The Naira is the official currency of Nigeria, introduced in 1973 to replace the Nigerian pound. It is abbreviated as NGN and is subdivided into 100 kobo. The Naira is issued and regulated by the Central Bank of Nigeria, which manages its value and supply in the economy. The Naira is used for various transactions within Nigeria, including buying goods and services. Its value can fluctuate based on economic factors such as inflation, exchange rates, and government policies. The currency is available in both coins and banknotes, with different denominations in circulation.