What is the official currency of Nigeria?
Q: What is the official currency of Nigeria?
A: The official currency of Nigeria is the naira.
Q: How many Kobo make one naira?
A: One hundred Kobo make one naira.
Q: What entity issues money throughout the Nigerian Federation?
A: The Central Bank of Nigeria (CBN) issues money throughout the Nigerian Federation.
Q: What is the role of the CBN in the Nigerian economy?
A: The CBN controls the amount of money supply in the Nigerian economy in order to ensure stability in the economy and prices.
Q: Which department of the CBN is in charge of currency management?
A: The Currency & Branch Operations Department of the CBN is in charge of currency management.
Q: Where do the CBN get the naira notes and coins from?
A: The CBN gets the naira notes and coins from its special printers.
Q: Besides distributing and supplying the currency, what other tasks does the Currency & Branch Operations Department of the CBN carry out?
A: The Currency & Branch Operations Department of the CBN also processes, reissues, receives, and destroys old and unusable bank notes and coins.
