The CBN Act Section 2 (b) mandates the Central Bank of Nigeria to be the sole issuer of legal tender currency in Nigeria. The CBN regulates the volume of money supply in the economy in order to ensure monetary and price stability. The Currency Operations Department is responsible for currency management through the planning, procurement, distribution, processing, reissue and disposal of banknotes and coins. The currency structure comprises of three coin denominations (50k, ₦1, and ₦2) and eight banknote denominations (₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500 and ₦1000).
The pictures (obverse and reverse) of the Banknotes and Coins denominations are outlined below:
See frequently asked questions on Currency Management