Naira is the basic unit of currency of Nigeria. The currency ISO code of Naira is NGN.
Naira is a member of the Common Monetary Area (CMA), which pegs the exchange rate of the namibian dollar to the South African rand.
On February, 20, 2006, Nigeria replaced the retail Dutch Auction System (DAS)to a Wholesale Dutch Auction System (W-DAS) under which the central bank sells foreign exchanges to the banks and then to their clients. In July 2002,the Central Bank of Nigeria devalued the official rate of the naira three times: that is to say by 3.7% against the USD.
The naira exchange rate, which is determined in the interbank market since 1999, was exchanged, on July 31, 2002, at 130.60 instead of 119.35 on June 28, 2002: that is to say a 8.6% depreciation.