EFTA Document EFTA01379411

22 December 2017 EM Currency Handbook 2018: Still Fuel in the Tank Nigeria The Nigerian naira was introduced in 1973, replacing the pound at a fixed rate of 2 naira to the pound. Although the naira has gone through multiple regime changes over the years it is at present classified as a managed float. Nigeria suffers from the unique situation that the government is the main recipient, and therefore supplier, of foreign exchange in the economy, through oil-related taxes and revenues