NGN information
About the Nigerian Naira (NGN)
What Is the Nigerian Naira (NGN)?
The Nigerian Naira is the official currency of Nigeria, a country in West Africa. The Naira is symbolized by ₦ and has the currency code NGN. One Naira is divided into 100 Kobo. As Africa's largest economy, Nigerian Naira plays a crucial role both domestically and in the African financial landscape. The Nigerian Naira is the sole legal tender in Nigeria, and it is used for all transactions within the country.
The Nigerian Naira is issued by the Central Bank of Nigeria (CBN), which is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. The CBN is responsible for the design, production, and distribution of the currency, as well as for implementing monetary policy and maintaining the value of the Naira.
What Is the History of NGN?
The Nigerian Naira, introduced on January 1, 1973, marked a significant milestone in Nigeria's economic history, replacing the Nigerian pound at a rate of 2 Naira for 1 pound. This transition signified Nigeria's shift from the British pound sterling to a distinct and independent decimal currency system. The name 'Naira' was derived from 'Nigeria', symbolizing the nation's sovereignty in monetary matters. The initial series of banknotes and coins were the first to be issued by an independent Nigeria, with the coins being the last to feature Queen Elizabeth II, reflecting the country's colonial history.
Notes and Coins of NGN
The Nigerian Naira (NGN) comprises a variety of coins and banknotes, each with distinct values and designs. Coins in circulation include denominations of 50 Kobo, 1 Naira, and 2 Naira. Banknotes are issued in denominations of ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, and ₦1000.
What Is eNaira?
The eNaira is the first African central bank digital currency (CBDC). Launched on October 25, 2021, by President Muhammadu Buhari, the eNaira is issued and regulated by the Central Bank of Nigeria (CBN). It operates as a legal tender, just like physical Naira, but in a digital form, maintaining a one-to-one value with the traditional Naira. The eNaira aims to enhance financial inclusion, improve payment efficiency, and facilitate seamless cross-border transactions. It operates on a blockchain network, allowing peer-to-peer transactions without intermediaries, distinguishing itself from decentralized cryptocurrencies like Bitcoin by running on a private blockchain controlled by the CBN. Users access the eNaira through digital wallets, with transactions promising speed, reduced costs, and increased convenience.
Is NGN Pegged to GBP?
No, the Nigerian Naira (NGN) is not pegged to the British Pound Sterling (GBP). The Naira operates on a floating exchange rate system, where its value is determined by market forces based on supply and demand in the foreign exchange market.
Historically, Nigeria used the British Pound Sterling during its time as a British colony and for some years after gaining independence. However, in 1973, Nigeria introduced the Naira to replace the Pound Sterling and established its own monetary system. Since then, the Naira has not been pegged to the Pound Sterling or any other foreign currency but has been subject to fluctuations in the international currency markets.
Is NGN a Stable Currency?
The Nigerian Naira (NGN) has historically faced challenges regarding stability. The Naira had been experiencing significant fluctuations, largely due to factors such as political instability, economic challenges, and fluctuations in oil prices, which is a major revenue source for Nigeria. For instance, in 2021, the official exchange rate of the Naira to the US Dollar was around 380 NGN to 1 USD, while the parallel market rate was much higher, around 475 NGN to 1 USD. In June 2023, the Naira fell 23% in a day to a rate of ₦600 to US$1. This discrepancy indicates ongoing challenges in achieving currency stability.
URFA to NGN conversion rate trend
Conversion rate comparison of various exchanges
Exchange | Price | Maker / Taker Fee | Tradable |
---|---|---|---|
BitgetBest | ₦0 | 0.0200% / 0.0320%VIP 7 |
How to buy Urfaspor Token
Buy URFA (or USDT) for NGN (Nigerian Naira) offers
Merchants (trades/completion rate) | Price | Amount/limit Low to high | Payment methods | Zero fees Action |
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Sell URFA (or USDT) for NGN (Nigerian Naira) offers
Merchants (trades/completion rate) | Price | Amount/limit High to low | Payment methods | Zero fees Action |
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What factors influence the conversion rate of Urfaspor Token to Nigerian Naira?
Urfaspor Token to Nigerian Naira is falling this week.Conversion tables
The exchange rate of Urfaspor Token is decreasing.URFA to NGN
NGN to URFA
Today vs. 24 hours ago
Amount | 20:53 today | 24 hours ago | 24h change |
---|---|---|---|
0.5 URFA | $0.00 | $0.001335 | -2.67% |
1 URFA | $0.00 | $0.002670 | -2.67% |
5 URFA | $0.00 | $0.01335 | -2.67% |
10 URFA | $0.00 | $0.02670 | -2.67% |
50 URFA | $0.00 | $0.1335 | -2.67% |
100 URFA | $0.00 | $0.2670 | -2.67% |
500 URFA | $0.00 | $1.33 | -2.67% |
1000 URFA | $0.00 | $2.67 | -2.67% |
Today vs. 1 month ago
Amount | 20:53 today | 1 month ago | 1M change |
---|---|---|---|
0.5 URFA | $0.00 | $0.004376 | -8.25% |
1 URFA | $0.00 | $0.008752 | -8.25% |
5 URFA | $0.00 | $0.04376 | -8.25% |
10 URFA | $0.00 | $0.08752 | -8.25% |
50 URFA | $0.00 | $0.4376 | -8.25% |
100 URFA | $0.00 | $0.8752 | -8.25% |
500 URFA | $0.00 | $4.38 | -8.25% |
1000 URFA | $0.00 | $8.75 | -8.25% |
Today vs. 1 year ago
Amount | 20:53 today | 1 year ago | 1Y change |
---|---|---|---|
0.5 URFA | $0.00 | $0.07900 | -61.87% |
1 URFA | $0.00 | $0.1580 | -61.87% |
5 URFA | $0.00 | $0.7900 | -61.87% |
10 URFA | $0.00 | $1.58 | -61.87% |
50 URFA | $0.00 | $7.9 | -61.87% |
100 URFA | $0.00 | $15.8 | -61.87% |
500 URFA | $0.00 | $79 | -61.87% |
1000 URFA | $0.00 | $158.01 | -61.87% |
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