Uncovering Nigeria's Naira Crisis and Its Lasting Impact We weren’t able to create a summary for you. Refresh your page to try again. The naira is the currency of Nigeria. One naira is divided into 100 kobo.The Central Bank of Nigeria claimed that they attempted to control the annual inflation rate below 10%. In 2011, the CBN increased key interest rate six times, rising from 6.25% to 12%. From the automated teller machines (ATMs) to vendor point of sale (PoS) operators, scarcity of Naira looms large in major cities of the nation. As the scarcity of Naira notes, both old and redesigned persists, citizens are left to ponder the motivations behind the political push for a new currency. Apr 17, 2025 · Explore how Nigeria's reliance on oil drives naira devaluation cycles, impacting businesses and citizens' daily lives. Dec 13, 2025 · The naira continues to weaken against major currencies. The government also shut down the land borders to encourage local production and limited access to the dollar for importers of certain items. Feb 21, 2024 · Experts are of the view that “trust and liquidity rather than guns” is what FX market needs to firm up naira. On Monday, the operatives of the EFCC stormed the popular Zone 4 and arrested some... Mar 11, 2025 · The naira continues to losing value fast, and Nigerians are feeling the impact. Despite the Central Bank’s interventions, the currency keeps falling, pushing up prices and making life harder for millions. Nigeria is experiencing its worst economic crisis in a generation, leading to nationwide protests.Last May, 10,000 naira would buy $22, now it will only fetch around $6.40.