# The Naira: Nigeria's Currency History

> The naira replaced the Nigerian pound on 1 January 1973 at ₦2 to £1, completing a decimalisation begun under military rule. Since then it has passed through the 1986 Second-tier Foreign Exchange Market devaluation, a failed 2016 float, a contentious 2022–2023 note redesign and cash crunch, and a 2023 rate unification, trading at roughly ₦1,361.59 to the US dollar as of 24 July 2026.

**Category:** Economy & Business · **Updated:** 2026-07-26 19:36:35 · **Canonical:** https://nigeriastuff.org/a/naira-currency-history

## Key facts
- **Introduced:** 1 January 1973, replacing the Nigerian pound
- **Original conversion rate:** ₦2 = £1 (₦1 = 10 shillings); 100 kobo = ₦1
- **First major devaluation:** Second-tier Foreign Exchange Market, late September 1986
- **2016 float:** 20 June 2016, interbank rate opened near ₦280–288/$1 from a ₦197–199 peg
- **2022–23 redesign:** New ₦200/₦500/₦1,000 notes released 15 December 2022; disputed in court through November 2023
- **FX unification:** 14 June 2023, multiple exchange windows collapsed into one market-determined rate
- **Legal-tender status of old notes:** Old and redesigned notes co-exist "until further notice" (Supreme Court, 29 November 2023)
- **Official rate as of 24 July 2026:** ₦1,361.59 to the US dollar (CBN central rate)

## Sources
- History of Nigerian Currency — Central Bank of Nigeria (https://www.cbn.gov.ng/currency/historycur.html)
- 1973 Currency Issue — Central Bank of Nigeria (https://www.cbn.gov.ng/currency/Oldnotes/1973.html)
- Exchange Rate Policy — Central Bank of Nigeria (https://www.cbn.gov.ng/intops/exchratepolicy.html)
- The huge debt burden and how we got there — The Guardian Nigeria (https://guardian.ng/opinion/the-huge-debt-burden-and-how-we-got-there/)
- Breaking: Finally, CBN floats the Naira — Vanguard (https://www.vanguardngr.com/2016/06/breaking-finally-cbn-floats-the-naira/)
- Timeline of Naira to dollar exchange rate from 1972 to present — Pulse Nigeria (https://www.pulse.ng/story/timeline-of-naira-to-dollar-exchange-rate-from-1972-present-2025050912322920946)
- Old naira notes to remain legal tender until further notice, Supreme Court rules — Nairametrics (https://nairametrics.com/2023/11/29/old-naira-notes-to-remain-legal-tender-until-further-notice-supreme-court-rules/)
- Dollar to Naira Today (CBN official rate) — NGX Pulse (https://ngxpulse.ng/forex)

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