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Economy, Currency and Banking

Nigerian Stock Exchange, Central Bank of Nigeria, kobo, Exchange rates, Exchange Commission

The national currency of Nigeria is the naira, which is divided into 100 kobo (101.70 naira equal U.S.$1; 2000 average). Exchange rates have been allowed to fluctuate since 1995, when the government abandoned a disastrous, short-lived attempt to fix the rate at 22 naira per dollar. Currency and banking are supervised by the Central Bank of Nigeria, founded in 1958 and located in Lagos. In 1995 more than 150 banks operated throughout Nigeria, although many were experiencing financial difficulty. Several foreign banks have branches in Nigeria; since 1976, all have been required to have at least 60 percent Nigerian ownership. The Nigerian Stock Exchange, founded in 1960, is located in Lagos and is supervised by the Nigerian Securities and Exchange Commission.



Article key phrases:

Nigerian Stock Exchange, Central Bank of Nigeria, kobo, Exchange rates, Exchange Commission, foreign banks, Lagos, banking, dollar, government, average, financial difficulty

 
 

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