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Legal Tender

Currency | History of Nigerian Currency | Legal Tender | Currency Gallery | Security Features | Features of Nigerian Currency | Clean Notes Policy | eNaira

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), eight banknote denominations (₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, and ₦1000 and Central Bank Digital Currency (eNaira).

The pictures (obverse and reverse) of the Banknotes and Coins denominations are outlined below:

Redesigned ₦200

Redesigned ₦500

Redesigned ₦1000

See frequently asked questions on Currency Management

Currency in Circulation (₦ m)
N 3,693,573 - in 2/29/2024
N 3,650,500 - in 1/31/2024
N 3,653,259 - in 12/30/2023
N 3,347,716 - in 11/30/2023
N 2,997,756 - in 10/31/2023
N 2,761,291 - in 9/30/2023
N 2,660,138 - in 8/31/2023
N 2,595,761 - in 7/31/2023
N 2,603,266 - in 6/30/2023
N 2,526,679 - in 5/31/2023
N 2,482,105 - in 4/28/2023
N 1,683,498 - in 3/31/2023

Note.: The above figures the last 12 captured months figures and are in millions of Naira.

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Related Links
History of Nigerian Currency