The Nigerian Naira is the official currency of Nigeria. It is divided into 100 kobos and is abbreviated as NGN. It's represented by a symbol that looks like the capital Latin letter "N" with two horizontal lines slashing through the middle, ₦. The Nigeria Naira was adopted on 1st January 1973, replacing an un-decimalized system of pounds, sterling, and pence at a rate of 2 Naira: 1 Pound. In 2008, the Nigerian Naira suffered from severe devaluation and was scheduled for re-domination until the plan was abandoned by the then-President Umaru Musa Yar'Adua.
The NGN to USD is considered as the most popular Naira exchange rate conversion. The Central Bank of Nigeria controls the issuance and distribution of the currency to ensure its stability and value. The Nigerian Naira comes in banknotes of ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, ₦1000 and coins of N2, N1, and 50 Kobo. Nigeria's national economy is largely dependent on its oil sector which contributes one-fifth of the GDP, (translating to over half of the total budget), and 95% of total trade.