World Geography MCQ › Nigeria › Question #23161
MCQ Single Best Answer Difficult

QWhat is the currency of Nigeria?

ID: #23161 Nigeria 73 views
Question Info
#23161Q ID
DifficultDifficulty
NigeriaTopic
Start Quiz on This Topic
 Your Answer

Choose the Best Option

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

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

Explanation

The official currency of Nigeria is the Naira, denoted by the symbol "₦" and code "NGN." Introduced on January 1, 1973, the Naira replaced the Nigerian pound at a rate of 2 Naira to 1 pound, following Nigeria’s decision to decimalize its currency. The Central Bank of Nigeria (CBN) regulates the currency, issuing various denominations of coins and banknotes. The Naira plays a critical role in Nigeria's economy, affecting trade, inflation, and purchasing power, especially amid fluctuating global oil prices, given Nigeria's reliance on oil exports.

 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 currency is used in Nigeria? What is the most populous city in Nigeria?