The monetary unit of Nigeria is called "naira." It is not well known to anyone, it is difficult to meet it at currency exchange points next to the euro, dollar, yen, won, lira and ruble. The country, although African, but promising, it is a major producer of oil. The features of Nigeria’s money are useful for those who are going to visit this country.
Currency History and Course Features
This is a young state, so the first years of independence from Britain, the currency there was a Nigerian pound. In 1973, Naira became the monetary unit of Nigeria. Then 2 naira cost one British pound. The name of the currency of Nigeria is a truncated version of the name of the country.
If the ruble is divided into pennies, then the naira is divided into kobo. This name comes from the local pronunciation of the English word "copper" (cooper).
Due to the specifics of the country's economy, the exchange rate was unstable, it depended on fluctuations in oil prices and other factors.
As of April 2019, the Russian ruble is 5.6 naira. Which approximately corresponds to the exchange rate of the Russian ruble to the tenge of Kazakhstan.
Compared with the year 2000, the rate of the naira against the ruble has not changed.
One US dollar now equals 360 naira.
Appearance of banknotes and coins
To date, the currency of Nigeria is eight banknotes of different denominations and three coins with a face value of 50 kobo, 1 and 2 naira.
The reverse shows the emblem of the country, and the obverse of the image is as follows:
- Ear of corn.
- Herbert Macaulay is a national leader, as well as an engineer and journalist.
- The building of the national assembly.
The front side of the 50 naira banknote depicts the inhabitants of the country. And on the rest - images of her politicians, who are little known, for example, in Russia.
The banknote of 5 naira depicts the first prime minister, Alhaji Balev. And on a banknote of 500 naira - the first president of the country.
The reverse sides of banknotes contain such images:
- Rock Zuma. One of the natural symbols of the country.
- The building of the central bank in the capital. It is painted on the largest banknote of 1000 naira, which corresponds to 5500 rubles.
- Images of different sectors of the country's economy: oil production on the offshore platform, fishermen, pastoralists, potters, as well as drummers and women carrying vessels on their heads.
Prices in Nigeria
It is difficult to find the monetary unit of Nigeria in Russia, unless in the capital it can be exchanged with embassy employees or in the exchanger of the world's rare currencies. Therefore, for a trip you need to take dollars or euros with you and change them to naira in banks.
Prices for many things in Nigeria may be similar to Russian:
- A small bottle of water will cost 80 naira, or 15 rubles, and a 1.5-liter - 2 times more expensive.
- Local bread - 360 naira per 0.5 kg.
- 10 eggs - 500 naira.
- Bananas, tomatoes, oranges, potatoes, apples - from 600 to 800 naira.
- Onions or cucumbers - 350 naira per kilo.
- A liter of gasoline - 150 naira.
- The average salary after taxes is 350 thousand naira, but the question is what method of calculation they have.
- Lunch in the dining room - from 650 naira.
- Lunch at the restaurant - from 10 thousand naira.
One-way flight from Moscow to Lagos costs from 20 thousand rubles. There can be 1 or 2 transfers, for example, in Addis Ababa and Abu Dhabi.
For what purpose can the monetary unit of Nigeria still be used? Given the small exchange rate of banknotes (5 naira per 1 ruble), they can be collected and changed in other countries, but not at official currency exchange points, but with people who want to receive a rare banknote in exchange, for example, for 1 yuan or ringgit .