What matters
The naira is different from a dollar-to-naira exchange rate. NGN identifies the currency; the exchange rate tells you how much of another currency one side can buy at a stated time and market.
Currency basics
Convert naira to kobo
For accounting: 100 kobo = ₦1. Coins may be uncommon in daily retail use, but kobo remains the subdivision.
What currency does Nigeria use?
Nigeria uses the naira. Its symbol is ₦ and its ISO currency code is NGN. Prices may appear as ₦5,000, NGN 5,000 or N5,000 in systems that cannot display the symbol; the first two forms are clearer.
The minor unit is the kobo. One hundred kobo make one naira.
Naira notes and coins
CBN lists eight banknote denominations: ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500 and ₦1,000. Its legal-tender page also lists coin denominations, although coins are not commonly encountered in many everyday transactions.
Do not assume that a redesigned colour means an old-looking note is automatically invalid. Check current CBN notices on legal tender.
How to check a naira note
CBN advises using several security features rather than one. Feel for raised print, look for the security thread and watermark, and compare a doubtful note with one known to be genuine. Poor light makes visual checking less reliable.
Do not knowingly pass on a suspected counterfeit. Take it to a bank or appropriate authority and explain how it was received.
A short history of the naira
CBN began issuing Nigerian currency notes in 1959. Nigeria adopted the decimal naira and kobo system in 1973, replacing pounds and shillings. Higher denominations were added over time as economic activity and prices changed.
The name, symbol and designs are part of currency identity; purchasing power is a separate economic question.
Exchange rates and foreign payments
A rate such as ₦1,600 per US dollar means one dollar converts to 1,600 naira before fees in that example. Banks, cards and transfer providers can offer different customer outcomes because of timing, spreads and charges.
For a payment, compare the final amount delivered and retain the dated receipt. Do not treat an undated search snippet as a live quote.
Writing and handling naira correctly
Use a comma to group thousands and place the symbol before the figure: ₦250,000. In an international contract, “NGN 250,000” can be clearer because the three-letter code survives systems that do not support the symbol. State whether taxes and fees are included. For decimals, ₦25.50 means 25 naira and 50 kobo; avoid “₦25.50k” where k could mean kobo or thousand.
A bank can advise whether a damaged note meets current redemption conditions. Keep a suspected counterfeit separate and remember where it was received. Cash businesses should train staff to check several features under good light and avoid buying “mint” notes from street sellers; CBN states that selling mint notes is illegal.
Frequently asked questions
What is Nigeria's currency?
The Nigerian naira.
What is the naira symbol?
₦.
What is the currency code for Nigeria?
NGN.
How many kobo make one naira?
100.
What is the highest naira banknote denomination?
CBN lists ₦1,000 as the highest current banknote denomination.
Sources and review policy
Official sources control applications, regulations and current service arrangements. Recheck them before paying, travelling or submitting documents.
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