The naira was introduced on 1 January 1973, replacing the pound at a
rate of 2 naira = 1 pound.This made Nigeria the last country to abandon
the £sd currency system. There was a plan to redenominate the naira at 1
new naira = 100 old naira in 2008, but the plan has been suspended. The
currency sign is U+20A6 ₦ NAIRA SIGN. Rampant inflation has
occurred in Nigeria over the existence of naira. The Central Bank of
Nigeria claimed that they attempted to control the annual inflation rate
below 10%. In 2011, CBN increased key interest rate for 6 times,
rising from 6.25% to 12%. On 31 January 2012, CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to reduction in fuel subsidies.
Even if USA, and British currencies
continue to beat Naira in value, Naira has value over some other
currencies and they include the following: rising from 6.25% to 12%. On 31 January 2012, CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to reduction in fuel subsidies.
*Armenian Dram (Armenia) 1Naira = 2.47 AMD
* Burundian Franc (Burundi) 1Naira = 9.38 BIF
* Belarusian Ruble (Belarus) 1Naira = 64.54 BYR
*Central African Franc 1Naira = 3.13 XAF
* Congolese Franc (Congo) 1Naira = 5.58 CDF
* Chilean Peso (Chile) 1Naira = 3.53 CLP
* Colombian Peso (Colombia) 1Naira = 12.38 COP
* Costa Rican Colon (Costa Rica)1Naira = 3.27 CRC
*Djiboutian Franc (Djibouti) 1Naira = 1.10 DJF
*Guinean Franc(Guinea Conakry) 1Naira = 42.31 GNF
*Guyanese Dollar(Guyana) 1Naira = 1.26 GYD
* Hungarian Forint (Hungary) 1Naira = 1.47 HUF
* Indonesian Rupiah (Indonesia) 1Naira = 72.82 IDR
* Iraqi Dinar (Iraq) 1Naira = 7.02 IQD
*Iranian Rial (Iran) 1Naira = 161.32 IRR
*Cambodian Riel (Cambodia) 1Naira = 24.70 KHF
* Comoros Franc (Comoros Island) 1Naira = 2.35 KMF
*Kazakhstani Tenge (Kazakhstan) 1Naira = 1.09 KZT
* Laotian Kip (Laos) 1Naira = 48.48 LAK
*Lebanese Pound (Lebanon) 1Naira = 9.13 LBP
*Malagasy Ariary(Madagasc
* Burmese Kyat (Burma) 1Naira = 6.04 MMK
*Mongolian Tughik (Mongolia) 1Naira = 11.19 MNT
*Mauritanian Ouguiya (Mauritania) 1Naira = 1.76 MRO
*Malawian Kwacha (Malawi) 1Naira = 2.75 MWK
*Paraguayan Guarani (Paraguay) 1Naira = 27.86 PYG
* Rwandan Franc (Rwanda) 1Naira = 4.16 RWF
*Sao Tomean Dobra (Sao Tome) 1Naira = 117.22 STD
*Sierra Leonean Leone(Sierra Leon) 1Naira = 26.27 SIL
* Somali Shilling (Somalia) 1Naira = 4.71 SOS
* South Korean Won(South Korea) 1Naira = 6.38 KRW
*Tanzanian Shilling(Tanzan
*Ugandan Shilling (Uganda) 1Naira = 16.40 UGX
*Uzbekistani Som (Uzbekistan) 1Naira =14.38 UZS
*Vietnamese Dong (Vietnam) 1Naira =128.48 VND
*West African Franc 1Naira = 3.12 XOF
*Yemeni Rial (Yemen) 1Naira = 1.30 YER
*Zimbabwean Dollar (Zimbabwe) 1Naira = 2.18 ZND
………………………………………
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FACEBOOK COMMENTS
Nwokwu Miracle and 2 others like this.
1
Endy Edeson
@King: what do you mean by rubbish in an informative discussion like this. explain your RUBBISH please
Prince Adekoya Harzeez Falcon
I
tink we are still learning, if the Ghanian can succeed only on
Agricultural produce. I tink we Nigerians shld be ashame of ourselve 1
of d largest Oil producing Countries ! Haba
Jesse Osayande Vucinic Ehiagwina
While
its fact it also doesn't tell the full story or truth. Its misleading.
The Cedi might be closer to the naira but in the market its really poor.
The dollar might sound like gold but actually is really a money that's
worthless cept for the fact its the global reserve, the petrodollar, and
the American govt can print without any restraint. Cyprus has a better
currency than the US, so does the Kuwaiti money but in real value? Its
not much. The naira though has no value anywhere to be truthful. Let's
take the ruble for example, its weak compared to the dollar but that
doesn't reflect its value. The Russian economy I growing along with
infrastructural
Emeka Solomon
But some people don't understand that currency value doesn't determine how rich a country is 
Jesse Osayande Vucinic Ehiagwina
And
I will say regarding Ghana. Surface growth isn't real growth. Ghana is
in real shit economically and the people are feeling the effects + any
nation that goes to IMF for loans or the world bank really is piling
more rubbish on herself. Those the orgs are BAD news.
Endy Edeson
@Jesse:
what are the demerits of a country getting loan from IMF or world bank
to support its' economy ? lets have your opinion about it
Jesse Osayande Vucinic Ehiagwina
@
Endy. Debts, trouble, no real development due to the fact they're
giving it to a corrupt govt and they know that yet still give it, the
interests are unpayable and puts the country in shitload of debts. The
IMF is just out to exploit and ruin small nations.
Jesse Osayande Vucinic Ehiagwina
For
a nation to develop and prosper, it needs to rely much on itself.
People will say its unreal and undoable but prospering nations would say
its not. Case in point, Russia's growth today has much to do with the
fact Putin paid off all her debts owed to these orgs when he came into
power in 2000, same with China who have been breaking it, same Brazil,
same India, Chavez's Venezuela and to come within our continent, same
with Syria, Iran, Libya under Gaddafi paid it off and prospered a lot
depending on herself despite sanctions. Note even under Abacha we were
not this bad economically despite international sanctions. The west is
trouble for any developing nation.