Bitget App
common_footer.down_desc
common_header.buy_cryptocommon_header.marketscommon_header.tradecommon_header.futurescommon_header.social_tradingcommon_header.grid_tradingcommon_header.earn
base info Kenshi

calculator.detail.title

calculator.detail.title_des
KNS
KNS
swap
NGN
coin.update_time (UTC+0)calculator.common.refreshrefresh
widget.page_site
calculator.detail.computed_des

calculator.fiat.title

About the Nigerian Naira (NGN)

What Is the Nigerian Naira (NGN)?

The Nigerian Naira is the official currency of Nigeria, a country in West Africa. The Naira is symbolized by ₦ and has the currency code NGN. One Naira is divided into 100 Kobo. As Africa's largest economy, Nigerian Naira plays a crucial role both domestically and in the African financial landscape. The Nigerian Naira is the sole legal tender in Nigeria, and it is used for all transactions within the country.

The Nigerian Naira is issued by the Central Bank of Nigeria (CBN), which is the sole issuer of legal tender money throughout the Federal Republic of Nigeria. The CBN is responsible for the design, production, and distribution of the currency, as well as for implementing monetary policy and maintaining the value of the Naira.

What Is the History of NGN?

The Nigerian Naira, introduced on January 1, 1973, marked a significant milestone in Nigeria's economic history, replacing the Nigerian pound at a rate of 2 Naira for 1 pound. This transition signified Nigeria's shift from the British pound sterling to a distinct and independent decimal currency system. The name 'Naira' was derived from 'Nigeria', symbolizing the nation's sovereignty in monetary matters. The initial series of banknotes and coins were the first to be issued by an independent Nigeria, with the coins being the last to feature Queen Elizabeth II, reflecting the country's colonial history.

Notes and Coins of NGN

The Nigerian Naira (NGN) comprises a variety of coins and banknotes, each with distinct values and designs. Coins in circulation include denominations of 50 Kobo, 1 Naira, and 2 Naira. Banknotes are issued in denominations of ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, and ₦1000.

What Is eNaira?

The eNaira is the first African central bank digital currency (CBDC). Launched on October 25, 2021, by President Muhammadu Buhari, the eNaira is issued and regulated by the Central Bank of Nigeria (CBN). It operates as a legal tender, just like physical Naira, but in a digital form, maintaining a one-to-one value with the traditional Naira. The eNaira aims to enhance financial inclusion, improve payment efficiency, and facilitate seamless cross-border transactions. It operates on a blockchain network, allowing peer-to-peer transactions without intermediaries, distinguishing itself from decentralized cryptocurrencies like Bitcoin by running on a private blockchain controlled by the CBN. Users access the eNaira through digital wallets, with transactions promising speed, reduced costs, and increased convenience.

Is NGN Pegged to GBP?

No, the Nigerian Naira (NGN) is not pegged to the British Pound Sterling (GBP). The Naira operates on a floating exchange rate system, where its value is determined by market forces based on supply and demand in the foreign exchange market.

Historically, Nigeria used the British Pound Sterling during its time as a British colony and for some years after gaining independence. However, in 1973, Nigeria introduced the Naira to replace the Pound Sterling and established its own monetary system. Since then, the Naira has not been pegged to the Pound Sterling or any other foreign currency but has been subject to fluctuations in the international currency markets.

Is NGN a Stable Currency?

The Nigerian Naira (NGN) has historically faced challenges regarding stability. The Naira had been experiencing significant fluctuations, largely due to factors such as political instability, economic challenges, and fluctuations in oil prices, which is a major revenue source for Nigeria. For instance, in 2021, the official exchange rate of the Naira to the US Dollar was around 380 NGN to 1 USD, while the parallel market rate was much higher, around 475 NGN to 1 USD. In June 2023, the Naira fell 23% in a day to a rate of ₦600 to US$1. This discrepancy indicates ongoing challenges in achieving currency stability.

