Currency Information on Nigerian Naira - NGN — Nigerian Naira - ₦
Introduced in 1973, the naira replaced the pound at a ratio of 1 pound: 2 naira. The naira has suffered from rapid inflation and discussions have been underway since 2008 surrounding revaluing the naira.
Coins in denominations of 50 kobo, and 1 and 2 naira are in circulation, alongside banknotes of 5, 10, 20, 50, 100, 200, 500 and 1000 naira.
I run a local delicatessen business in Surrey. Many of my artisan suppliers are based in Italy, Spain and France. We are always making payments to these suppliers and knowing we are getting the best rates is vitally important for us; our margins are tight and any savings are crucial for the success of our business.
Comment written by Artisan supplier based in Italy.
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