The Nigerian Naira is the official currency of Nigeria, introduced in 1973 to replace the pound. It is abbreviated as NGN and is symbolized by ₦. The Naira is subdivided into 100 kobo, and its value fluctuates based on economic conditions, including inflation and exchange rates. The Central Bank of Nigeria is responsible for issuing and regulating the Naira. Over the years, the currency has undergone several redesigns to enhance security features and reflect national identity. The Naira plays a crucial role in the country's economy, facilitating trade and investment.