<P> The naira was scheduled for redenomination in August 2008, although this was cancelled by then - President Umaru Musa Yar'Adua), with 100 old naira to become 1 new naira . The Nigerian Central Bank stated that it will make the naira fully convertible against foreign currencies by 2009 . Currently, the amount of foreign currency is regulated through weekly auctions, while the Central Bank sets the exchange rate . The naira appreciated against the dollar through 2007 due to high oil revenues . Also, the then - Bank Governor, Professor Chukwuma Soludo noted the weekly central bank auctions of foreign currency will gradually be phased out, and that the bank would "only intervene in the market as may be required to achieve defined policy objectives". </P> <P> Coins were to be issued in denominations of: </P> <Ul> <Li> 1 Kobo (₦ 0.01) </Li> <Li> 2 Kobo (₦ 0.02) </Li> <Li> 5 Kobo (₦ 0.05) </Li> <Li> 10 Kobo (₦ 0.10) </Li> <Li> 20 Kobo (₦ 0.20) </Li> </Ul> <Li> 1 Kobo (₦ 0.01) </Li>

When was naira and kobo first introduced in nigeria