Here is the complete financial historical report of Nigeria, in International English, as requested:

Financial Historical Report of Nigeria

Basic Data

• Country ISO Code: NG

• Official Language: English

• Current Official Currency: Nigerian Naira

• Currency ISO Code: NGN

• Issuing Authority: Central Bank of Nigeria

• Subdivision: 1 Naira = 100 Kobo

Currency History

1. Pre-Independence Currency: British West African Pound

• Prior to independence in 1960, Nigeria used the British West African pound, pegged to the British pound sterling.

• The pound was subdivided into shillings and pence, following the British monetary system.

2. Introduction of the Nigerian Pound (1959–1973)

• In 1959, Nigeria introduced its own currency, the Nigerian pound, replacing the British West African pound at par.

• The Nigerian pound was subdivided into 20 shillings, each of 12 pence, following the British system.

• The Nigerian pound was issued by the Central Bank of Nigeria, established in 1958.

3. Introduction of the Nigerian Naira (1973–Present)

• On January 1, 1973, Nigeria decimalized its currency and introduced the Nigerian Naira (₦), replacing the Nigerian pound at a rate of 2 Naira = 1 Nigerian pound.

• The Naira is subdivided into 100 Kobo.

• The Central Bank of Nigeria is responsible for issuing and regulating the currency.

Currency Features

• The Naira symbol is ₦, and the ISO code is NGN.

• Banknotes are issued in denominations of 5, 10, 20, 50, 100, 200, 500, and 1000 Naira.

• Coins are issued in denominations of 50 Kobo, 1, 2, and 5 Naira, although coins are less commonly used in daily transactions.

Economic Context and Currency Performance

• The Nigerian Naira has experienced periods of inflation and devaluation, influenced by factors such as oil price fluctuations, political instability, and foreign exchange policies.

• The Central Bank of Nigeria has implemented various monetary policies to stabilize the currency, including foreign exchange controls and market interventions.

• The Naira is not fully convertible on international markets, with official and parallel exchange rates sometimes differing significantly.

• Nigeria’s economy is heavily dependent on oil exports, which impacts the currency’s value and stability.

Current Status

• The Nigerian Naira remains the sole legal tender in Nigeria.

• The Central Bank of Nigeria continues to issue currency and regulate monetary policy to maintain financial stability.

• Efforts to modernize the currency include enhanced security features on banknotes and exploration of digital currency initiatives.

Summary

• Nigeria’s currency history reflects its colonial past, transition to independence, and economic challenges.

• The shift from the Nigerian pound to the decimalized Naira marked a significant modernization step.

• The Central Bank of Nigeria plays a critical role in managing currency stability amid economic volatility.