Nigerian Naira


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Nigerian Naira

The currency of Nigeria. It was introduced in 1973, replacing the Nigerian pound. It has been marked by relatively high (though not excessive) inflation. The Central Bank of Nigeria restricts the convertibility of the naira.
References in periodicals archive ?
The exchange rate of Nigerian Naira was relatively stable between 2010 and 2014, however, from 2015 to 2017 the rates depreciated consistently and astronomically.
Britain's export credit agency, UK Export Finance, has added the Nigerian naira to a list of accepted trade currencies in order to increase trade between the two countries.
"Using World Bank rates and costs, one-third of the stolen funds could have provided 635.18 kilometres of road, built 36 ultra-modern hospitals.built 183 schools, educated 3,974 children from primary to tertiary level at 25.24 million (Nigerian Naira) per child, and built 20,062 units of 2-bedroom houses," local newspapers quoted him as saying.
However, as oil prices continue to fall, we forecast a contraction in the USD value of premiums written across the market in 2015 and 2016, which comes as a result of depreciation of the Nigerian naira against the US dollar.
We expect the fall in oil prices to lower government spending and lead to ongoing depreciation of the Nigerian naira (NGN), which will place further strain on economic growth and raise credit risks for the Nigerian banks.
The BlackBerry Z3 (8 GB), on the other hand, is available for 39,900 Nigerian Naira that roughly translates to US$245 and AU$261.
The loan comes from a group of 13 lenders within Nigeria and is denominated in both Nigerian naira and US dollars.
The firm trades in Nigeria and said overall profitability in the African country was ahead for the year despite a weakening of the Nigerian naira versus the US dollar, which affects results in sterling terms.
Recent weeks have seen falls against currencies like the Bangladeshi taka (down 22% since June 2007), Tanzanian shilling (down 19%) and the Nigerian naira (down 17%).
Unlike a decade ago, when 25%-plus annual devaluation was the norm in many African countries, principal currencies (notably the South Africa rand, the CFA franc, the Nigerian naira, the Algerian dinar and the Kenyan shilling) have shown greater stability in recent years.
Dr Oyewole linked the dirtiness of Nigerian naira notes to poor handwashing practices of individuals after defecation, urging that individuals after handling it should wash their hands.
The Ace110 retains the image of its larger sibling, the Ace125 which is popular with business users, yet through maintaining quality while reducing production costs, will be available at an affordable price of 220,000 Nigerian Naira (NGN: approximately 600 US Dollars).

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