World Geography MCQ › Nigeria › Question #23143
MCQ Single Best Answer Easy

QWhat currency is used in Nigeria?

ID: #23143 Nigeria 109 views
Question Info
#23143Q ID
EasyDifficulty
NigeriaTopic
Start Quiz on This Topic
 Your Answer

Choose the Best Option

Click any option to instantly check if you're correct.

  • A Naira ✔ ✖
  • B Dollar ✔ ✖
  • C Pound ✔ ✖
  • D Cedi ✔ ✖
Correct Answer: Option A

Explanation

The Naira is the official currency of Nigeria, represented by the symbol ₦. Introduced in 1973, the Naira replaced the Nigerian pound, which was used during British colonial rule. The currency is managed by the Central Bank of Nigeria, which is responsible for monetary policy and maintaining currency stability. The Naira is subdivided into 100 kobo, though kobo coins are rarely used today due to inflation. Currency denominations include various notes and coins, with the 1000 Naira note being the highest denomination. The Naira plays a crucial role in Nigeria’s economy, particularly in trade and consumer spending.

 Continue Practice
Previous Question Next Question
 Share

Share This Question

Challenge a friend or share with your study group.

 More from This Topic

Related MCQ Questions

Which year did Nigeria gain independence from British colonial rule? Nigeria operates under which system of government? In which year did Nigeria become a republic? Which Nigerian city is known as the "Coal City"? What is the official name of Nigeria? Which Nigerian ethnic group is known for its rich cultural heritage and Ife art? Nigeria is a member of which African regional economic community? Which river is the longest in Nigeria? What is the most populous city in Nigeria? The “Giant of Africa” is a nickname for which African country?