The naira is the currency of Nigeria. ABrief Intro And HistoryOf Benin, Africa. ABriefHistoryofthe Rise and Fall oftheNaira. Nigeria’scurrency relationship with other foreign currencies has been erratic, unpredictable, and heartbreaking. Now, let us take a look at how the naira has fared since its introduction. Since 1986, theNigeriannaira’s relationship with the US dollar (and other foreign currencies) has been erratic, (un)predictable, violent and full of heartbreak and tears. The built-in dysfunction has also made a lot of people very rich. TheNigerianNaira (₦) was officially introduced on January 1, 1973. It replaced theNigerian pound at a conversion rate of £1 = ₦2. This transition made Nigeria the last country to abandon the pounds, shillings, and pence (£sd) currency system in favor of a decimal system... Nigeria doesn’t need to reinvent the wheel. It needs to communicate its path clearly, stick with it consistently, and let confidence, the mostvaluablecurrency of all, do the rest. Samuel Adeleke Adelaja: Head, Partnerships at Airtel Business Africa; Investment Director at Airtel Africa. Most countries in West Africa are part of sub-Saharan Africa and are endowed with many natural resources.One NigerianNaira is divided into 100 kobos. Kobo coins of a higher value are made of cupro-nickel, while those of lower value are bronze.