactions.
Like many other currencies around the world, the value of the naira can fluctuate based on a variety of factors, including global economic conditions, political stability, and supply and demand. However, despite these fluctuations, the naira remains a staple of the Nigerian economy, and is widely accepted by businesses, merchants, and consumers throughout the country.
the naira is also an important symbol of national pride and identity for many Nigerians. The currency features a range of iconic images and symbols, including the country’s coat of arms and the image of former Nigerian leaders like Nnamdi Azikiwe and Alhaji Aliyu Mai-Bornu.
Whether you’re a visitor to Nigeria or a resident of the country, the naira is an important and integral part of the economy and culture of this vibrant and dynamic nation. With its strong history and enduring legacy, the naira is a currency that is sure to remain a fixture of the Nigerian economy for generations to come.