Entity: NAIRA
Naira is the official currency of Nigeria, replacing the pound in 1973. It is divided into 100 kobo and is used for daily transactions and economic activities in Nigeria.
NAIRA
Etymology
The term 'Naira' originated as the official currency of Nigeria, replacing the pound in 1973.
Definition
Naira is the basic monetary unit of Nigeria, symbolizing the country's economic stability and growth. It is divided into 100 kobo.
Historical Context
The introduction of the Naira in 1973 marked a significant shift in Nigeria's economic landscape, replacing the pound and establishing a new era of currency stability.
Cultural Significance
Naira plays a crucial role in daily transactions and economic activities in Nigeria, reflecting the country's financial status and growth.
Related Concepts
- Kobo: The subunit of the Naira, equivalent to 1/100 of a Naira.
- Nigerian Economy: The broader economic context in which the Naira operates.
See Also
A monetary unit of Nigeria, symbolizing the country's economic stability and growth.