Naira definitions
| Word backwards | arian |
|---|---|
| Part of speech | Naira is a noun. |
| Syllabic division | nai-ra |
| Plural | The plural of the word naira is naira. |
| Total letters | 5 |
| Vogais (2) | a,i |
| Consonants (2) | n,r |
Naira is the official currency of Nigeria, a country located in West Africa. It is denoted by the symbol ₦ and the currency code NGN. The naira is divided into 100 kobo.
History of Naira
The naira was introduced in 1973 to replace the Nigerian pound. It was initially pegged to the British pound but later switched to the U.S. dollar. Over the years, the exchange rate of the naira has fluctuated due to various economic factors.
Features of Naira
The naira comes in both coins and banknotes, with different denominations ranging from the smallest denomination of 50 kobo to the highest denomination of 1,000 naira. The coins are rarely used in circulation, and most transactions are conducted using banknotes.
Usage of Naira
The naira is widely accepted for transactions within Nigeria. It is used for everyday purchases, payment of bills, salaries, and more. The Central Bank of Nigeria is responsible for issuing and regulating the naira to ensure its stability in the economy.
Naira plays a crucial role in the Nigerian economy as it determines the purchasing power of its citizens and influences inflation rates. The exchange rate of the naira against other foreign currencies is closely monitored by the government and financial institutions.
Nigeria is known for its vibrant economy, and the stability of the naira is essential for maintaining economic growth and financial prosperity in the country. The government continues to implement policies to strengthen the naira and promote a favorable business environment for both local and foreign investors.
Naira Examples
- I exchanged my dollars for naira at the bank.
- The cost of the item was 5000 naira.
- She received her salary in naira.
- The naira is the currency of Nigeria.
- He paid for the meal with naira notes.
- The value of the naira has been fluctuating.
- I need to withdraw some naira from the ATM.
- The vendor only accepted payment in naira.
- The naira coins are rarely used in circulation.
- She converted her euros to naira for the trip.