coin.about_expand
calculator.fiat.text_2

calculator.detail.trend

1D7D1M3M1YAll
calculator.detail.trend_des

calculator.compare.title

calculator.compare.exchangecalculator.compare.pricecalculator.compare.maker_feecalculator.compare.tradable
Bitgethot-iconcalculator.compare.best
₦62.53
0.0200% / 0.0320%vip-iconcalculator.compare.vip
coin.update_time(UTC+0)

calculator.right.title

buy-coin-step-0-img
calculator.htb.step1_title
calculator.htb.step1_des
buy-coin-step-1-img
calculator.htb.step2_title
calculator.htb.step2_des
buy-coin-step-2-img
calculator.htb.step4_title
calculator.htb.step4_des

calculator.p2p.buy_title

calculator.p2p.buy_desc3
calculator.p2p.trade_and_ratecalculator.p2p.pricecalculator.p2p.amt_limit
calculator.p2p.low_to_high
calculator.p2p.pay_methods
calculator.p2p.fee_tips
calculator.p2p.action
calculator.p2p.no_data

calculator.p2p.sell_title

calculator.p2p.sell_desc4
calculator.p2p.trade_and_ratecalculator.p2p.pricecalculator.p2p.amt_limit
calculator.p2p.high_to_low
calculator.p2p.pay_methods
calculator.p2p.fee_tips
calculator.p2p.action
calculator.p2p.no_data

calculator.detail.affect_title

calculator.detail.affect_up
calculator.detail.affect_today
calculator.detail.affect_market
$0
calculator.detail.affect_valume
$25.07K
calculator.detail.affect_supply
0 KNS

calculator.detail.conversion_table

calculator.detail.conversion_up
calculator.detail.conversion_des1
calculator.detail.conversion_des2

coin.current_to_local

coin.amount
calculator.detail.time_
0.5 KNS
31.49
1 KNS
62.99
5 KNS
314.93
10 KNS
629.87
50 KNS
3,149.33
100 KNS
6,298.66
500 KNS
31,493.32
1000 KNS
62,986.64

coin.current_to_local

coin.amountcalculator.detail.time_
0.5NGN0.007938  KNS
1NGN0.01588  KNS
5NGN0.07938  KNS
10NGN0.1588  KNS
50NGN0.7938  KNS
100NGN1.59  KNS
500NGN7.94  KNS
1000NGN15.88  KNS

calculator.detail.price_24

coin.amountcalculator.detail.time_calculator.detail.price_24_agocalculator.detail.price_24_change
0.5 KNS$0.01916$0.02014
-4.87%
1 KNS$0.03833$0.04029
-4.87%
5 KNS$0.1916$0.2014
-4.87%
10 KNS$0.3833$0.4029
-4.87%
50 KNS$1.92$2.01
-4.87%
100 KNS$3.83$4.03
-4.87%
500 KNS$19.16$20.14
-4.87%
1000 KNS$38.33$40.29
-4.87%

calculator.detail.price_month

coin.amountcalculator.detail.time_calculator.detail.price_month_agocalculator.detail.price_month_change
0.5 KNS$0.01916$0.01254
+52.85%
1 KNS$0.03833$0.02507
+52.85%
5 KNS$0.1916$0.1254
+52.85%
10 KNS$0.3833$0.2507
+52.85%
50 KNS$1.92$1.25
+52.85%
100 KNS$3.83$2.51
+52.85%
500 KNS$19.16$12.54
+52.85%
1000 KNS$38.33$25.07
+52.85%

calculator.detail.price_year

coin.amountcalculator.detail.time_calculator.detail.price_year_agocalculator.detail.price_year_change
0.5 KNS$0.01916$0.0007442
+2474.88%
1 KNS$0.03833$0.001488
+2474.88%
5 KNS$0.1916$0.007442
+2474.88%
10 KNS$0.3833$0.01488
+2474.88%
50 KNS$1.92$0.07442
+2474.88%
100 KNS$3.83$0.1488
+2474.88%
500 KNS$19.16$0.7442
+2474.88%
1000 KNS$38.33$1.49
+2474.88%

coin.prediction

coin.prediction_question

price_predict.text_introduce

coin.prediction_question

price_predict.prediction_content

calculator.earn.title

calculator.earn.des
calculator.earn.coin

calculator.earn.apr

calculator.earn.action

calculator.p2p.latest_coins_title

calculator.p2p.latest_coins_desc

faq.title

calculator.faq.question1

calculator.faq.answer1

calculator.faq.question2

calculator.faq.answer2

calculator.faq.question3

calculator.faq.answer3

calculator.faq.question4

calculator.faq.answer4

calculator.faq.question5

calculator.faq.answer5

calculator.faq.question6

calculator.faq.answer6
calculator.detail.disclaimers