What is NGN (Naira)’
NGN is the Currency abbreviation for the Nigerian Naira (NGN), the official Currency of Nigeria. As the most populous country in Africa, Nigeria is famous for its widely different segments of the population. Residents of Nigeria include hundreds of different ethnic groups, speaking dozens of languages. In a single currency system is one of the elements uniting all the people of the divided nation, and is a part of everyday life that people from all regions of the country have in common.
Nigerian Naira is made up of 100 Kobo and is often presented with the symbol that looks like the capital Latin letter ” N ” with two horizontal slashes through the middle.
Breaking down the ‘NGN (Naira)’
Prior to NTN, Nigeria system is used undecimalized pounds, sterling and pence. Today, there are only a few remaining currencies that are not based on the decimal system, where the blocks divided by ten.
Nigerian Naira replaced the old system in 1973, at the rate of 2:1. By 2008, inflation in Nigeria has sharply devalued the currency and its denomination is planned, while this action was cancelled by the President. Naira coins and notes minted by the Nigeria security printing and minting company, some currency is also available to overseas printing companies that act as suppliers to the government.
The most popular exchange rate with the participation of NGN is the US dollar to the rate of SPP.
NGN and the Central Bank of Nigeria
The Central Bank of Nigeria, or CBN, is the sole entity authorized to manage and distribute the official Currency which is legal tender in the Federal Republic of Nigeria. One of the main roles in the CNS is the control of stocks currency NGN in circulation in a given time, to ensure financial security and price stability.
Widespread and rampant inflation is a serious problem for the economy of Nigeria. Inflation in Nigeria rose to an all-time high of nearly 48 percent in January 1996. Since that time, inflation averaged 12.5 per cent. Recent minor dips and plateaus in the rate of inflation has been attributed, at least in part to less growth in the prices of these goods, such as utilities and food. However, the KNB continues to support the basic interest rate at 14 percent, which government officials say is an attempt to help keep inflation under control. The interest rate was set at 14% from July 2016.