Countries that use the Naira
The Naira is an official national currency and used only in Nigeria. 1 Naira is devided into 100 Kobo.
1.00 Naira = 0.0028 US Dollar
Exchange rate history 1000 NGN in USD
Naira as currency
Currency reserves for the Naira
According to the International Monetary Fund, the total broad money (M3) amounted to NGN 20,908.82 trillion at the end of 2016. For currency hedging, reserves were held in a total amount of 7,612.26 billion Nairas. This corresponds to a ratio of 1:2.7. Or in other words: 1 of 3 Nairas is deposited with a countervalue, which is internationally already above average.
Approximately 199.6 billion Nairas (2.6%) of the currency reserves exist in gold reserves, the remainder consists of foreign currencies, special drawing rights in the International Monetary Fund and other reserve positions.Worldwide currency and gold reserves
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