<P> The naira (sign: ₦; code: NGN) is the currency of Nigeria . It is subdivided into 100 Kobo . </P> <P> The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Nigerian Federation . It controls the volume of money supply in the economy in order to ensure monetary and price stability . The Currency & Branch Operations Department of the CBN is in charge of currency management, through the procurement, distribution / supply, processing, reissue and disposal / disintegration of bank notes and coins . </P> <P> The naira was introduced on 1 January 1973, replacing the pound at a rate of 2 naira = 1 pound . This made Nigeria the last country to abandon the £ sd currency system . There was a plan to redenominate the naira at 1 new naira = 100 old naira in 2008, but the plan was suspended . The currency sign is U + 20A6 ₦ Naira sign . </P> <P> Rampant inflation has occurred in Nigeria over the existence of naira . The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10% . In 2011, the CBN increased key interest rate for 6 times, rising from 6.25% to 12% . On 31 January 2012, the CBN decided to maintain the key interest rate at 12%, in order to reduce the impact of inflation due to reduction in fuel subsidies . </P>

When did nigeria change its currency from pounds to naira