Nigeria Naira is the official currency of Nigeria. It was introduced in 1973, replacing the Pound Sterling as a legal tender. The Nigerian Naira has been used since then and its value is determined by market forces such as inflation rate and economic growth rate. Its Currency code (NGN) stands for “New Nigerian Nairas” which reflects its status as an emerging economy with a large population base that provides immense potential to grow economically in years to come.The Central Bank of Nigeria (CBN) controls the circulation of money within Nigeria's borders, thus controlling inflation rates through monetary policy instruments such as open-market operations or interest rates changes if needed be done so at any point in time when there are signs that show price levels are rising too quickly or falling too quickly respectively . This helps ensure stability for both domestic and foreign investors interested investing their funds into this country due to this stable environment it creates from an investment perspective henceforth creating more opportunities for Nigerians living abroad who wish to send remittances back home safely securely without having fear associated with exchange rate fluctuations .In conclusion ,the introduction of Nigeria nairas has allowed not only citizens but also foreigner investors alike have access easily into one another’s markets thereby making transactions much easier than before when different currencies were being exchanged between these two parties involved leading up towards more efficient international trade activities taking place all over world today involving many countries around globe including our very own here locally at home known officially now worldwide by its currency code(NGN).
