Where is naira minted

The economist said this will depend on whether Nigeria can pull off this currency minting deal with The Gambia as the curtain raiser for possibly more such business ventures ostensibly with other countries. It is a win-win situation for Nigeria and it will encourage us to earn additional revenue" he said. CBN Governor Emefiele has been sounding very confident and optimistic that Nigeria will come good on its promise to help The Gambia deal with its currency woes.

He said Liberian officials who visited Nigeria's minting facilities in April were fascinated by them. There are critical voices on social media particularly from ordinary Gambians who do not trust Nigeria's reputation for corruption.

Reacting to the news Mahmud Nyassi wrote: " Oh A corrupt country like Nigeria printing our money Which means, someone or some organization is responsible for printing it. As a matter of fact, it is much closer than most people think.

There have been theories in the past suggesting that Naira notes are printed abroad. Although that was the case in the past, right now, the CBN no longer gets the naira notes abroad.

This was made known in a speech delivered by Priscilla Ekwere Eleje , the first woman to have her signature appended on the naira note. Thus, there were several complaints regarding the cost of printing naira notes abroad.

And due to that, there were several suggestions for the privatization of the NSPM. And it is at those locations, the printing of naira and other sensitive documents take place. NaijaHomeBased is committed to fact-checking in a fair, transparent and non-partisan manner. Therefore, if you've found an error in any of our reports, be it factual, editorial, or an outdated post, please contact us to tell us about it. NaijaHomeBased is an independent news website that publishes factful and unbiased reports on entertainment, music, fashion, everything Nigeria and more.

As of December , 1 U. The Nigerian naira replaced the country's use of the British pound in Pound to naira conversion was set at a rate of two naira for every pound. The government made plans to once redenominate the currency at a old nairas to 1 new naira but suspended those plans. The U. The currency has been pegged to the U. The Central Bank of Nigeria manages and distributes the Nigerian naira. One of the bank's primary roles to control the inventory of NGN in circulation, as well as to ensure the country's financial security and attempt to keep prices stable.

Naira coins and notes are minted by the Nigerian Security Printing and Minting Company, with some currency also produced by overseas printing companies. Coins include the 50 kobos, 1 naira, and 2 nairas pieces circulated since Banknotes include the 5, 10, 20, 50, , , , nairas notes; 50 kobo and 1 naira notes are no longer in use.

This commemorative note has a quick-response code QRC that when scanned takes the user to a website about Nigeria's history. Nigeria is located on the West Africa coast and derives its name from the Niger river. The region was home to many ancient and prosperous societies before falling under British colonial rule in the s. In , the territory became the independent Federation of Nigeria.

Shortly after, the country spiraled into a civil war which lasted until the s. France, Egypt, Britain, and the Soviets meddled in the country during the years of war. Until , the leadership of Nigeria alternated between elected officials and military dictatorships. Military rule, political corruption, and mismanagement damaged the economy and ran up massive foreign debt.

Nigeria defaulted on its debt as oil prices fell in the s. Renegotiation of its Paris Club debt occurred in , and in Nigeria cleared its debt. Widespread and rampant inflation has been a significant problem for the Nigerian economy.

Since then, inflation has averaged around 12 percent. According to World Bank data, Nigeria is a lower-middle-income emerging market which is still struggling with the impact of inflation. The country experienced This means it costs naira to buy one U. Currency dealers and banks will not offer this rate when looking to exchange one currency for the other in cash digitally or physically , since they will incorporate their exchange fee into the rate.