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Understanding the Nigerian Naira's Exchange Rate: A Look at CBN's Official NFEM Rates - Naira Today 28th December 2025

  The Nigerian Naira (NGN) has long been a barometer of the country's economic health, influenced by factors like oil prices, foreign reserves, inflation, and government policies. As Nigeria's official currency, its exchange rate against major global currencies, particularly the US Dollar (USD), plays a crucial role in trade, investment, and everyday life for millions. The Central Bank of Nigeria (CBN) serves as the primary authority on official exchange rates, providing transparency through its platforms. One key metric is the Nigerian Foreign Exchange Market (NFEM) rate, which represents the official window for foreign exchange transactions. This post delves into the current NFEM rates, their implications, and broader context, drawing from the CBN's latest data.
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About the Naira – History, Value & Facts | Naira Today

About the Naira – History and Significance of Nigeria’s Currency The Naira is Nigeria’s official currency and a powerful symbol of the nation’s economic identity. Introduced on January 1, 1973 , the Naira replaced the Nigerian pound, making Nigeria the last country to abandon the £sd system inherited from British colonial rule. At the time, one Naira equaled ten shillings, simplifying trade and aligning Nigeria with global currency standards. The name “Naira” was derived from “Nigeria” by Chief Obafemi Awolowo, then Federal Commissioner for Finance. Today, the currency is issued and regulated by the Central Bank of Nigeria (CBN) , which manages its supply, security features, and policies to maintain economic stability. The Naira Today is central to all aspects of Nigerian trade and commerce, even as its value fluctuates in the foreign exchange market. Evolution of the Naira When first introduced, the Naira came in ₦1, ₦5, and ₦10 notes alongside coins for smaller kobo values. Ove...
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