NGN (Nigerian Naira)

DEFINITION of 'NGN (Nigerian Naira)'

The currency abbreviation for the Nigerian naira (NGN), the currency for Nigeria. The Nigerian naira is made up of 100 kobo and is often presented with a symbol that looks like the capital latin letter "N" with two horizontal slashes through the middle.

BREAKING DOWN 'NGN (Nigerian Naira)'

Before the naira, Nigeria used an undecimalized system of pounds, sterling and pence. The Nigerian naira replaced the old system in 1973 at a rate of 2:1. By 2008, inflation in Nigeria had dramatically devalued the currency and it was scheduled to be redenominated until this action was canceled by the country's president.