Legal Tender
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 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 five coin denominations (1k, 10k, 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:
1 Kobo
10 Kobo
₦1
Redesigned ₦200
Redesigned ₦500
Redesigned ₦1000
