What is NIO (Nicaraguan Cordoba)’
In Nicaraguan córdoba (nio) is the Currency for Nicaragua is the largest country in Central America. Nicaraguan córdoba is made up of 100 centavos (cents) and is often represented by the symbol C$. In córdoba was named after Francisco hernández de córdoba, who is the founder of Nicaragua.
The penetration of ‘NIO (Nicaraguan Cordoba)’
The current Nicaraguran Cordoba (NIO) also known as the córdoba Oro. In NIO produced through both banknotes and coins: banknotes, Cordoba colorful and consist of bills with$10, which are green, C$20 is orange,$50, which are purple, C$100, which are blue, with$200, which is brown, and with$500, which are red. Coins are issued in values of C$0.10,$0.25, 0.50$, 1$, and C$5. In the NIO is controlled by the Central Bank of Nicaragua.
Historically, in Nicaragua, there were many different currencies. For example, the main three country currency Peru, Bolivia and the United States. In 1859, an Executive decree has spurred the market of Leon, before the release of the coin known as a pond where there was approximately one tenth of a dollar.
It was not until 1879, when it created that national banknotes were first released. In 1888, the first private banks were created and these banks began to create their own banknote. As you can imagine, this creates some chaos, but in 1912, the national Bank of Nicargua was created and the law On currency conversion soon followed. The law establishes the Cordoba as the official currency, but due to the unstable political situation in the country, it took a while for him to catch on. Córdoba became more formally to circulate in mid-1913.
The Nicaraguan córdoba replaced the peso on 20 Mar 1912 at a fixed rate. One Cordoba was equal to 12.5 pesos and one Cordoba was initially equivalent to one U.S. dollar. Original Nicaraguan Cordoba initially contains actual gold.
After continuing inflation has reduced the value of the Cordoba, Cordoba the second replaced the first on 15 February 1988. Córdoba is the second level of equivalence 1000 to the first version.
But córdoba was another transition to go through. In 1991, the currency was revalued in 1991, with the third córdoba replacement second. This time the rate was set at 5 million:1. Third córdoba was known as the córdoba Oro.
Today, Nicaraguan Córdoba
Nicaraguan Cordoba went through some instability and devaluation for many years, as a result of natural disasters such as earthquakes and civil war in the country. The civil war stopped in 1991, and since then, Nicaraguan Cordoba remained more stable.
Today, 30 to Nicaraguan Cordoba equivalent of about one US dollar. Put in other terms, this means that Cordoba is only cost about 3.5 cents in the US