DEFINITION of 'NIO (Nicaraguan Cordoba)'
The currency abbreviation for the Nicaraguan córdoba (NIO), the currency for Nicaragua. The Nicaraguan córdoba is made up of 100 centavos (or cents) and is often presented with the symbol C$. The córdoba was named after Francisco Hernández de Córdoba, the founder of Nicaragua.
The current córdoba is also known as the "córdoba oro".
BREAKING DOWN 'NIO (Nicaraguan Cordoba)'
The Nicaraguan córdoba replaced the peso in March of 1912 at a rate of 12.5:1, making one córdoba equivalent to one U.S. dollar. After continued inflation lowered the value of the córdoba, a second córdoba replaced the first in 1988 at a rate of 1,000:1. The currency was revalued again in 1991, with the third córdoba replacing the second at a rate of 5 million:1.